Trade Update – 01st September 2022: AUSTRALIAN GROWER SEEKS URGENT AVOCADO ACCESS, UK TRADE SECRETARY VISITS NZ & AUSTRALIA, US & JAPAN HOLD SECOND ROUND OF TRADE TALKS and many more…
Weekly trade review provided by Chatto Creek Advisory Pty.
Chatto Creek Advisory Pty Ltd is a Melbourne-based strategic consultancy specialising in trade policy advice and government engagement strategy. It is headed by Russell Scoular, an executive with rich government relations, trade policy, and business experience throughout the Asia Pacific.
AUSTRALIAN GROWER SEEKS URGENT AVOCADO ACCESS: The Costa Group has called on the Government to urgently secure access to Japan for avocados grown in Queensland and New South Wales. This would compliment exports from Western Australia and give Australia almost year-round access to a key market.
UK TRADE SECRETARY VISITS NZ & AUSTRALIA: Trade Secretary Trevelyan has been in New Zealand and Australia on a 9-day down-under visit during the week to promote UK Free Trade Agreements with the two economies. New Zealand and Australia are both currently ratifying their FTAs with the United Kingdom.
US & JAPAN HOLD SECOND ROUND OF TRADE TALKS: US and Japanese officials held a second round of talks under the US-Japan Partnership on Trade during the week. The partnership was established in November 2021 as a way of strengthening the trade relationship between the two economies.
ASIA PACIFIC TRADE MINISTERS HEAD FOR LOS ANGELES: The US is to host an Indo-Pacific Economic Framework Ministerial meeting in Los Angeles on September 8-9. It will be the first in-person meeting of the 13-economy agreement which was launched earlier this year by President Biden.
SINGAPORE & MALAYSIA CONCLUDE KEY NEGOTIATIONS: Trade Ministers Gan and Azmin Ali met in Singapore during the week where they announced the two economies had substantially concluded frameworks of cooperation for the digital and green economies. They are to be signed in late 2022.
SOUTH KOREA PREPARES CHIP STRATEGY: South Korean government and industry officials have met to determine a trade strategy to counter recent US legislation to boost its domestic semiconductor and electric vehicle industries. South Korea has already suggested the US may have breached WTO trade rules.
INDIA READIES BUREAUCRACY FOR MAJOR TRADE BOOST: Commerce Minister Goyal has launched a 14-volume report on a major restructuring of the Commerce Department as the Modi Government seeks to prepare India to become a key global trade player. It aims to achieve exports of $US2 trillion by 2030.
CANADA PURSUES DIGITAL AGREEMENT: The Digital Economy Partnership Agreement has announced its intention to establish a work group to begin an accession process for Canada. The working group will be chaired by New Zealand. The announcement came a week after a similar group was established for China.
AUSTRALIAN FARMERS PURSUE BIOSECURTY BOOST: The National Farmers’ Federation has called on the government to deliver on its election commitment to protect Australia’s agriculture trade with long-term biosecurity funding. NFF president Fiona Simson said the time had come to make good on the commitment.
INDIA BANS EXPORT OF WHEAT FLOUR: India’s Cabinet has extended its wheat export ban to include wheat and meslin flour. The ban was introduced in May to boost domestic food security in the face of rising global grain prices. Its latest extension follows a 200% hike in wheat flour exports between April and July.