Trade Update – 03 June 2021: APEC region economy is forecasted to grow 6.3%, Malaysia secured palm oil dispute panel, US bans seafood from a Chinese fishing company 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.
PRIME MINISTERS BACK SUPPLY CHAIN BOOST
Australia and New Zealand Prime Ministers Morrison and Ardern have met in Queenstown this week and instructed officials to establish a Supply Chain Dialogue. They also expressed their commitment to the ratification and implementation of the mega RCEP FTA.
APEC TRADE MINISTERS TO MEET
Trade Ministers from the APEC economies are to meet this weekend. It follows a recent publication of the latest APEC Regional Trends Analysis which suggests better than expected economic growth in the region. It forecasts the region’s economy will grow by 6.3% in 2021.
AUSTRALIAN BARLEY TO GET A DISPUTE PANEL
A WTO Dispute Panel is to consider Australia’s complaint against heavy anti-dumping and subsidy duties applied on its barley exports to China. China has told the WTO it will vigorously defend itself saying it believed the duties were consistent with WTO requirements.
MALAYSIA SECURES PALM OIL DISPUTE PANEL
A WTO Dispute Panel is to be established to consider restrictions imposed by the European Union on palm oil and crop-based biofuels imported from Malaysia. The restrictions have become a highly contentious issue between Malaysia and Indonesia and the EU.
AUSTRALIA CLOSE TO WINE CALL
Australia will soon decide whether to pursue WTO dispute action in response to China’s anti-dumping and subsidy duties applied on its wine exports to China. Trade
Minister Tehan has told ABC Australia was close to a final decision on whether to refer the case to the WTO.
SINGAPORE CALLS FOR TRANSLATION SOFTWARE
Singapore has called on the WTO to use translation software to provide faster translations of notified documents. This would allow members, particularly developing economies, to spend time better engaging on key issues rather than waiting for translations.
USTR HAS FIRST TRADE CALL WITH CHINA
US Trade Representative Tai has had her first meeting with Chinese Vice Premier Liu. She described the virtual meeting as a “candid exchange” and opportunity to outline the principles of the Biden Administration’s trade policies as well as raising issues of concern.
US BANS SEAFOOD FROM CHINESE FISHING COMPANY
US Customs has banned seafood imports from China’s Dalian Fishing Company claiming the use of forced labour on the company’s vessels. It is the first time a withhold release order has been issued against an entire fleet of fishing vessels.
UK PREPARES FOR TRADE TALKS WITH INDIA
The UK has launched a 14-week public consultation process as it prepares to begin negotiations for a comprehensive trade agreement with India. The UK wants an agreement that removes high Indian tariffs including up to 150% on whisky and 125% on cars.
TYRES CAUGHT IN CURRENCY SUBSIDY INQUIRY
The US Commerce Department has made its first finding of a currency subsidy involving an undervalued exchange rate involving US dollars and Vietnamese dong. The finding is part of a tyre dumping and subsidy inquiry involving Korea, Taiwan, Thailand and Vietnam.