Trade Update – 04 Mar 2021: China Bans Taiwanese Pineapples, India Signs First African FTA, US Customs Seized 1000 Counterfeit Rolex Watches and 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.
BIDEN OUTLINES TRADE AGENDA
President Biden’s 2021 Trade Agenda was published this week. It calls for an international trade system that promotes growth, a “worker centric” policy that protects and empowers workers, strong environmental standards and the addressing of China’s unfair trade practices.
AUSTRALIA CALLS FOR ACTION
Australia has this week told the WTO reducing trade-distorting domestic farm subsidies was a priority for the vast majority of members. In a statement to the Trade Negotiations Committee, Australia said this meant making decisions and not establishing new work programs.
CHINA BANS TAIWANESE PINEAPPLES
China has suspended Taiwanese pineapple imports claiming biosecurity risks. President Tsai called on Taiwanese to respond by eating more pineapples. The Taipei Times reported Agriculture Minister Chen called Beijing to query the ban. The phone call was
unanswered.
AUSTRALIA LAUNCHES FINANCIAL SERVICES INQUIRY
A Parliamentary Committee has launched an inquiry into the prudential regulation of investment in Australia’s export industries. It will investigate the impact on Australian exporters of changes in practices by banks, insurers and superannuation funds.
GLOBAL TRADE BOSS CALLS FOR NEW APPROACH
New WTO director-general Okonjo-Iweala began work this week with a call to member economies to “do things differently” in order to achieve the reforms necessary to keep the global trade body relevant. She urged swift action to cut harmful fisheries
subsidies.
NEW ZEALAND COMMITTEE SEEKS CHINA FTA INPUT
Parliament’s Foreign Affairs, Defence and Trade Committee has this week been seeking public submissions on the upgraded NZ-China FTA. The committee’s review is part of the ratification process. The FTA upgrade was signed in January.
INDONESIA & US FACE WTO DISPUTE PANELS
The WTO has agreed to establish dispute panels for complaints against Indonesia and the US. The EU has filed the complaint against Indonesia’s restrictions on raw material exports and Hong Kong against a US requirement that its goods be labelled Made in China.
AUSTRALIA INVITES FTA SUBMISSIONS
The Department of Foreign Affairs and Trade is inviting public submissions as part of its scoping studies for potential free trade agreement negotiations with Israel and EFTA – Norway, Iceland, Liechtenstein and Switzerland. Submissions are due by April 30.
INDIA SIGNS FIRST AFRICAN TRADE AGREEMENT
India has signed a limited free trade agreement with Mauritius. It represents India’s first trade agreement with an African economy and covers a range of goods and services. The agreement is expected to take effect in June. A China-Mauritius FTA began in January.
US CUSTOMS’ HUGE FAKE WATCH HAUL
US Customs have seized more than 1000 counterfeit Rolex watches in recent weeks. US Customs said the watches, if genuine, would be worth $US38 million. In 2020, US Customs seized 26,503 shipments containing goods that violated intellectual property rights.
