Trade Update – 07th December 2022: INDO-PACIFIC NEGOTIATORS HEAD TO AUSTRALIA, AUSTRALIAN MINISTER IN EUROPE, US HOSTS APEC MEETING 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.
INDO-PACIFIC NEGOTIATORS HEAD TO AUSTRALIA: Negotiators from the 14 Indo-Pacific Economic Framework economies are heading to Brisbane for the first in-person negotiating round. The round will be held from December 10-15 and follows in-person ministerial talks in Los Angeles in September.
AUSTRALIAN MINISTER IN EUROPE: Trade Minister Farrell is in Europe in a bid to hasten a negotiated outcome for an Australia-EU FTA. The contentious issues include market access for farm produce and GI naming restrictions. He will also visit the UK to encourage the UK’s final ratification of the Australia-UK FTA.
US HOSTS APEC MEETING: The US is this week hosting an informal meeting in Honolulu of senior officials from the APEC economies as it readies a hosting agenda for APEC 2023. US Senior Official for APEC Matt Murray will then travel to Singapore and Malaysia for meetings with APEC counterparts and stakeholders.
JAPAN ENACTS STEEL ANTI-DUMPING DUTIES: Japan is to implement anti-dumping duties of between 9.8% and 41.7% on hot-dipped galvanized steel wire imported from South Korea and China. The Cabinet Order follows an anti-dumping inquiry that began in June 2021. The duties will apply from December 8.
AUSTRALIA LOOKS TO CRITICAL MINERALS STRATEGY: Australia is seeking public input on how it can best develop a new critical minerals strategy. A comprehensive discussion paper has raised questions such as how Australia should engage with international partners to support supply chain diversification.
INDONESIA TO APPEAL WTO DISPUTE RULING: Indonesia has flagged its intention to appeal a WTO Dispute Panel ruling that found its nickel ore export ban breached global trade rules. The ban was introduced in 2014 in a bid to boost domestic processing. It was challenged at the WTO by the European Union.
NEW ZEALAND SEEKS GI SUBMISSIONS: The Ministry of Business is seeking submissions on how it can best amend the Geographical Indications (Wines and Spirits) Registration Act 2006 to meet its new obligations under the recently concluded NZ-EU FTA. The FTA is expected to be signed in 2023 and begin in 2024.
SOUTH KOREA & EU LAUNCH NEW DIGITAL PARTNERSHIP: South Korea and the EU have launched a new digital partnership saying it will strengthen cooperation between trusted and technologically advanced partners. It will focus on joint work areas such as semiconductors and next generation mobile networks.
AUSTRALIA & INDIA OFFER YEAR-END FTA BONUS: Australia and India will implement their “early harvest” FTA on 29 December. It follows the completion of ratification procedures. A 2022 start date will mean a second round of tariff cuts on 1 January 2023 in the case of goods where tariffs are to be phased down.
HONG KONG CONSULTING ON PERUVIAN FTA: Hong Kong has commenced a public consultation process as it prepares to begin negotiations for a free trade agreement with Peru. Negotiations will begin in January and cover such topics as goods, services and electronic commerce. Hong Kong currently has eight FTA.