Trade Update – 07th July 2022: NZ CONCLUDES FTA WITH EU, NZ SCORES RANGE OF EU TARIFF SAVINGS, KIWI FARMERS REACT STRONGLY TO FTA ACCESS and many more…
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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.
NZ CONCLUDES FTA WITH EU: New Zealand has concluded negotiations for a free trade agreement with the European Union. It expects a boost to its annual export revenues of up to $1.8 billion once the agreement is fully implemented. The FTA is expected to be fully ratified and implemented by 2024.
NZ SCORES RANGE OF EU TARIFF SAVINGS: New Zealand has secured a range of tariff savings under the FTA. Produce such as kiwifruit, wine, onions, apples, manuka honey and manufactured goods will see an immediate removal of tariffs. EU tariffs for most seafood and horticultural produce will also be removed.
KIWI FARMERS REACT STRONGLY TO FTA ACCESS: NZ farmers reacted strongly to the FTA despite increased quota access to the EU for dairy and meat exports. Federated Farmers described the outcome as worse than expected. The Meat Industry Association described the FTA as deeply disappointing.
IT’S GOODBYE TO NZ FETA, SHERRY AND PORT: NZ producers will be required to eventually stop using such product terms as feta, sherry and port under the geographical indication (GI) requirements of the NZ-EU FTA. NZ wine producers will get EU protection for 23 GI areas including Marlborough and Central Otago.
AUSTRALIA WORKS ON EU TALKS: Australian negotiators are preparing to resume FTA talks with the EU following recent meetings in Europe involving Prime Minister Albanese and Trade Minister Farrell. Australia will be carefully studying the NZ-EU FTA, particularly access for farm produce and the GI arrangements.
US & TAIWAN HOLD INAUGURAL TRADE TALKS: The US and Taiwan have held the first meeting of the US-Taiwan Initiative on 21st Century Trade. While expected to stop short of an FTA, the two economies will seek meaningful outcomes in such areas as trade facilitation, digital trade and regulatory practices.
PHILIPPINES GETS NEW TRADE BOSS: Alfredo Pascual has been appointed as Secretary of the Department of Trade and Industry. The international banker and financier succeeds Ramon Lopez as the economy’s trade policy leader. Pascual’s first trade task will be guiding the Philippines’ ratification of the RCEP FTA.
AUSTRALIAN FTA HITS POLITICAL ROW: The UK’s ratification of the Australia-UK FTA became embroiled in a political row last week when Parliament’s International Trade Committee called on a ratification delay. It followed a late postponement of Trade Secretary Trevelyan’s appearance. She will now appear this week.
SINGAPORE & MALAYSIA TO DEEPEN DIGITAL COOPERATION: Trade Ministers Gan and Azmin Ali met in Kuala Lumpur during the week and agreed the two economies would work to deepen cooperation in the digital and green economies. They expect to conclude Frameworks of Cooperation this year.
AUSTRALIA LAUNCHES MALAYSIAN DUTY INQUIRY: The Anti-Dumping Commission has launched an anti-circumvention inquiry into concrete underlay film imported from Malaysia. It follows a complaint by Australian industry that dumping duties were being avoided by slight modifications to imported film.