Trade Update – 08th September 2022: INDIA READIES NEW FOREIGN TRADE POLICY, NEW ZEALAND TO REVIEW DAIRY QUOTAS, AUSTRALIAN BUSINESS SEEKS EARLY INDIA FTA 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.
INDIA READIES NEW FOREIGN TRADE POLICY: India is finalizing a new foreign trade policy. Commerce Secretary Subrahmanyam was reported by The Hindu that the new policy would be unveiled on September 30. It would be part of a package to boost exports. An FTA with the UK could also be finalised soon.
NEW ZEALAND TO REVIEW DAIRY QUOTAS: New Zealand is to review its dairy quota allocation system in a bid to ensure it maximises export returns for its industry. Agriculture Minister O’Connor said new FTAs with the EU and the UK meant it was time to take fresh look at how the export quotas were allocated.
AUSTRALIAN BUSINESS SEEKS EARLY INDIA FTA: Business groups have called for the prompt ratification of the Australia-India “early harvest” FTA. The Business Council, Australian Chamber of Commerce & Industry and meat industry groups have urged Parliament’s Treaties Committee to support ratification of the FTA.
INDIA “BRAINSTORMS” SERVICES BOOST: A one-day “brainstorming” session was organized by the Commerce Department during the week to identify ways to boost India’s services exports. The outcomes included leveraging FTA negotiations to ensure better market access and the branding of services sectors.
USTR MEETS NEW JAPANESE TRADE MINISTER: US Trade Representative Tai held her first meeting during the week with Japan’s new Minister of Economy, Trade and Industry Yasutoshi. The virtual meeting came ahead of this week’s Indo-Pacific Economic Framework meeting. Yasutoshi was appointed on August 10.
AUSTRALIAN MINISTER MEETS UK TRADE SECRETARY: Trade Minister Farrell met with UK Trade Secretary Trevelyan in Adelaide during the week where Australia welcomed the UK’s progress toward accession to the CPTPP FTA. Secretary Trevelyan said in Adelaide the UK expects to accede to the mega FTA by year-end.
INDONESIA RATIFIES RCEP FTA: Indonesia has become the latest economy to ratify the RCEP Free Trade Agreement following legislation passing its House of Representatives. It has also ratified an FTA with South Korea. The RCEP FTA represents nearly 30 per cent of the world’s population and gross domestic product.
PHILIPPINES LOOKS TO NEW EXPORT PLAN: The Department of Trade & Industry is to reconfigure the export industry into three clusters in a bid to accelerate industrialization. The new clusters are industrial, manufacturing and transport; technology, media and telecommunication; and health and life services.
SOUTH KOREA CONTINUES CHALLENGE: South Korea has continued to challenge US legislation supporting the US semiconductor and electric vehicle industries. A delegation has visited Washington DC and Trade Minister Ahn Duk-geun expects higher level talks alongside the Indo-Pacific Economic Framework meeting.
AUSTRALIA & CHINA AWAIT A PANEL: The WTO moves slowly. It is now six months since the WTO Dispute Settlement Body agreed to a dispute panel to consider China’s complaint against Australian anti-dumping and subsidy duty actions on wind towers, sinks and railway wheels. A panel has yet to be composed.