Trade Update – 09th May 2023: AUSTRALIA PUSHING FOR EU FTA, AUSTRALIAN MINISTER TO CALL EUROPE, INDO-PACIFIC MINISTERS HEAD FOR DETROIT 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.
AUSTRALIA PUSHING FOR EU FTA: Prime Minister Albanese intends to again use key forums to push an Australia-EU FTA toward conclusion. He met with European President von der Leyen in London and intends to be talking trade with EU leaders at the coming G7 Summit in Japan and the NATO Summit in Lithuania.
AUSTRALIAN MINISTER TO CALL EUROPE: Trade Minister Farrell is expected to talk early this week with EU Trade Commissioner Dombrovskis. This follows a 15th round of Australia-EU FTA negotiations in late April. In addition, Minister Farrell may visit Brussels ahead of targeted mid-year deadline for concluding the FTA.
INDO-PACIFIC MINISTERS HEAD FOR DETROIT: Trade Ministers from the Indo-Pacific Economic Framework (IBEF) economies are to meet in Detroit on May 27. The meeting will back on to an APEC Trade Ministers meeting and follows the third IBEF negotiating round scheduled to be held in Singapore this week.
ASEAN LEADERS MEET IN INDONESIA: Leaders from ASEAN are meeting in Labuan Bajo, Indonesia this week for the 42nd ASEAN Summit. It will be hosted by President Widodo and focus on regional security, COVID recovery, health policies, rural capacity development and membership preparations for Timor-Leste.
UK TRADE AGREEMENTS GET START DATE: The UK’s FTAs with Australia and New Zealand will formally begin on May 31. This was confirmed in London during the week by Prime Ministers Albanese and Hipkins while they visited the UK for King Charles’ Coronation. The FTAs were signed in 2021 and 2022 respectively.
AUSTRALIAN PRIME MINISTER WELCOMES FTA: Prime Minister Albanese has described the new Australia-UK FTA has one of the most comprehensive, innovative and ambitious free trade agreements concluded by Australia. He said the agreement would deliver significant benefits to exporters, consumers and workers.
NZ PRIME MINISTER LABELS FTA AS GOLD STANDARD: Prime Minister Hipkins described the NZ-UK FTA as gold standard. The market access outcomes were among the best New Zealand had secured in any trade agreement. New Zealand exporters would immediately save $37 million a year in tariff elimination savings.
INDIAN MINISTER VISITS CANADA: Commerce Minister Goyal is in Canada this week where he will attend the 6th Canada-India Ministerial Trade Dialogue. He and Canadian Trade Minister Ng will also seek to further negotiations toward an “early harvest” trade agreement. The most recent negotiating round was in April.
US TO SEND MISSION TO MANILA: The US is to send a Presidential Trade & Investment Mission to the Philippines in a bid to further boost trade between the two economies. The US and Philippines will also co-host the 2024 Indo-Pacific Business Forum. The news follows a White House visit by President Marcos.
ASIA-PACIFIC ECONOMIES REPRESENTED IN WTO COURSE: Trade officials from 15 developing economies including Bangladesh, Lao, Cambodia, Nepal, Timor-Leste and the Solomon Islands are in Geneva this week participating in the WTO’s Introductory Trade Policy Course for least-developed economies.