TRADE UPDATE – 1 NOVEMBER 2024: APEC LEADERS PREPARE FOR PERU, AUSTRALIAN TRADE REPORT SHOWS BIG JUMP, NZ MINISTER HEADS TO GULF 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.
APEC LEADERS PREPARE FOR PERU: APEC will host its annual Economic Leaders’ Week in Lima in the week of November 10-16. It will culminate with an Economic Leaders’ Summit on November 16. It is expected more than 5000 ministers, officials, business leaders and media will attend.
AUSTRALIAN TRADE REPORT SHOWS BIG JUMP: Austrade has reported a big jump in facilitated trade and investment deals in 2023-2024. The agency has reported 2,099 export deals worth $4.5b and 159 foreign direct investment projects worth $11.5b. The export deals were up by 50% on the previous year.
NZ MINISTER HEADS TO GULF: Trade Minister McClay has this week jetted to Doha for discussions with the six Trade Ministers from the Gulf Cooperation Council economies. New Zealand exports to the region totalled $2.6b in the last year. New Zealand recently concluded negotiations with the UAE for an FTA.
EU PROCEEDS WITH CHINA EV SUBSIDY TARIFFS: The European Union has this week proceeded to impose countervailing duties of up to 35.3 per cent on battery electric vehicles imported from China. Meanwhile the EU and China will continue negotiations and China will continue its WTO dispute action.
SINGAPORE EXTENDS SHIPPING EXEMPTION: Singapore has sought to maintain its competitiveness as a key trade transhipment hub by renewing its block exemption order for liner shipping for five years to 2029. The order exempts liner shipping from the prohibition against anti-competitive agreements.
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US ENDS INQUIRIES: The US will end dumping and subsidy inquiries into aluminium extrusions from China, Colombia, Ecuador, India, Indonesia, Italy, Malaysia, Mexico, South Korea, Taiwan, Thailand, Turkey, UAE and Vietnam after a US International Trade Commission finding that local industry had not been injured.
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AUSTRALIA DELAYS INQUIRY COMPLETION: Australia meanwhile has delayed its completion of a review of anti-dumping measures applying to some aluminium extrusions from China. The Anti-Dumping Commission will now complete a final report by February 24. The measures were first imposed in 2010.
CANADA READIES FOR CPTPP MEETING: Canada is to host the CPTPP Commission in Vancouver on November 27-28. The commission meeting of ministers and senior officials comes only weeks after New Zealand triggered mandatory dispute talks with Canada over an access dispute for dairy products.
ASEAN NEGOTIATORS HEAD FOR INDIA: Trade negotiators from ASEAN economies are expected in India this month for further negotiations on the ASEAN-India Trade in Goods Agreement. The Financial Express also reports negotiators from Australia are expected in December in a bid to finalise an upgraded FTA.
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TAIWAN & SOUTH AFRICA IN TRADE OFFICE ROW: Taiwan and South Africa are engaged in an office location row after the former declined a request that it move its largely trade-related representative office out of Pretoria. South Africa claims Taiwan cannot have a representative office in the capital city.
