Home > 2024 > Trade Update – 10th May 2024: AUSTRALIA LAUNCHES STEEL INQUIRY, INDIA LIFTS ONION EXPORT BAN, US & PHILIPPINES TALK TRADE and many more…

Trade Update – 10th May 2024: AUSTRALIA LAUNCHES STEEL INQUIRY, INDIA LIFTS ONION EXPORT BAN, US & PHILIPPINES TALK TRADE and many more…

Trade Update – 10th May 2024: AUSTRALIA LAUNCHES STEEL INQUIRY, INDIA LIFTS ONION EXPORT BAN, US & PHILIPPINES TALK TRADE 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 LAUNCHES STEEL INQUIRY: The Anti-Dumping Commission has launched an inquiry into whether anti-dumping duties on steel rod coil from China are being avoided by slight modifications to the goods. A report is due in October. The duties were first implemented in 2016 and continued in 2021.

 

INDIA LIFTS ONION EXPORT BAN: India has lifted its export ban on onions and replaced it with a requirement that exports be subject to a minimum price of $US550 per tonne. The ban was introduced last December following a series of policy initiatives designed to reduce pressure on domestic onion prices.

 

US & PHILIPPINES TALK TRADE: The US and Philippines held agriculture and labour working group meetings in Manila this week to explore ways of strengthening agricultural trade and implementing internationally recognised labour rights. A broader trade and investment meeting is to be held in July.

 

EU EXPANDS INDONESIAN STEEL DUTIES: The European Union has moved to counter the circumvention of its anti-dumping and anti-subsidy measures on cold-rolled stainless-steel from Indonesia by extending the measures to cover cold-rolled stainless-steel imports from Taiwan, Vietnam and Turkiye.

 

CAMBODIA JOINS WTO FISH AGREEMENT: Cambodia has formally accepted the WTO’s Agreement on Fisheries Subsidies. It was the 73rd WTO member to accept the agreement which seeks to curb harmful subsidies. Thirty-seven more acceptances are required for the global agreement to enter into force.

 

CANADA WELCOMES LUMBER RULING: Trade Minister Ng has welcomed a dispute panel ruling regarding US anti-subsidy duties on Canadian softwood lumber. The panel ruled the US Commerce Department should revisit aspects of the duties which it described as inconsistent with US law.

 

SOUTH KOREA JOINS DIGITAL AGREEMENT: South Korea has formally completed its accession to the Digital Economy Partnership Agreement and become the first new member of the agreement founded by Chile, New Zealand and Singapore. South Korea first sought to join the agreement in September 2021.

 

AUSTRALIA TO ABANDON EXPORT LEVY: The ABC has reported Australia will abolish a proposed waste export levy in next week’s 2024/25 Government Budget. The levy of $4 per tonne has been strongly criticised by recyclers and is due to begin in July. It was designed to enforce a new waste quality standard.

 

NEW ZEALAND & UAE LAUNCH FTA NEGOITIATIONS: New Zealand and the United Arab Emirates have launched negotiations for a free trade agreement. Trade Minister McClay said an agreement with the UAE would complement ongoing negotiations toward an FTA with the broader Gulf Cooperation Council.

 

EU URGES CHINA TO CUT INDUSTRIAL CAPACITY: European Commission President von der Leyen has this week told President Xi the world could not continue to absorb China’s surplus industrial production. She said products such as electric vehicles and steel were flooding the European market.

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