Trade Update – 11th September 2023: AUSTRALIA LAUNCHES NEW ASIA PLAN, NEW ZEALAND WINS CANADIAN DAIRY DISPUTE, US PUBLISHES INDO-PACIFIC SUPPLY CHAIN AGREEMENT 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 NEW ASIA PLAN: Australia has launched “Invested: Australia’s Southeast Asia Economic Strategy to 2040.” It sets out a plan to boost Australia’s trade and investment with the region with initiatives to raise awareness, remove blockages, build capability and deepen investment.
NEW ZEALAND WINS CANADIAN DAIRY DISPUTE: New Zealand has won the first trade dispute fought under the umbrella of the CPTPP FTA. A CPTPP Dispute Panel has ruled that Canada’s administration of its dairy quota system was inconsistent with its obligations under the mega trade agreement.
US PUBLISHES INDO-PACIFIC SUPPLY CHAIN AGREEMENT: The US Commerce Department has published the text of the proposed Indo-Pacific Economic Framework (IBEF) Supply Chain Agreement. It follows the substantial conclusion in May of negotiations for the first of a series of IBEF trade agreements.
AUSTRALIAN SUGAR REACHES UK: Australia’s first shipment of tariff-free raw sugar has reached the UK. It is the first such shipment in more than 50 years since the UK joined the EU in 1973. A resumption of shipments was made possible by the Australia-UK FTA where all sugar tariffs will be removed over 8 years.
US & INDIA SETTLE POULTRY DISPUTE: The US and India have settled a long-running dispute over the imports of US poultry. It is the 7th trade dispute they have recently resolved. As part of the latest settlement, India will cut tariffs on a range of US goods including frozen turkey, blueberries and cranberries.
AUSTRALIA PM TO VISIT CHINA: Prime Minister Albanese will visit to China by the year’s end. He met with Premier Li in Jakarta during the week where he acknowledged the progress made in resuming unimpeded trade and called for continued progress on removing remaining trade barriers on products such as wine.
PHILIPPINES & SOUTH KOREA SIGN TRADE AGREEMENT: The Philippines and South Korea have signed a free trade agreement. It was signed in Jakarta during the ASEAN Summit. Meanwhile Canada is looking to conclude a trade agreement with Indonesia by late 2024. It will also locate a regional trade office in Jakarta.
ASEAN PURSUES ELECTRIC VEHICLE ECOSYSTEM: Leaders from ASEAN, China, Japan and South Korea met in Jakarta and agreed to work together to develop a regional electric vehicle ecosystem. It will include technology sharing, trade liberalisation, commonality of standards and the support of production in ASEAN.
NEW ZEALAND ACCEPTS FISH SUBSIDY TREATY: New Zealand has formally accepted the WTO’s Agreement on Fisheries Subsidies. Meanwhile Australia’s Joint Treaties Committee has recommended Australia also formally accept the agreement which bans subsidies for illegal, unreported and unregulated fishing.
ASEAN LAUNCHES DIGITAL NEGOTIATIONS: ASEAN economies have launched negotiations for an ASEAN Digital Economic Framework Agreement. It follows a meeting of ASEAN Economic Ministers in Jakarta. The agreement is targeted for conclusion by 2025 and will seek to double the region’s digital economy by 2030.
