Trade Update – 12th August 2021: Modi & Abbott Talk Trade, Thai Groups Seek Plastic Import Ban, US Business Pleads For End To Tariffs On China Goods 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.
MODI & ABBOTT TALK TRADE: Indian Prime Minister Modi has met in Delhi with former Australian Prime Minister and now special trade envoy, Tony Abbott. They discussed ways to further strengthen trade and investment between the two economies. A resumption of stalled FTA negotiations is possible by year-end.
THAI GROUPS SEEK PLASTIC IMPORT BAN: Environmental action groups in Thailand have called on the Thai Government to hasten the prohibition of imported plastic waste. This follows a decision to delay a ban until January 2026. Thailand has seen a hike in waste imports since China imposed a ban in 2017.
US BUSINESS PLEADS FOR END TO TARIFFS ON CHINA GOODS: Thirty-one US business groups have called for continued trade engagement with China. In a letter to Treasury Secretary Yellen and USTR Tai, they called for talks to ensure China met its trade commitments and for the US to remove punitive tariffs.
SOUTH KOREA MOVES TO SECURE RARE METALS: South Korea has this week announced a new range of measures to secure its supplies of rare metals. The move is seen as critical to maintaining its industrial competitiveness and will include an increased focus on stockpiles, R&D and public/private cooperation.
APEC OFFICIALS BEGIN LENGTHY ROUND OF MEETINGS: New Zealand has this week begun hosting senior officials from 21 APEC economies to a marathon series of virtual meetings as they prepare for a Leaders’ Summit in November. It is expected 3000 officials will hold more than 100 meetings over 26 days.
INDIA’S PLAN TO BOOST EXPORTS: Prime Minister Modi has outlined four targets to boost exports. In a presentation he spoke of boosting manufacturing, eliminating logistics problems, government and industry walking shoulder-to-shoulder and the creation of an international market for Indian products.
SINGAPORE ANNOUNCES NEW DEVELOPMENT LEADERSHIP: The Economic Development Board has appointed Jacqueline Poh as its new managing director. The Board is a government agency which plays a key role in boosting Singapore’s trade profile via its promotion of new investment, innovation and talent.
EU TO ENGAGE ON AUSTRALIA & NZ FTA TALKS: The EU will host a stakeholder initiative on September 8 to update its industry, commerce and community groups on the current status of its FTA negotiations with Australia and New Zealand. Eleven negotiating rounds have been held each of the agreements.
JAPAN SAVES TAIWAN PINEAPPLE EXPORTS: Fears an import ban by China would create havoc for Taiwan’s pineapple farmers appears to have been premature. The Taipei Times reports pineapple exports to Japan have surged eight-fold in the four months ended June. China’s import ban was applied in March.
UK LOOKS FOR ASEAN TRADE BOOST: The United Kingdom is looking to its new dialogue partner status with ASEAN to boost its trade with the region. Trade Secretary Truss said the new status would help unlock new opportunities for British businesses in a high-growth region of more than 650 million people.