Home > 2024 > Trade Update – 12th April 2024: AUSTRALIA-KOREA FTA CELEBRATES BIRTHDAY, SOUTH KOREA REVIEWS CHIP RISK, CHINA LOBBIES AGAINST EU TARIFF RISK and many more…

Trade Update – 12th April 2024: AUSTRALIA-KOREA FTA CELEBRATES BIRTHDAY, SOUTH KOREA REVIEWS CHIP RISK, CHINA LOBBIES AGAINST EU TARIFF RISK and many more…

Trade Update – 12th April 2024: AUSTRALIA-KOREA FTA CELEBRATES BIRTHDAY, SOUTH KOREA REVIEWS CHIP RISK, CHINA LOBBIES AGAINST EU TARIFF RISK 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-KOREA FTA CELEBRATES BIRTHDAY: The Australia-Korea Free Trade Agreement has this week celebrated its first decade since signing. The FTA was signed in Seoul by then Trade Ministers Robb and Yoon in April 2014. Trade between the two economies has more than doubled since the FTA entered force.

 

SOUTH KOREA REVIEWS CHIP RISK: President Yoon has met with key South Korean industry leaders in Seoul to review potential supply risks for semi-conductor chips following the earthquake in Taiwan. They believe the current situation is manageable. South Korea is boosting  funding for semi-conductor projects.

 

CHINA LOBBIES AGAINST EU TARIFF RISK: Commerce Minister Wang has been in Europe this week to promote Chinese electric vehicles and lobby against the risk of the EU implementing anti-dumping and countervailing duties on the vehicles. The EU announced an anti-subsidy investigation in September 2023.

 

US PUBLISHES TAIWAN TRADE TEXTS:  The US Trade Representative’s Office has published a summary of negotiating proposals and texts for the US-Taiwan 21st Century Trade Initiative. The two economies began negotiations in January 2023. A new round of in-person talks will be held in Taipei in the coming months.

 

AUSTRALIA CONTINUES ASEAN FOCUS: Australia is continuing its strong focus on growing trade and economic ties with ASEAN. Trade Minister Farrell told The Sydney Institute Australia was underdone in Southeast Asia. ASEAN represented significant growth opportunities and was a key to diversifying trade.

 

NEW ZEALAND PRIME MINISTER JETS TO ASIA: Prime Minister Luxon has been in Asia this week. He has been accompanied by a delegation of senior business leaders as he visits Singapore, Thailand and the Philippines in a bid to boost New Zealand’s trade and economic ties with key markets in ASEAN.

 

RCEP OFFICIALS FINALIZE SUPPORT UNIT: Trade officials from the RCEP FTA economies (ASEAN and Australia, China, Japan, Korea and New Zealand) have met in Beijing and finalized arrangements for an RCEP Support Unit in 2024. The RCEP FTA is one of the world’s largest and entered into force in 2022.

 

AUSTRALIA MAINTAINS ANTI-DUMPING DUTIES: Australia is to continue anti-dumping duties on steel pallet racking imported from China and Malaysia. This follows a continuation inquiry by the Anti-Dumping Commission. The duties were introduced in 2019 and range up to 110.3% for China and 4.8% for Malaysia.

 

INDIA PREPARES FOR BRUSSELS: India’s trade negotiators will be in Brussels in May for an 8th round of free trade agreement negotiations with the European Union. Indian media has reported India has changed the membership of its negotiating team in a bid to accelerate negotiations for a trade agreement.

 

US TARGETS CHINA’S OVER-CAPACITY: Treasury Secretary Yellen has cautioned China it should not expect exports to address its economic challenges. In China for high-level discussions, she said China’s production capacity significantly exceeded domestic demand as well as what the international market can bear.

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