Trade Update – 12th May 2022: ECONOMIES CALL FOR PREDICTABLE FOOD TRADE, JAPAN’S LDP YOUTH WING BACKS TAIWAN’S CPTPP ENTRY, UAUSTRALIAN CALL FOR NEW MARKETS 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.
ECONOMIES CALL FOR PREDICTABLE FOOD TRADE: With fall-out from the Ukraine invasion, a statement calling for open and predictable trade in agriculture and food products circulated at the WTO during the week. Its signatories included Australia, Canada, Japan, South Korea, New Zealand, Singapore and the US.
JAPAN’S LDP YOUTH WING BACKS TAIWAN’S CPTPP ENTRY: Taiwan’s bid to join the CPTPP FTA was backed during the week by a delegation from the youth wing of Japan’s ruling Liberal Democratic Party. The delegation told President Tsai the youth wing had consistently supported Taiwan’s inclusion in the CPTPP.
AUSTRALIAN CALL FOR NEW MARKETS: The Opposition Labor Party’s election trade policy has called for Australia to diversify its export markets. It flags a Trade 2040 Taskforce, early ministerial visits to Indonesia, India, Vietnam, Malaysia and Japan and support for Indonesia, Thailand and South Korea joining the CPTPP.
INDIA & UK CONCLUDE THIRD ROUND OF TALKS: Trade negotiators from India and the United Kingdom completed a third round of negotiations for a free trade agreement during the week. Negotiations for the FTA began in January and are expected to deliver an interim agreement by year end.
USTR TO MEET ASEAN LEADERS: USTR Tai is scheduled to meet Malaysian and Indonesian Trade Ministers Azmin Ali and Muhammad Lufti this week. She will also meet Vietnamese Prime Minister Pham Minh Chinh and attend a US ASEAN Business Dialogue as leaders gather for a US-ASEAN Summit in Washington DC.
SOUTH KOREA HOLDS EMERGENCY TRADE MEETING: Trade Minister Yeo Han-koo has chaired an emergency trade assessment meeting following South Korea reporting a trade deficit for two consecutive months. A 12% export hike in April was insufficient to allow a trade surplus due to a 18% surge in imports.
AUSTRALIAN WINE EXPORTS FALL: Australian wine exports took a fall of 26% by value to $2.05 billion in the year ended March 2022. Wine Australia attributed the fall to China’s imposition of high tariffs, low inventories following recent low harvests and tough global market conditions including a freight crisis.
US STARTS STATUTORY REVIEW OF CHINA TARIFFS: The US Trade Representative has begun a statutory four-yearly review of tariffs imposed on China by the Trump Administration in 2018. The initial step of the review involves the USTR reaching out to US industries which have benefitted from the tariffs.
TUVALU TO LAUNCH TRADE PLAN: Tuvalu, one of the smallest economies in Asia Pacific, will this week launch a national trade development strategy. The strategy has been developed with assistance from the UN’s ESCAP, World Bank and the Enhanced Integrated Framework. Tuvalu has a population of 11,000.
NZ & HONG KONG TO UPGRADE FTA: New Zealand and Hong Kong held their 4th Joint Trade Commission meeting during the week and agreed to upgrade their FTA commitments on trade in services. The Commission is a consultative forum for the economic partnership agreement between the two economies.