Trade Update – 13th October 2022: AUSTRALIAN MINISTER HEADS FOR ASIA, AUSTRALIA-CHINA WINE REPORT UNLIKELY BEFORE MID-2023, TRADE MINISTERS DESCEND ON SINGAPORE 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.
AUSTRALIAN MINISTER HEADS FOR ASIA: Trade Minister Farrell has jetted to Asia this week for key bilateral trade meetings. He will co-chair both the 4th Ministerial Economic Dialogue in Tokyo and the inaugural Comprehensive Strategic Partnership Trade Minister’s meeting in Seoul.
AUSTRALIA-CHINA WINE REPORT UNLIKELY BEFORE MID-2023: The WTO Dispute Panel considering Australia’s challenge to China’s anti-dumping and subsidy duties on wine advised during the week it does not expect to issue its final report before mid-2023. This is six months later than an earlier timing estimate.
TRADE MINISTERS DESCEND ON SINGAPORE: Trade Ministers and senior officials were in Singapore during the week for a meeting of the Commission of the CPTPP FTA. It was the first in-person ministerial meeting of the CPTPP since 2019. New Zealand will host the next meeting of the CPTPP Commission in 2023.
FTA MOVING SLOWLY ON NEW MEMBERS: The CPTPP has flagged it will not dilute its high standards for new members. In a statement welcoming the progress of the UK’s bid, it said it will need to satisfy itself other economies can meet the standards. China, Taiwan, Ecuador and Costa Rica are also seeking to join.
MALAYSIA RATIFIES MEGA FTA: Malaysia has completed its ratification of the CPTPP FTA. It becomes the 9th economy to ratify the free trade agreement. Its membership will take effect in November. Malaysia’s ratification leaves Brunei and Chile as the only original signatories to complete their ratification procedures.
INDIA & EU COMPLETE LATEST FTA ROUND: India and the European Union completed a second round of trade negotiations during the week. A third round is likely by year end. India and the EU resumed negotiations in June. Negotiations initially began in 2007 but stalled in 2013 due to a gap in ambition levels.
JAPAN & EU TO NEGOTIATE NEW DATA FLOW AGREEMENT: Japan and the European Union have agreed to expand their economic partnership agreement to include rules on cross-border data flows. Negotiations to expand the partnership agreement, which began in 2019, are to begin in Brussels on October 24.
NEW ZEALAND & INDIA OPT OUT OF FTA: NZ and India have abandoned a resumption of FTA negotiations. Following talks between their Foreign Ministers in Auckland, NZ Foreign Minister Mahuta said an FTA was not among the government’s priorities. Ten rounds of FTA talks were held between 2010 and 2015.
CANADIAN TRADE MINISTER VISITS INDONESIA: Canadian Trade Minister Ng visited Indonesia this week where she met with Indonesian and ASEAN officials in a bid to boost the North American economy’s trade and investment relations. The visit followed Ng’s visit to Singapore for CPTPP FTA meetings.
WTO NAMES PANEL FOR CHINA CASE: A WTO Dispute Panel to hear China’s complaint against Australian dumping and subsidy duties on railway wheels and stainless-steel sinks will be chaired by Elaine Feldman (Canada). She will be assisted by Luis Catibayan (Philippines) and Silvia Lorena Hooker Ortega (Peru).