Trade Update – 14th April 2022: AUSTRALIAN ELECTION COINCIDES WITH APEC MEETING, NEW ZEALAND PRIME MINISTER HITS THE TRADE ROAD, INDIA PLANS AUSTRALIAN OFFICE 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 ELECTION COINCIDES WITH APEC MEETING: Australia’s election coincides with a meeting of APEC Trade Ministers. Prime Minister Morrison has called the election for May 21. The APEC meeting will be held on May 21-22. Trade Minister Tehan may delegate Australia’s participation to a senior official.
NEW ZEALAND PRIME MINISTER HITS THE TRADE ROAD: Prime Minister Ardern will lead a trade mission to Singapore and Japan next week. Accompanied by Trade Minister O’Connor and business leaders, Ardern will also meet Prime Ministers Lee and Kishida. She is also planning a trade-focussed trip to the US in May.
INDIA PLANS AUSTRALIAN OFFICE: India plans to build on its new “early harvest” trade agreement with Australia by opening a trade and investment office. During his three-day visit to Australia, Commerce Minister Goyal forecast the agreement could lead to a doubling of bilateral trade within five to six years.
TAIWAN HITS EXPORT RECORD: Taiwan’s trade hit an all-time monthly record in March with its exports and imports worth $US82.35 billion. It exports of $US43.50 billion were fuelled by a strong growth in the value of semiconductors which now account for nearly 40 per cent of the economy’s exports.
ASEAN OFFICIALS GET A HURRY UP: ASEAN Finance Ministers and Central Bank Governors have encouraged officials to expedite efforts to foster financial services liberalisation. They also acknowledged the potential contribution an upgraded ASEAN-Australia-NZ FTA can make to a post-pandemic recovery.
CHINA GETS BIG ANTI-DUMPING DUTY HIT: The EU has hit China with dumping duties of up to 74.9 per cent on graphite electrodes. This followed an inquiry which found European producers were unable to compete with heavily dumped imports. Graphite electrodes are an essential component in steel recycling.
SOUTH KOREA SEEKS AUSTRALIAN SUPPORT: South Korean Trade Minister Yeo Han-koo used the 5th Australia-Korea FTA Committee meeting during the week to request Australia’s active support of its bid to join the CPTPP FTA. Yeo said Australia had again responded that it welcomed Korea’s membership bid.
ASIA PACIFIC NATIONS LEAD CALL FOR TRADE BOOST: Twenty-five delegations have called for a faster implementation of the WTO Trade Facilitation Agreement. This would assist the smooth flow of goods. The delegations include Australia, Canada, Japan, Korea, NZ, Philippines, Singapore, Thailand and the US.
INDIA GETS CANADIAN PRODUCE BOOST: India will now be able to export baby corn and bananas to Canada. This followed biosecurity negotiations between the two economies. India is comfortably the world’s largest banana producer followed by China, Indonesia and Brazil.
AUSTRALIA EXTENDS INQUIRY FOR FIFTH TIME: Australia has for the fifth time extended the final reporting date for an anti-dumping inquiry into clear float glass from the United Arab Emirates. It is now due by June 2. Malaysia was originally involved in the inquiry, but this aspect of the inquiry was later terminated.