Trade Update – 14th July 2022: VALE TRADE LEADER SHINZO ABE, US TRADE BOSS REPORTS COVID, THAILAND & US TO BOOST SUPPLY CHAIN RESILIENCE 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.
VALE TRADE LEADER SHINZO ABE: Japan’s former Prime Minister Shinzo Abe, tragically assassinated during the week, will be remembered for his strong trade policy leadership. He led the resurrection of the CPTPP after President Trump pulled the US out in 2017 and led Japan’s signing of FTAs with Australia and the EU.
US TRADE BOSS REPORTS COVID: US Trade Representative Tai tested positive over the weekend for COVID-19. She is isolating at her home in Washington DC. The positive test came after she returned home from Vancouver where she had attended a second meeting of the US-Mexico-Canada FTA Trade Commission.
THAILAND & US TO BOOST SUPPLY CHAIN RESILIENCE: Thailand and the US have agreed to enhance supply chain resilience. In a communique signed during Secretary of State Blinken’s visit to Bangkok at the weekend, they also acknowledged IP protection and enforcement were vital elements for enhanced trade.
AUSTRALIA LIFTS BIOSECURITY FOCUS: Australia has moved to protect its multi-billion-dollar agricultural trade by lifting its biosecurity focus following the discovery of foot and mouth disease in Bali. Flights and shipments from Indonesia including Bali are receiving increased vigilance from biosecurity officers.
US & CANADA REACH SOLAR AGREEMENT: The US has agreed to remove tariffs on solar products imported from Canada. An MOU was reached between the two economies during the week to settle a trade dispute on solar products. The US imposed safeguard measures in 2018 to protect its solar industry.
NZ & AUSTRALIA SEEK SEPTEMBER ASEAN AGREEMENT: Prime Ministers Ardern and Albanese met in Sydney during the week and reaffirmed a commitment to substantially concluding upgrade negotiations for the ASEAN-Australia-New Zealand FTA by September. Negotiations to upgrade the 2010 FTA began in 2019.
MALAYSIA & TURKIYE TO ACCELERATE FTA TALKS: Malaysia and Turkiye have agreed to accelerate negotiations to expand their FTA including services trade e-commerce and investment topics. This followed bilateral talks in Istanbul during the week between Trade Ministers Azmin Ali and Mehmet Mus.
AUSTRALIA TALKS TRADE: Trade was among the topics canvassed when Australia and China’s Foreign Ministers Wong and Wang met in Bali during the week. Meanwhile, Australia and the European Union will hold a 13th round of FTA talks in October. This follows a virtual 12th round held in February.
UK WARNING ON AUSTRALIAN FTA: The House of Commons’ International Trade Committee has warned the UK Government against overselling the benefits of the UK-Australia FTA. Committee chairman Angus MacNeil said flat-footed negotiating had seen concessions given to Australia without reciprocal gains.
US EXTENDS STEEL DUTIES: The US International Trade Commission has voted to extend anti-dumping and subsidy duties on stainless steel plate from Belgium, South Africa and Taiwan. It is due to decide this week whether to extend duties on corrosion-resistant steel products from China, Italy, India, Korea and Taiwan.