Trade Update – 14th October 2021: USTR Tai Talks With China, France Flies Australian Flag, India Calls For Abolition Of ASEAN Barriers 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.
|USTR TAI TALKS WITH CHINA: US Trade Representative Tai met virtually with China’s Vice Premier Liu during the week in what was later described as a “candid exchange” on a range of trade topics. Liu sought the lifting of additional US tariffs and Tai raised concerns related to China’s state-led, non-market policies.
FRANCE FLIES AUSTRALIAN FLAG: Trade Minister Tehan may be struggling to meet with French Trade Minister Riester. However Australia is still to the fore in the political corridors of Paris. After a meeting with Riester, NZ Trade Minister O’Connor tweeted a photo standing with Riester in front of an Australian flag.
INDIA CALLS FOR ABOLITION OF ASEAN BARRIERS: Commerce Minister Goyal has called on ASEAN to abolish non-tariff barriers. He complained of India’s exports to ASEAN being impeded by non-tariff barriers, import regulations, quotas and taxes. This was particularly evident in the agriculture and auto sectors.
ABBOTT CALLS FOR TAIWAN’S FTA ENTRY: Former Australian Prime Minister Abbott was in Taipei during the week where he called on democratic nations to welcome Taiwan into the CPTPP FTA. China’s response was typically colourful with statements from its Ministry of Foreign Affairs and its Embassy in Canberra.
ITALY BACKS AUSTRALIAN FTA: Italy repeated its support for the negotiation of an Australia-EU FTA despite France’s submarine anger and the postponement of the latest negotiating round. Following a meeting with Trade Minister Tehan, Italy’s Under Secretary of State Di Stefano tweeted Italy openly supported the FTA.
SINGAPORE & AUSTRALIA PURSUE GREEN AGREEMENT: Singapore and Australia are to pursue a green economy agreement. Trade Ministers Gan and Tehan have agreed the agreement will aim to remove non-tariff barriers on environmental goods and services and accelerate the uptake of low emissions technology.
AUSTRALIA & VIETNAM APPOINT TRADE CHAMPIONS: Australia and Vietnam have appointed six Business Champions to boost trade between the two economies. It followed a second Australia-Vietnam Economic Partnership Meeting. Australia and Vietnam have a shared aim of becoming top ten trading partners.
NEW ZEALAND SEEKS FAST FINISH TO EU FTA: Trade Minister O’Connor met with EU Trade Commissioner Dombrovskis in Brussels during the week where he sought to emphasize New Zealand’s desire to conclude ambitious FTA negotiations as soon as possible. NZ and the EU have held 11 negotiating rounds since 2018.
PHILIPPINES ENDS STEEL SAFEGUARD INQUIRY: The Philippines has advised the WTO it has ended a safeguard inquiry into the import of a range of galvanized steel products. No safeguard duties are to be applied. The inquiry followed a petition by local industry alleging damage from rising imports.
AUSTRALIAN OPPOSITION COMMITS TO LOCAL BUYING BOOST: Opposition Leader Albanese has sought to boost domestic industry by announcing a new 10-point Buy Australian Plan. He said government procurement was a major economic lever. Australia’s next federal election is expected in early 2022.