Trade Update – 15 Apr 2021: Australia & Saudi Arabia to resume live sheep trade, India launches new trade APP, Singapore ratifies RCEP Trade Agreement and 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 TRADE MINISTER HEADS TO EUROPE
Trade Minister Tehan is off to Europe this week where he will seek to progress FTA talks and vaccine supplies with EU and UK trade leaders. He will also meet with new WTO director-general Ngozi Okonjo-Iweala and the trade ministers of France and Germany.
APEC STUDY HIGHLIGHTS COVID-19 NON-TARIFF MEASURES
A study prepared for APEC has found 86 NTMs were imposed on essential goods in 2020. Most related to restrictions on the export of food and personal protective equipment. There were also 29 cases in APEC of tariffs being cut on essential goods.
AUSTRALIA & SAUDI ARABIA TO RESUME LIVE SHEEP TRADE
Australia and Saudi Arabia have agreed to a new pathway to allow for a resumption of live sheep exports. It follows a lengthy break. Agriculture Minister Littleproud said his officials had worked closely with their Saudi Arabian counterparts.
INDIA LAUNCHES NEW TRADE APP
Commerce Minister Goyal has launched a new mobile app to provide quick access to key trade information for exporters and importers. The app will provide real-time policy and statistical updates, access to government trade services and 24×7 access to trade queries.
INDONESIA MOVES CLOSER TO FTA
Indonesia is on the cusp of an FTA with the European Free Trade Association – Iceland, Lichtenstein, Norway and Switzerland. The Jakarta Post reports it now only needs President Widodo’s signature to come into force following its passage by the Indonesian Parliament.
CHINA LOOKS TO BECOME A MAJOR USED CAR EXPORTER
China has highlighted its intention to become a major exporter of used cars by seeking public comments on proposed quality standards for
their export, primarily to developing economies. China has a car park of more than 280 million LHD vehicles.
INDONESIA & CHINA ESTABLISH TRADE GROUP
Indonesia and China have agreed to establish a Working Group on Promoting Smooth Trade. This followed a virtual meeting between Commerce Minister Wang and Trade Minister Lutfi. Indonesia has also agreed to participate in China’s Import Expo in November.
SINGAPORE RATIFIES RCEP TRADE AGREEMENT
Singapore has ratified the ASEAN+5 RCEP FTA. Trade Minister Chan said Singapore looked forward to other RCEP members doing likewise. The RCEP FTA enters into force 60 days after 6 ASEAN and 3 ASEAN partners ratify the agreement. This is likely by January 2022.
AUSTRALIA’S PLAN TO SUCCEED IN ASIA
Trade Minister Tehan has launched a major report on how Australia can boost its trade in Asia. “A Second Chance – How Team Australia Can Succeed in Asia” makes 24 recommendations for business, academia and government to work under a Team Australia approach.
US-BANGLADESH BUSINESS COUNCIL LAUNCHED
The US Chamber of Commerce has launched a US-Bangladesh Business Council. It will seek to boost bilateral commercial partnerships. Its leadership group includes representatives from the energy, financial services, agriculture and industrial sectors.