Trade Update – 15th September 2022: AUSTRALIAN PORTS HAMPER TRADE, INDIA DISRUPTS RICE EXPORTS, TRADE MINISTERS AGREE ON INDO-PACIFIC OBJECTIVES 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 PORTS HAMPER TRADE: The Productivity Commission has published a draft report claiming a boosting of productivity at container ports could save business and consumers more than $600 million every year. It spoke of workplace arrangements which lowered productivity and a lack of competition.
INDIA DISRUPTS RICE EXPORTS: India moved to cool domestic rice prices during the week by banning the export of some varieties and placing a 20 per cent export duty on some other varieties. The Government said the actions were to ensure adequate availability for animal feed and the production of ethanol.
TRADE MINISTERS AGREE ON INDO-PACIFIC OBJECTIVES: Trade ministers from the Indo-Pacific Economic Framework met in Los Angeles during the week and agreed on the negotiating objectives for the four pillars of trade, supply chains, clean economy and fair economy. India has opted not to join the trade pillar.
US AGRICULTURE NEGOTIATOR GETS COMMITTEE BACKING: The US Senate Finance Committee has given its unanimous support to the appointment of Doug McKalip as Chief Agriculture Negotiator in the Office of the US Trade Representative. USTR Tai has urged the Senate to quickly approve the appointment.
UK TRADE SECRETARY GETS NEW JOB: Within hours of completing a nine-day trade promotion visit to New Zealand and Australia, Trade Secretary Anne-Marie Trevelyan was transferred to a new role as Transport Secretary in the Liz Truss-led UK Government. She has been replaced as Trade Secretary by Kemi Badenoch.
AUSTRALIA TERMINATES TAIWANESE INQUIRY: The Anti-Dumping Commission has terminated an inquiry into the alleged dumping of steel merchant bar from Taiwan. This followed the inquiry’s finding that any injury to the Australian industry was negligible. The inquiry followed a complaint by an Australian producer.
INDIA & BANGLADESH TO PURSUE FTA: India and Bangladesh have agreed to pursue a comprehensive economic partnership agreement. It follows a joint feasibility study and a visit to India by Prime Minister Sheikh Hasina. Prime Ministers Modi and Hasina have instructed officials to begin negotiations by year end.
PHILIPPINES & INDONESIA TO PROMOTE CREATIVE ECONOMY: The Philippines and Indonesia have signed a memorandum of understanding to work together to boost trade from their creative economy sectors. The MOU comes only weeks before Indonesia hosts the World Conference on Creative Economy in Bali.
US TRADE BOSS HEADS TO ASIA: US Trade Representative Tai will be heading to Asia this week for key trade meetings. She will be in Cambodia on September 17-18 to attend an ASEAN Economic Ministers meeting and will then travel to Indonesia for a G20 Ministerial Trade meeting on September 21-23.
SOUTH KOREA RESUMES IMPORTS OF EU PORK & POULTRY: Pork and poultry from 14 and 11 EU economies respectively can now be exported to South Korea. It follows the removal of a longstanding ban on pork and poultry imports from EU member states affected with African swine fever or avian influenza.