TRADE UPDATE – 16th AUGUST 2024: AUSTRALIA OFFERS BIGGER EXPORT GRANTS, CHINA BEGINS WTO ELECTRIC CAR ACTION, NEW ZEALAND MINISTER VISITS INDIA & 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.
AUSTRALIA OFFERS BIGGER EXPORT GRANTS: Australia has this week published guidelines for a fourth round of its Export Market Development Grants Program. Businesses will be able to receive larger grants of between $20,000 and $80,000. Businesses will also be able to receive free export readiness training.
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CHINA BEGINS WTO ELECTRIC CAR ACTION: China has formally launched dispute action at the WTO by seeking formal consultations with the European Union over the latter’s anti-subsidy duties on electric vehicles from China. A failure to resolve the dispute will see China seeking a WTO Dispute Panel.
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NEW ZEALAND MINISTER VISITS INDIA: Trade and Agriculture Minister McClay has been in India this week as New Zealand continues its push to boost economic relations with Delhi. The visit saw McClay’s 5th in-person meeting with Commerce Minister Goyal in 9 months. It also involved a trip to Gujarat Province.
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MALAYSIA LAUNCHES TIN-PLATE INQUIRY: Malaysia has launched an anti-dumping inquiry into tin-plated steel imported from China, India, Japan and South Korea. It follows a complaint by local industry claiming the steel has caused it material injury by being sold at a much lower price than its domestic selling price.
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AUSTRALIA HOSTS CHINA DIALOGUE: Leading Australian export industry executives from sectors such as minerals, wine and seafood have gathered in Adelaide this week for the 8th Australia-China High Level Dialogue. The Dialogue, which was first held in 2014, was co-chaired by former Trade Minister Emerson.
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US TO HOLD SUPPLY CHAIN SUMMIT: The US Commerce Department will host a major Supply Chain Summit in September in a bid for government and industry to strengthen supply chain resilience. The Washington DC Summit will bring together leaders from industry, government, academia and civil society.
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ASEAN OFFICIALS HOLD TASK FORCE MEETING: A 46th meeting of the High-Level Task Force on ASEAN Economic Integration was held during the week in Vientiane. Its discussions included new and emerging issues in ASEAN Plus One trade agreements and the development of the ASEAN Economic Community.
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PACIFIC ISLANDS HOST TRADE WORKSHOP: A Pacific Regional Advanced Trade in Goods Workshop was completed this week in Honiara. The workshop partnered Australia and the PACER Plus Implementation Unit and included the Cook Islands, Kiribati, Niue, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu.
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INDIA READIES FOR BIG SHOE EXPORT BOOST: Commerce Minister Goyal believes new quality control orders will curb imports of poor-quality footwear and save domestic producers from unfair competition. It will also allow India to achieve $50 billion of footwear exports by 2030 by leveraging FTAs.
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NEW ZEALAND & INDIA SIGN CUSTOMS AGREEMENT: New Zealand and India have signed a Customs Cooperative Arrangement to better target, prevent and investigate criminal activities. It will also facilitate the exchange of ideas on new customs procedures, technology and best practices.
