Home > 2023 > Trade Update – 16th October 2023: TIMOR-LESTE CLOSING ON WTO ACCESSION, WTO HOLDS 6TH FISH WEEK, AUSTRALIA RENEWS TRADE AGREEMENT WITH SRI LANKA and many more…

Trade Update – 16th October 2023: TIMOR-LESTE CLOSING ON WTO ACCESSION, WTO HOLDS 6TH FISH WEEK, AUSTRALIA RENEWS TRADE AGREEMENT WITH SRI LANKA and many more…

Trade Update – 16th October 2023: TIMOR-LESTE CLOSING ON WTO ACCESSION, WTO HOLDS 6TH FISH WEEK, AUSTRALIA RENEWS TRADE AGREEMENT WITH SRI LANKA 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.


 

TIMOR-LESTE CLOSING ON WTO ACCESSION: Timor-Leste is now close to concluding its accession to the WTO. A 6th Working Party meeting was held in Geneva on October 11. The economy’s accession is expected to be formally completed at the WTO’s 13th Ministerial Conference in February 2024.

 

WTO HOLDS 6TH FISH WEEK: Negotiators have completed the WTO’s 6th “Fish Week” of 2023. It involved the first line-by-line review of the draft text on disciplines to curb subsidies contributing to overcapacity and overfishing. The talks are expected to advance when senior officials meet in Geneva next week.

 

AUSTRALIA RENEWS TRADE AGREEMENT WITH SRI LANKA: Australia and Sri Lanka have signed a renewed trade and investment agreement. The signing coincided with a visit to Colombo by Assistant Foreign Minister Watts. Trade between the two economies is worth more than $1.3 billion annually.

 

TAIWAN’S EXPORTS HALT FALLING STREAK: Taiwan’s exports rose by 3.4% from a year ago in September. Its exports in September of $US39 billion broke a 12-month year-on-year falling streak. Meanwhile the Japanese Chamber of Commerce in Taipei has supported Taiwan’s bid for CPTPP membership.

 

BUSINESS CALLS FOR AUSTRALIA-EU FTA: The European Australian Business Council and Business Europe have jointly called on government leaders from the EU and Australia to conclude an ambitious and mutually beneficial trade agreement. They said the case for closer cooperation had never been stronger.

 

AUSTRALIA SIGNS VACCINE AGREEMENT: Australia has signed a contract with MSD Animal Health to ensure a supply of 300,000 doses of vaccine for lumpy skin disease. The doses will be available for Australia, Timor-Leste and Papua New Guinea if required. The doses will be held at a secure overseas location.

 

MALAYSIA SEEKS TO BOOST AVIATION INDUSTRY: Malaysia sought to boost its aviation industry’s trade capability during the week when Trade Minister Aziz participated in a supply chain forum involving the National Aerospace Industry Corporation of Malaysia and the leading US aerospace giant Boeing.

 

AUSTRALIA TO ATTEND G7 TRADE MINISTERIAL MEETING: Trade Minister Farrell will travel to Osaka to attend the G7 Trade Ministers’ Meeting as an outreach partner. The meeting will be held in Osaka on October 28 and 29. It is the third year that Trade Ministers have met as part of the G7 process.

 

INDIA & PERU RESUME TRADE TALKS: Negotiations for a trade agreement between India and Peru have resumed with a special round held virtually during the week. Negotiations began in 2017 but were interrupted by COVID in 2019. A 6th round of negotiations is scheduled to be held in Lima in December.

 

AUSTRALIA & PHILIPPINES TO BOOST TRADE: Trade Minister Farrell and Trade Secretary Pascual have met in Adelaide as part of the 6th Philippines-Australia Ministerial meeting. They agreed to deepen trade and investment ties by eliminating unnecessary barriers and creating the best possible business conditions.

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