Trade Update – 16th September 2021: Australia Racing Toward UK FTA, ASEAN Looks To RCEP Lift, Australian Trade Minister May Jet To India 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.

AUSTRALIA RACING TOWARD UK FTA: Trade Minister Tehan and Trade Secretary Truss worked via Zoom during the week in a bid have the Australia-UK FTA ready for signing in October. Following a focus on people mobility, negotiations have moved to concluding the services and investment sections of the FTA.

ASEAN LOOKS TO RCEP LIFT: ASEAN economic ministers have met virtually over the last week and determined the timely implementation of the RCEP FTA in January 2022 was a key building block to a post-pandemic recovery. It would keep markets open, reduce trade friction and expand business opportunities.

AUSTRALIAN TRADE MINISTER MAY JET TO INDIA: Trade Minister Tehan may jet to India in the coming weeks to help secure an early harvest FTA as officials work to meet a December target. Minister Tehan said rapid progress could be made from face-to-face meetings. “So, it is something that is under consideration.”

WTO NAMES AUSTRALIA-CHINA DISPUTE PANEL: A WTO Dispute Panel has been appointed to consider Australia’s complaint against dumping duties imposed by China on barley. The Panel will be Enie Neri De Ross (Venezuela), Jose Antonio De La Puente Leon (Peru) and Catharina Janse Van Vuuren (South Africa).

INDIA TO PAY OVERDUE EXPORT PAYMENTS: India has announced a boost for more than 45,000 exporters with $US7.6 billion allocated for 2021-22. Most of the export program funding will be used to pay-out overdue claims on programs from industries such as agriculture, auto, pharmaceutical and iron and steel.

AUSTRALIAN MINISTER REJECTS DUTY CALL: A recommendation by the Anti-Dumping Commissioner to end anti-dumping and subsidy duties on grinding balls from China has been rejected by Industry Minister Porter. The duties of up to 34% were first imposed in 2016 and will now be in place for a further five years.

US NOMINATES NEW AGRICULTURAL TRADE NEGOTIATOR: President Biden has this week nominated an almond industry leader to be the US Trade Representative’s Chief Agricultural Negotiator. Elaine Trevino is currently the President of the Almond Alliance of California, a member-based trade association.

KOREA REACHES OUT TO DIGITAL AGREEMENT: South Korea formally advised this week it wished to join the Digital Economic Partnership Agreement. The agreement links Singapore, New Zealand and Chile and aims to establish key rules and build cooperation on digital trade among regional economies.

TAIWANESE SUBMISSIONS CROWD AUSTRALIAN INQUIRY: Submissions from Taiwanese-related interests account for nearly a third of the 69 submissions to an Australian Parliamentary inquiry studying an expansion of CPTPP FTA membership. The Governments of China and the UK have also made submissions.

INDIA-EU FTA TALKS TO RESUME: External Affairs Minister S. Jaishankar has forecast formal India-EU FTA talks will resume this month. The talks have been suspended since 2013. UK Trade Secretary Truss and Commerce Minister Goyal also talked earlier this week to discuss the scope and ambition of a UK-India FTA.