Trade Update – 18 Mar 2021: South Korea’s export target is US$700b for 2025, Australia’s former Finance Minister to lead as OECD Secretary-General, India hosted a Virtual Food Fair 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.
AUSTRALIA TO SEEK WTO DISPUTE PANEL
Trade Minister Tehan has confirmed Australia will ask the WTO to establish a Dispute Panel to review China’s anti-dumping and subsidy duties on Australian barley. This follows the failure of talks between Australian and Chinese officials in January to resolve the trade dispute.
SOUTH KOREA LOOKS TO BIG EXPORT BOOST
South Korea has announced an export target of $US700b for 2025 – nearly a third higher than 2020. It plans to expand industry growth engines and spend $US17.5 billion on trade financing in key service sectors including healthcare, digital, fintech and engineering.
AUSTRALIAN BEATS TRADE BOSS TO LEAD OECD
Australia’s former finance minister Mathias Cormann will play a key role in the global economic recovery from the COVID-19 pandemic following his selection as OECD secretary-general. He beat former EU Trade Commissioner Cecilia Malmstrom to the role.
INDIA HOSTS VIRTUAL FAIR TO BOOST FOOD EXPORTS
India has this week hosted a three-day virtual trade fair of more than 400 sellers/buyers to boost exports of agricultural and processed food products. The initiative focussed on various commodities including rice, wheat, maize, groundnut and coarse grains.
AUSTRALIA EXTENDS FREIGHT SUPPORT
Australia has extended its global airfreight assistance mechanism until September 2021. It has allocated more than $670m to the initiative, launched in April 2020, to ensure perishable export produce can overcome the flight schedule disruptions of COVID-19.
APEC LOOKS TO HASTEN COVID-19 RECOVERY
Officials from the APEC economies have been meeting virtually to chart an expedited recovery from the COVID-19 impact. NZ’s APEC 2021 Senior Officials Chair, Vangelis Vitalis, said APEC needed to work together to build a sustainable and resilient regional economy.
US HITS RUSSIAN FERTILIZER
The US Trade Commission has found US industry has been injured by imports of subsidized phosphate from Russia. Countervailing duties will be imposed. Meanwhile, Australia has begun an anti-dumping inquiry into imported quenched and tempered steel plate from the US.
AUSTRALIA AND EU TO COMPLETE 10TH ROUND
Australia and the European Union are scheduled this week to complete the 10th round of FTA negotiations. The 10th round is the first of 2021 and has been undertaken virtually with negotiators divided into some 26 working groups.
INDONESIA AND EU AVOID MARKET ACCESS DISCUSSIONS
The 10th round of Indonesia-EU FTA negotiations avoided further market access discussions. The virtual talks – the first in 14 months – focused on a wide range of technical issues. Meanwhile, a Singapore-Indonesia Investment Treaty has entered into force.
AUSTRALIA TO HIKE EFFORT FOR LOWER GREEN TARIFFS
Australia is calling for liberalized trade in environmental goods to take precedence over border carbon taxes being advocated by the EU. Trade Minister Tehan said Australia wanted an approach of encouraging trade liberalization, not protectionism.