Trade Update – 18th April 2023: AUSTRALIA LOOKS TO CHINA REVIEW FOR TEMPLATE, AUSTRALIAN FARMERS WELCOME CHINA REVIEW, EU CONFIRMS FTA NEGOTIATING SCHEDULE 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 LOOKS TO CHINA REVIEW FOR TEMPLATE: Australia hopes a review of barley dumping tariffs by China will form a template to potentially solve other product disputes including wine. Trade Minister Farrell told CNBC other products including wine would be addressed once barley was resolved.
AUSTRALIAN FARMERS WELCOME CHINA REVIEW: The National Farmers Federation has welcomed China’s undertaking of a review of its dumping duties on Australian barley. Chief Executive Tony Mahar said the approach taken by the two economies to progress the issue was in the longer-term interests of all parties.
EU CONFIRMS FTA NEGOTIATING SCHEDULE: The EU has confirmed its forthcoming FTA negotiating schedule with Asia Pacific economies. A 15th round with Australia is to be held April 24-28, 14th round with Indonesia May 8-12 and 5th round with India June 19-23. India and the UK will hold a 9th round April 24-28.
US TRADE BOSS HEADS TO ASIA: USTR Tai is visiting the Philippines and Japan this week as the US seeks to strengthen its trade relationship with Asia Pacific economies. A key element of the discussions will be the Indo-Pacific Economic Framework and its next negotiating round to be held in Singapore in May.
AUSTRALIAN MINISTER JETS TO ASIA: Trade Minister Farrell will be visiting both Vietnam and the Philippines over the next week as part of Australia’s trade diversification strategy. He will meet Prime Minister Pham Minh Chinh in Hanoi and co-host an annual Economic Partnership Meeting.
OECD WARNS OF TRADE RISK: An OECD paper published during the week says a significant scaling up of critical mineral production and trade was needed to achieve global net-zero emission targets. It says export restrictions had increased five-fold in a decade with China having hiked its restrictions by a factor of nine.
CHINA LAUNCHES TAIWANESE TRADE INVESTIGATION: The Ministry of Commerce is reported to have launched a wide-ranging inquiry into alleged trade barriers imposed by Taiwan on more than 2,400 Chinese agriculture, textile and mineral products. It intends to complete the inquiry by October.
US ACCEPTS WTO AGREEMENT: The US has this week accepted the WTO’s Fisheries Subsidy Agreement. It is the fourth member to join the agreement which seeks to cut the depletion of fish stocks with rules to curb harmful subsidies. It will also prohibit support for illegal, unregulated and unreported fishing.
INDONESIAN MINISTER VISITS US: Investment Minister Luhut Pandjaitan visited Washington DC during the week where he met with Commerce Secretary Raimondo and with USTR Tai. Indonesia is reportedly keen to pursue a limited trade agreement with the US focussing on the supply of critical minerals.
NEW ZEALAND EXPORT BAN TO TAKE AFFECT: NZ’s ban on live animal exports by sea will be implemented on April 30. Legislation to introduce the ban became law in September 2022. NZ conducted an extensive review of its live animal exports following the sinking of the Gulf Livestock 1 in the East China Sea in 2020.