Trade Update – 18th August 2022: US READIES TRADE PLAN FOR TAIWAN, APEC OFFICIALS HEAD TO THAILAND, AUSTRALIAN MINISTER MEETS US TRADE LEADERS 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.
US READIES TRADE PLAN FOR TAIWAN: The US is finalising its strategy for trade negotiations with Taiwan. White House senior official Kurt Campbell told a media call during the week the US was finalizing an ambitious roadmap for trade negotiations which it intended to announce in the coming days.
APEC OFFICIALS HEAD TO THAILAND: Senior officials from the APEC economies have begun their third meeting of 2022 in Chiang Mai this week. The officials’ work will be a key input to the APEC Leaders’ Summit in November and will include a wide range of subjects including trade and investment.
AUSTRALIAN MINISTER MEETS US TRADE LEADERS: Trade Minister Farrell was in Washington DC during the week where he met with USTR Tai and Trade Ambassador Bianchi. He also met Commerce Secretary Raimondo. A key element of the meetings was the development of the Indo-Pacific Economic Framework.
INDIA & UK COMPLETE FIFTH FTA ROUND: India and the United Kingdom have completed a fifth round of FTA negotiations. The round included 85 separate in-person and virtual sessions covering 15 policy areas. The negotiators are seeking to substantially conclude a trade agreement by the end of October.
TAIWAN PROMISES SUPPORT FOR IMPACTED INDUSTRIES: A Government Task Force has been established to help Taiwanese industries impacted by China’s import ban on a wide range of its food, agricultural and fish products. Taiwan is also seeking to further boost its diversified market strategy for agricultural exports.
PHILIPPINE TRADE GROWTH SLOWS: Philippine export growth eased in June with the Department of Trade and Industry reporting growth of 1%. Despite the easing, export sales for the first half of the year were 7.1% higher than in 2021 and 12.2% higher compared to the pre-pandemic average from 2017-2019.
AUSTRALIAN COMMITTEE INVITES INDIA FTA SUBMISSIONS: The Australian Parliament’s Joint Treaties Committee is inviting public submissions by August 19 as part of its ratification inquiry of the Australia-India FTA. The interim “early harvest” trade agreement was signed by the previous government in April.
INDONESIA EXTENDS SAFEGUARD DUTIES: Indonesia advised the WTO during the week of its intention to extend textile safeguard duties beyond November 2022 due to the risk rising imports posed to its domestic industry. The duties encompass a wide range of textile products including many yarns, drapes and fabrics.
EU DIPLOMAT TALKS OF NEW FTA PRIORITY: The EU’s Ambassador in Canberra, Michael Pulch, has told Sky News of a renewed sense of EU priorities in concluding an FTA with Australia. This related to trade diversification, new climate policies in Australia and goodwill for Australia’s strong support for Ukraine.
AUSTRALIAN STATE LAUNCHES TRADE BLITZ: Victoria has announced a return to in-person trade missions with more than 30 trade missions to Asia, Europe and North America planned in the next 12 months. State Trade Minister Pallas said the missions would be supported by a $5 million state government investment.