Trade Update – 18th July 2023: CPTPP MINISTERS SIGN-UP UK, AUSTRALIAN TALKS STALL, INDO-PACIFIC NEGOTIATORS DESCEND ON BUSAN 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.
CPTPP MINISTERS SIGN-UP UK: The UK joined the CPTPP FTA during a signature ceremony in New Zealand at the weekend. It was held as part of the CPTPP Commission’s 7th meeting where Ministers agreed to continue information gathering from other would-be members and to establish a Customs Working Group.
AUSTRALIAN TALKS STALL: Australia and the EU have failed to conclude a long-awaited FTA despite Trade Minister Farrell’s third visit to Brussels in six months. Officials will continue to seek to narrow down contentious issues with the parties planning to meet in August to see if an agreement can be finalised.
INDO-PACIFIC NEGOTIATORS DESCEND ON BUSAN: A 4th negotiating round for the Indo-Pacific Economic Framework saw more than 650 officials descend on Busan in South Korea during the week. Specialists from such member economies as Australia, Japan and the US also participated in a supply chain seminar.
SINGAPORE MINISTER SENT ON LEAVE: Prime Minister Lee has instructed Transport Minister S Isawaran to take leave while a Corrupt Practices Investigation Bureau investigation takes place. Isawaran also serves as Trade Relations Minister. Lee said he had approved the Bureau’s request to begin a formal investigation.
AUSTRALIA TO JOIN UP: Australia is to further promote the inclusion of such topics as climate change, gender equality and labour rights in trade agreements by joining the Inclusive Trade Action Group and its Global Trade and Gender Arrangement. Canada, Chile, Mexico, NZ and Peru are among the members.
ANZAC LEADERS GATHER IN WELLINGTON: The Australia New Zealand Leadership Forum is meeting in Wellington this week. It is expected 200 government officials and business leaders will pursue a simplified border and the inclusion of climate change and further digital considerations in the CER Trade Agreement.
US CONTINUES BAG INQUIRY: The Commerce Department will continue dumping and subsidy inquiries after the US International Trade Commission found a reasonable indication its paper shopping bag industry was injured by imports from economies including Cambodia, China, India, Malaysia, Taiwan and Vietnam.
AUSTRALIAN RULES TOO COMPLEX: Australian Border Force Commissioner Outram spoke during the week of how the country’s border rules were too complex for business. There were more than 200 cross-border trade regulations and 145 cross-border trade systems all administered by 29 government agencies.
EU LAUNCHES INDONESIAN NICKEL CONSULTATIONS: The EU has begun consultations over the possible use of its enforcement regulations to settle a trade dispute with Indonesia over export ban on of nickel ore. The regulations would be a possible way to settle the dispute while it remains mired in a WTO stalemate.
CHINA SEEKS ACCELERATION OF ASEAN TRADE TALKS: China has called for a speeding up of FTA upgrade talks with ASEAN. The call was made in Jakarta by senior official Wang Yi alongside an ASEAN Foreign Ministers’ meeting. Yi’s bilateral meetings in Jakarta included one with Australian Foreign Minister Wong.
