TRADE UPDATE – 19TH JULY 2024: AUSTRALIA BOOSTS GRAPE ACCESS TO JAPAN, ASIA PACIFIC ECONOMIES ATTEND G7 TRADE MEETING, RCEP ECONOMIES MEET IN LAO & 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 BOOSTS GRAPE ACCESS TO JAPAN: Australia has secured access to Japan for all its table grape varieties. It had previously been limited to three varieties. Agriculture Minister Watt said the positive outcome of the technical negotiations would provider greater export opportunities to a priority market.
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ASIA PACIFIC ECONOMIES ATTEND G7 TRADE MEETING: A number of Asia Pacific economies attended this week’s G7 Trade Ministers meeting in Italy as observers. They included Australia, India, New Zealand, South Korea and Vietnam. The meeting was also attended by WTO Director-General Okonjo-Iweala.
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RCEP ECONOMIES MEET IN LAO: The RCEP Free Trade Agreement held its 7 th Joint Committee Meeting in Laos this week. It was the committee’s second meeting this year and was co-chaired by Indonesia and China. A key task for the 15 member economies is to complete the implementation of a secretariat.
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AUSTRALIAN FARMERS SEEK BETTER TAIWAN ACCESS: The Australian Dairy Industry Council is seeking better access for dairy products to Taiwan. It has told Parliament’s Joint Trade Committee that Australia should pursue an FTA with Taiwan saying New Zealand had benefitted substantially from its agreement.
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INDIA & SOUTH KOREA CONTINUE FTA NEGOTIATIONS: Trade negotiators from India and South Korea met in Seoul this week for an 11th negotiating round to upgrade the comprehensive economic partnership agreement between the two economies. The upgrade negotiations to the 2010 agreement
began in 2016.
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WTO COMMENCES CHINA REVIEW: The World Trade Organization commenced its ninth review of China’s trade policies and practices on Wednesday. The review will be completed on Friday. The review largely focusses on comprehensive reports prepared by the WTO Secretariat and the Chinese Government.
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INDIAN MINISTER PURSUES TRADE AGREEMENTS: Commerce Minister Goyal sought to boost free trade agreement negotiations with both the EU and UK when he met with EU Commissioner Dombrovskis and UK Secretary Reynolds in Italy this week. He also met on the G7 sidelines with NZ Trade Minister McClay.
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AUSTRALIA CONTINUES DUTIES ON CHINESE RAILWAY WHEELS: Australia is to continue anti-dumping duties on railway wheels imported from China but with duties lowered to 13.3%. It follows a review by the Anti-Dumping Commission. However, duties on railway wheels from France will not continue.
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ASEAN LEADER MEETS JAPANESE BUSINESS: ASEAN Secretary-General Kao has this week held the 16th annual dialogue with Japanese business. Trade between ASEAN and Japan was worth $US241b in 2023. A key ask of Japanese business is for ASEAN to be a seamlessly connected single market and production site.
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CHINA CHALLENGES US SUBSIDY POLICIES: China will ask the WTO’s Dispute Settlement Body on July 26 to establish a panel to consider its challenge to US subsidies linked to the use of domestic goods for such products as electric vehicles. It follows the failure of consultations to resolve the dispute.
