Trade Update – 18th November 2023: APEC LEADERS BACK WTO, IPEF LEADERS MEET, AUSTRALIA DELAYS RAILWAY REVIEW 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.
APEC LEADERS BACK WTO: Leaders of APEC have backed a global trading system with the WTO at its core. In a Golden Gate Declaration in San Francisco they said they were committed to reform of the WTO to improve its function including having discussions to have a fully-function dispute system restored by 2024.
IPEF LEADERS MEET: Leaders of the IPEF economies have welcomed the ministerial signing of a supply chain agreement. They also announced the substantial conclusion of negotiations for clean economy and fair economy agreements, launched a critical minerals dialogue and announced a ministerial IPEF Council.
AUSTRALIA DELAYS RAILWAY REVIEW: The Anti-Dumping Commission has postponed the completion of its statement of essential facts (SEF) and final report of its continuation inquiry into anti-dumping measures on railway wheels from France and China. The SEF is now due by March 26 and the final report by June 6.
VIETNAM & US CONTINUE FISH FILLET TALKS: A WTO Dispute Panel has again postponed the circulation of its report on a long-running anti-dumping dispute involving fish fillets as Vietnam and the US continue negotiations to settle the case. The report’s circulation has now been postponed until 15 February 2024.
CPTPP AGREES TO REVIEW: Ministers from the CPTPP FTA have met in San Francisco and endorsed the terms of reference for a review of the FTA. They reaffirmed CPTPP was open to membership requests from economies able to meet high standards and with a pattern of trade commitment compliance.
INDONESIA & US TO BOOST TIES: Indonesia and the US are to elevate their relations to a Comprehensive Strategic Partnership. It comes 8 years after the establishment of the US-Indonesia Strategic Partnership. An early task for the new partnership will be the development of a critical minerals action plan.
AUSTRALIA TO BACK OECD BID: Trade Minister Farrell confirmed Australia’s support of Indonesia’s bid to join the OECD when he met with Indonesian Trade Minister Zulkifli Haan in San Francisco. Australia will contribute to Indonesia’s efforts by supporting an economic survey of Indonesia through the OECD.
INDIA & US LAUNCH “INNOVATION HANDSHAKE” INITIATIVE: India and the US have formally launched their “innovation handshake” initiative. It was launched by Commerce Secretary Raimondo and Commerce Minister Goyal and will underpin a critical technology partnership between the two economies.
SINGAPORE LAUNCHES NEW INVESTMENT OFFICE: Enterprise Singapore has opened its third investment office in the US. The office in San Francisco was opened by Prime Minister Lee during the week. It complements existing offices in New York and Los Angeles and will be focussed on innovation and IT.
AUSTRALIAN FARMERS HIKE LIVE SHEEP BID: The National Farmers’ Federation has this week taken its Keep Farmers Farming campaign to Perth in a late bid to maintain Australia’s live sheep export trade. Its president David Jochinke said the government policy to end the trade was hurting and frustrating farmers.