Trade Update – 19th May 2022: INDIA BANS WHEAT EXPORTS, APEC TRADE MINISTERS HEAD TO BANGKOK, LEGISLATION INTRODUCED FOR AUSTRALIAN AND NZ TRADE DEALS 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.
INDIA BANS WHEAT EXPORTS: India has banned wheat exports due to the food challenges of rising prices. The ban is likely to further hike global prices. It comes only days after India spoke of plans for a 30% boost in exports by sending trade missions to major buyers such as Indonesia, Philippines, Thailand and Vietnam.
APEC TRADE MINISTERS HEAD TO BANGKOK: Trade Ministers from the APEC economies, including US Trade Representative Tai, are meeting in Bangkok this weekend. To boost recovery from the COVID pandemic, ministers are expected to look at rejuvenating work toward a Free Trade Area of Asia Pacific.
LEGISLATION INTRODUCED FOR AUSTRALIAN AND NZ TRADE DEALS: Legislation to implement the UK’s free trade agreements with Australia and New Zealand was introduced to the House of Commons during the week. The Australia-UK FTA was signed in December 2021 and the NZ-UK FTA in February 2022.
FISH WEEK AT THE WTO: Negotiators at the WTO in Geneva have this week been seeking to conclude outstanding issues to reach a global agreement to curb harmful fishing subsidies. The negotiators are racing against the clock to reach an agreement in time for its adoption at the WTO Ministerial Conference in June.
AUSTRALIA FURTHER EXTENDS TAIWANESE WIRE INQUIRY: The Anti-Dumping Commission has for the second time in a month extended the reporting dates an anti-dumping inquiry into merchant bar steel from Taiwan. It is now required to provide a recommendation to the Minister of Industry by July 5.
US TO HIT RAW HONEY WITH ANTI-DUMPING DUTIES: The US International Trade Commission has ruled its domestic industry is being materially injured by raw honey from Argentina, Brazil, India and Vietnam. It follows a Commerce Department ruling that the honey was being sold in the US at less than fair value.
NEW ZEALAND LAUNCHES CANADIAN DAIRY ACTION: NZ has launched dispute action under the CPTPP FTA against Canada’s implementation of dairy tariff rate quotas. It argues Canada’s implementation of the quotas in inconsistent with its FTA obligations. It represents the first dispute action taken under the CPTPP.
INDIAN MINISTER TALKS TRADE WITH INDUSTRY: Commerce Minister Goyal had a day-long session with industry during the week as part of FTA negotiations with the UK, EU and Canada. Industry sectors which participated in the Mumbai consultations included auto, jewellery, textiles, steel, copper and aluminium.
PHILIPPINE EXPORTS REACH SIX-YEAR HIGH: Philippine exports hit $US19.4 billion in the first quarter of 2022. This was 9.8% higher than a year ago and the highest quarterly result in six years. The US, China, Japan, Hong Kong and Singapore were the top export destinations in the quarter ended March 31, 2022.
MALAYSIA SIGNS SEMICONDUCTOR AGREEMENT WITH US: Malaysia and the United States have signed a memorandum of cooperation to strengthen semiconductor supply chain resilience. The memorandum was signed in Washington DC by Trade Minister Azmin Ali and Commerce Secretary Raimondo.
