Trade Update – 1st July 2021: Japan completes RCEP ratification, New Zealand begins 11th FTA round with EU, Singapore-UK Digital economy agreement is underway 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.
AUSTRALIA TO DEFEND CHINA CLAIMS
Trade Minister Tehan has forewarned Australia will vigorously defend its anti-dumping and countervailing duties levied on wind towers, stainless-steel sinks and
railway wheels from China. This followed China’s announcement of dispute action at the WTO over the duties.
CANADA PURSUES CHINA AT WTO
Canada is seeking a WTO Dispute Panel to resolve its canola trade row with China. The row flared in 2019 when China imposed restrictions on canola seed imports from Canada claiming the detection of quarantine pests in shipments. Talks have failed to resolve the row.
TAIWAN & US TALK TRADE
Taiwan and the US scheduled an 11th Trade & Investment Framework Council meeting this week. It was the first meeting in four years and followed a recent call between USTR Tai and Taiwanese Minister Deng. Goods trade between the two economies exceeds $US90 billion annually.
AUSTRALIA FILES CHINA WINE PROTEST
Australia has filed its protest with the WTO over China’s anti-dumping duties on wine. It alleges China improperly initiated its inquiry, failed to account for different wine qualities, refused to share data and did not base its domestic injury findings on positive evidence.
JAPAN COMPLETES RCEP RATIFICATION
Japan completed its ratification of the mega RCEP (ASEAN + 5) FTA during the week when it deposited its acceptance notice with the ASEAN Secretariat in Jakarta. The FTA will come into effect when at least six ASEAN and 3 non-ASEAN members complete their ratifications.
CAIRNS GROUP CALLS FOR WTO ACTION
The Cairns Group of farm exporting economies has called for decisive action to cut trade and domestic production-distorting farm subsidies. It wants a WTO Ministerial Conference (MC12) in November to deliver an ambitious, concrete and equitable outcome in agriculture.
NEW ZEALAND BEGINS 11TH FTA ROUND
Trade negotiators from New Zealand and the EU have this week begun the 11th round of FTA negotiations. This follows the 10th round in March and comes after a recent meeting in Brussels between Trade Minister O’Connor and EU Trade Commissioner Dombrovskis.
AUSTRALIA FINALIZING INDIA TRADE PLAN
Australian officials are finalizing a proposal on how Australia and India can strengthen their economic relationship. Trade Minister Tehan said the proposal would be sent to Commerce Minister Goyal “very shortly.” FTA negotiations have been stalled since 2015.
SINGAPORE AND UK LAUNCH DIGITAL TALKS
Singapore and the UK have this week launched negotiations for a digital economy agreement. It followed a call by Trade Relations Minister Iswaran and Trade Secretary Truss. Singapore has already concluded agreements with Australia, New Zealand and Chile.
AUSTRALIA TO REFORM CREDIT AGENCY
Australia is to introduce legislation to broaden the products the export credit agency Export Finance Australia can provide. It will be able to expand its existing loans, guarantees, bonds and insurance with a new ability to provide equity finance in certain circumstances.
