Weekly trade review provided by Chatto Creek Advisory Pty.
Chatto Creek Advisory Pty Ltd is a Melbourne-based strategic consultancy specializing 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 Asia Pacific.
AUSTRALIA PUSHES BACK ON CHINA
A suggestion by Ambassador Cheng that China may reduce trade with Australia because of its call for a global inquiry into COVID-19 has been rebuked. Trade Minister Birmingham told the ABC Australia would not change its position because of threats of economic coercion.
KOREA CALLS AUSTRALIA & PHILIPPINES
Trade Minister Yoo reached out to Australian and Philippine Trade Ministers Birmingham and Lopez by phone this week to discuss ways of boosting COVID-19 cooperation. She said the three ministers also agreed to cooperate toward a goal of signing RCEP this year.
THAI CABINET TO MAKE CALL ON CP-TPP
The Thai Cabinet is reported close to debating whether to join the Comprehensive & Progressive TPP. The Bangkok Post reports the Ministry of Commerce has recommended Thailand join the FTA. However, consideration may be delayed due to a split in the Cabinet.
TRADE MINISTERS PUT PEN TO PAPER
Trade Ministers from Australia, NZ, Singapore and the UK published a joint article this week saying new trade barriers in a post COVID-19 era would erode confidence, slow investment and be the worst possible response to global economic uncertainty.
AUSTRALIA LAUNCHES NEW INQUIRY
The Anti-Dumping Commission has begun an anti-circumvention inquiry into certain A4 copy paper imported from China. It will examine whether the anti-dumping and anti-subsidy duties applying to paper of 70 to 100 gsm were being avoided by supplying paper of 68 gsm.
JULY 1 START FOR NORTH AMERICAN FTA
A new trade agreement linking Canada, Mexico and the United States (USMCA) will begin on July 1. This follows a completion of ratification procedures by the 3 countries. Meanwhile, Mexico and the EU have completed talks to upgrade their 20-year-old trade agreement.
AUSTRALIA CALLS FOR REVIVAL OF RULES-BASED TRADE
The Productivity Commission has called for a revival of rules-based trade saying the stalling of the WTO rules-based trading system was bad for business and bad for jobs and income. It called on Australia to continue to promote open trade practices.
US TIGHTENS EXPORT CONTROLS
The Commerce Department announced new export controls this week in a bid to stop entities in China, Russia and Venezuela using civilian supply chains to acquire US technology that could be used in the development of weapons, military aircraft and surveillance technology
AUSTRALIA BOOSTS EXPORT NETWORK
Following special export flights of West Australian lobster, Victorian lamb and Tasmanian salmon, Australia has announced a network of 15 air freight providers and freight forwarders to accelerate the delivery of farm and fish exports during the COVID-19 crisis.
INDIA MISSES RCEP CALLS
India has continued to give the RCEP (ASEAN + 6) trade talks a wide berth by sitting out the 29th round of negotiations. The talks were held by video conference due to COVID-19. A summary of the talks published by Myanmar did not include India among the non-ASEAN participants.