Trade Update – 20 May 2021: US & EU to launch Steel and Aluminum Talks, APEC Leader’s Covid Call, India & Cambodia looking at Trade Agreement and 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.
UK FARMERS FEAR ANZAC TRADE AGREEMENTS
UK farmers have this week spoken out against early FTAs with Australia and New Zealand. The UK Farming Roundtable said UK negotiators needed to balance improved market access with quotas and other safeguards to avoid “irreversible damage” to UK farming.
INDIA & UNITED KINGDOM LAUNCH TRADE PARTNERSHIP
Trade Minister O’Connor will be in Brussels and London in June in a bid to accelerate free trade negotiations with the European Union and United Kingdom. This follows recent virtual meetings by Minister O’Connor and a similar trip by Australian Trade Minister Tehan.
AUSTRALIAN EXPORT FEEDBACK SOUGHT
Australians have until June 11 to provide feedback to Austrade on its new guidelines for the export market development program. The program assists small to medium businesses. It is being simplified and reoriented from a reimbursement to a grant funding program.
SOUTH KOREA SIGNS FTA WITH ISRAEL
South Korean and Israeli Trade Ministers Yoo and Peretz have signed a free trade agreement in Seoul. This followed a conclusion of negotiations in 2019. A key gain for South Korea will be motor vehicles and parts which will enjoy zero tariffs in Israel once the FTA is ratified..
US & EU TO LAUNCH STEEL & ALUMINIUM TALKS
The US and EU have agreed to begin talks to address global steel and aluminium excess capacity. In a statement they acknowledged the need for effective solutions and the need to hold countries, like China, that supported trade distorting policies to account..
WTO FISHERIES NEGOTIATION TO ENTER CRITICAL PHASE
Negotiations at the WTO to curb fishing subsidies and ensure the sustainability of fish stocks will begin a critical phase on May 24. Negotiators will be meeting weekly in a bid to reach agreement ahead of a meeting of global trade ministers on July 15.
AUSTRALIA & CANADA LAUNCH TRADE DIALOGUE
Trade Ministers Tehan and Ng held the first Australia-Canada Trade Ministers Dialogue during the week. The dialogue is designed to provide a platform for the pursuit of shared trade priorities and to deepen the Australia-Canada bilateral relationship.
APEC LEADERS’ COVID CALL
APEC business leaders have called for perseverance and cooperation to overcome COVID-19 challenges. ABAC chair Rachel Taulelei said APEC’s goal of open markets had helped create jobs and raise living standards. It should also help guide responses to the COVID-19 challenge.
US RULES INJURY FROM ASIAN STEEL WIRE
The US International Trade Commission has ruled cheap imports of prestressed concrete steel wire strand from seven economies including Indonesia and Malaysia have caused material injury to the US industry. It means wire shipments will now face anti-dumping duties.
INDIA & CAMBODIA LOOKING AT TRADE AGREEMENT
India and Cambodia are exploring the potential for a bilateral FTA between the two economies. The Khmer Times reported Cambodian Commerce Minister Pan Sorasak and Indian Ambassador Davyani Khobragade further discussed the issue this week.