Trade Update – 20th January 2022: CHINA CHALLENGES AUSTRALIAN DUTIES, AUSTRALIA & CHINA ASSURE WINE OUTCOME, INDIA & UK BEGIN FTA NEGOTIATIONS 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.
|CHINA CHALLENGES AUSTRALIAN DUTIES: China is seeking a WTO Dispute Panel to review Australian anti-dumping and subsidy duties on stainless steel sinks, railway wheels and wind towers. China first raised the issue at the WTO in June 2021. Trade Minister Tehan said Australia would robustly defend the measures.
AUSTRALIA & CHINA ASSURE WINE OUTCOME: Arbitration will be used for any appeals from a WTO Dispute Panel review of China’s anti-dumping duties on Australian wine. It follows a similar agreement for a barley dispute and means the trade row will not delayed be by the WTO’s non-functioning appeal system.
INDIA & UK BEGIN FTA NEGOTIATIONS: India and the United Kingdom launched negotiations for a free trade agreement with a first negotiating round this week. Commerce Minister Goyal believes India can double its trade with the UK by 2030 by focussing on leather, textiles, jewellery and processed produce.
INDIA APPEALS SUGAR RULING: India will appeal a ruling which found a range of its sugar industry programs breached global trade rules. A WTO Dispute Panel ruled in December in favour of complaints by Australia, Brazil and Guatemala. A non-functioning WTO appeal system will prevent the appeal being heard.
TAIWAN & CANADA TO EXPLORE INVESTMENT AGREEMENT: Taiwan and Canada have agreed to exploratory discussions on a possible investment protection and promotion agreement between the two economies. This followed a discussion between Canada’s Trade Minister Ng and Taiwan’s Minister Deng.
SOUTH KOREA NEXT ACTIVE RCEP MEMBER: The RCEP FTA will enter into force for South Korea on February 1. This follows the mega agreement’s entry into force for the initial ten economies on January 1. The Philippines, Malaysia and Indonesia are now finalizing their ratifications of the world’s largest FTA.
MALAYSIA IMPLEMENTS TOUGHER WASTE IMPORT RULES: New import rules for scrap iron, steel, copper, aluminium and wastepaper have been introduced by Malaysia. The introduction of the new rules on January 10 followed a series of postponements to assist industry compliance with the new requirements.
US GETS GREEN LIGHT FOR PORK TO INDIA: The US has announced India has agreed to remove a longstanding trade barrier and allow imports of US pork and pork products. Meanwhile, India has announced the US has agreed to a resumption in mango and pomegranate and cherry imports from India.
UK SEEKS SUBMISSIONS ON AUSTRALIAN FARM ACCESS: The UK’s Trade and Agriculture Commission has invited public submissions on whether trade in farm produce under the recently signed UK-Australia FTA may affect the maintenance of regulatory standards. The closing date for submissions in February 11.
AUSTRALIA REVIEWS STEEL ANTI-DUMPING DUTIES: The Anti-Dumping Commission has advised Australian industry it must formally seek an extension if it wishes anti-dumping duties on steel reinforcing bar from Greece, Indonesia, Spain, Taiwan and Thailand to continue beyond the current expiry date of 7 March 2023