Home > 2023 > Trade Update – 20th October 2023: AUSTRALIAN MINISTER TO CLOCK UP FLIGHT MILES, THAI TYRES FACE US CHALLENGE, SOUTH KOREA & UAE CONCLUDE TRADE AGREEMENT and many more…

Trade Update – 20th October 2023: AUSTRALIAN MINISTER TO CLOCK UP FLIGHT MILES, THAI TYRES FACE US CHALLENGE, SOUTH KOREA & UAE CONCLUDE TRADE AGREEMENT and many more…

Trade Update – 20th October 2023: AUSTRALIAN MINISTER TO CLOCK UP FLIGHT MILES, THAI TYRES FACE US CHALLENGE, SOUTH KOREA & UAE CONCLUDE TRADE AGREEMENT 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.


 

AUSTRALIAN MINISTER TO CLOCK UP FLIGHT MILES: Trade Minister Farrell will be clocking up the flight miles in the coming weeks. He will be visiting Osaka for the G7 Trade Ministers meeting, Shanghai for the International Import Expo, San Francisco for APEC and Brussels in a bid to conclude an Australia-EU FTA.

THAI TYRES FACE US CHALLENGE: US trade unions have this week filed a petition seeking an anti-dumping inquiry into truck and bus tyres from Thailand. The petition alleges dumping margins of up to 47.81 per cent. Imports of the tyres to the US more than doubled in volume and value between 2020 and 2022.

SOUTH KOREA & UAE CONCLUDE TRADE AGREEMENT: South Korea and the United Arab Emirates have concluded negotiations for a free trade agreement. The agreement will substantially eliminate tariffs, reduce non-tariff barriers and promote trade in goods, services and investment. It is South Korea’s 24th FTA.

AUSTRALIAN BUSINESS PIVOTS TO US: A survey by the business and trade organisations ACCI and ACITI has shown the US as the most common trade market for survey participants. China had led all previous surveys. A survey report said companies were highly active in seeking new markets to help manage market risk.

ASEAN LEADER PURSUES CHINA TRADE BOOST: ASEAN Secretary-General Kao Kim Hourn has been visiting China this week in a bid to boost economic cooperation and trade. Dr Kao met with the China-ASEAN Business Council, China Energy International Group and the China Renewable Energy Engineering Institute.

INDIA & EUROPEAN UNION HOLD 6TH ROUND OF TALKS: Negotiators from India and the European Union have been meeting in Brussels this week for a 6th round of free trade agreement negotiations. It follows a 5th round in mid-June and a subsequent virtual round on state-owned enterprises in late June.

NEW ZEALAND MINISTER MAY RETURN: Todd McClay may return as NZ’s Trade Minister once a new National Party Government takes office following last week’s election. He served as Trade Minister between 2015 and 2017 and more recently served as the National Party’s trade and agriculture spokesman.

AUSTRALIAN COMMITTEE TO HOLD HEARING: Parliament’s Committee on Trade & Investment will today hold a second public hearing of its inquiry into Australia’s negotiating of trade agreements. Its witnesses will include the National Farmers’ Federation, Grain Trade Australia and the EU Delegation to Australia.

THAILAND PROMOTES RUSSIAN TOURISM: Thailand has moved to further promote its tourism trade from Russia by temporarily exempting Russians passport holders from requiring visas for visits of less than 90 days. The visa exemption will apply to Russian tourists from November 2023 to April 2024.

CANADA LEGISLATES NEW FTA WITH UKRAINE: Trade Minister Ng has introduced legislation to the House of Commons in Ottawa to pave the way for the introduction of a modernized Canada-Ukraine FTA. She also plans to lead a business mission to Ukraine in 2024. Canada’s original FTA with Ukraine began in 2017.

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