Trade Update – 21st July 2022: TRADE OFFICIALS MEET IN SINGAPORE, CHINA & SOUTH KOREA PURSUE SERVICES AGREEMENT, AUSTRALIA STRIVES TO PROTECT FARMERS 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.
TRADE OFFICIALS MEET IN SINGAPORE: Trade officials from the US-led Indo-Pacific Economic Framework have met in Singapore. They canvassed a range of topics including trade in a connected economy, supply chain resilience, decarbonization and anti-corruption. A 14-economy ministerial meeting is expected soon.
CHINA & SOUTH KOREA PURSUE SERVICES AGREEMENT: China and South Korea held chief delegate-level talks during the week to further pursue the inclusion of services and investment topics within their bilateral free trade agreement. The two economies have held nine negotiating rounds since March 2018.
AUSTRALIA STRIVES TO PROTECT FARMERS: Australia has announced a $14 million boost to its biosecurity actions against foot-and-mouth and lumpy skin diseases. It includes new technical support for Indonesia, Timor-Leste and Papua New Guinea. Agriculture Minister Watt visited Indonesia during the week.
SOUTH KOREA & ECUADOR BREAK SIX-YEAR HIATUS: A 6th round of negotiations for a South Korea-Ecuador free trade agreement are underway in Seoul. The negotiations for an FTA first began in 2015 but stalled in 2016 after five rounds. The negotiations will include goods, services, investment and e-commerce.
AUSTRALIA WELCOMES CHINA COAL REPORTS: Treasurer Chalmers has cautiously welcomed media reports China may be about to relax its imports sanctions on Australian coal. Speaking to Sky News at the G20 in Indonesia he said any relaxation should also be extended to restrictions placed on other exports.
INDIA TO BEGIN PAPER MONITORING IN OCTOBER: India will launch a paper import monitoring system in October. The monitoring system aims at curbing the dumping and under-invoicing of imported paper products covering more than 200 tariff lines. It includes newsprint, tissue paper, cartons and toilet paper.
AUSTRALIA JOINS MINERALS SECURITY PARTNERSHIP: Australia has joined a global partnership which seeks to develop and secure supply chains for critical minerals. The Minerals Security Partnership’s participants include the US, Japan, South Korea, Canada, UK, Sweden and the European Commission.
US LAUNCHES CIRCUMVENTION INQUIRY: The US Commerce Department is investigating whether aluminium foil from China is avoiding anti-dumping and subsidy duties by under-going minor modifications in Thailand and South Korea before the goods are shipped to the US. The duties were imposed in 2018.
TRADE DIPLOMAT APPOINTED TO MEAT BOARD: One of the world’s most respected trade diplomats David Walker has been named as a government appointee to the New Zealand Meat Board. He has served in a range of key trade posts including chair of the WTO General Council and the WTO Dispute Settlement Body.
US AGRICULTURE MISSION TO PHILIPPINES: The US Department of Agriculture is this week leading an agri-business trade mission to the Philippines. It is led by Foreign Agricultural Service Administrator Whitley. He is accompanied by 29 US agri-business and farm organizations and ten state departments of agriculture.