Trade Update – 21st October 2021: China Faces WTO Review, Australia Looks To Sugar Boost, China Claims Singapore’s Support 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 FACES WTO REVIEW: China is this week facing a trade policy review at the WTO. It is China’s first review since it significantly hiked trade sanctions against economies like Australia. The two-day review provides a platform for member discussion on the economy’s policies and adherence to global trade rules.
AUSTRALIA LOOKS TO SUGAR BOOST: Trade Minister Tehan has spoken of Australian sugar exports to the UK resuming once an FTA is concluded. He made the comments In London where he met with Trade Secretary Trevelyan during the week to progress FTA talks toward an expected imminent conclusion.
CHINA CLAIMS SINGAPORE’S SUPPORT: Following a telephone call during the week between President Xi and Prime Minister Lee, China’s Ministry of Foreign Affairs issued a statement saying Singapore “welcomed and supported” China’s bid to join the CPTPP. A similar statement by Singapore did not mention the FTA.
TAIWANESE EXPORTERS SCRAMBLE FOR CHINA PERMITS: Taiwanese food exporters to China are scrambling to renew their permits ahead of this week’s deadline. The Taipei Times reported that Beijing promulgated new rules six months ago but did not notify Taiwan of any of the new details until last week.
AUSTRALIA LIKELY TO GET WINE PANEL WITHIN A WEEK: The WTO Dispute Settlement Body is expected to approve the establishment of a WTO Dispute Panel on October 26 to consider Australia’s complaint over China’s anti-dumping duties on wine. An earlier bid for a panel was claimed by China to be premature.
INDIA UNCOVERS MAJOR TRADE FRAUD: The Income Tax Department has uncovered a major fraud involving the large-scale false invoicing of laptops, mobile phones and parts. It believes the declared values of $US2.6 million over the last 3 years in fact involved imported goods worth more than $US266 million.
UK-NEW ZEALAND FTA CLOSE: Despite debate over dairy and meat access to the UK, Trade Secretary Trevelyan believes an FTA with NZ is close. Following talks with Trade Minister O’Connor, she tweeted the message: “We’re getting close to a UK-NZ trade deal that benefits both countries and all parts of the UK.”
AUSTRALIA ENDS LONG-RUNNING PINEAPPLE DUTIES: Australia has ended long-running anti-dumping duties on consumer and food service pineapple from Thailand and the Philippines. The duties have applied from 2001 and 2006. Their end follows continuation inquiries by the Anti-Dumping Commission.
MALAYSIA EXTENDS STEEL DUTIES: Malaysia is extending anti-dumping duties on cold-rolled coils of alloy and non-alloy steel imported from China, South Korea and Vietnam. The duties of up to 42.08% for China, up to 21.64% for South Korea and up to 33.70% for Vietnam will now apply until October 2026.
AUSTRALIA ENDS GLASS DUTIES: Australia has ended anti-dumping duties on clear float glass imported from China and Thailand. This follows a continuation inquiry into the duties first applied in 2016. However anti-dumping duties on glass from Indonesia will continue with applicable rates of up to 28.3%.