Trade Update – 21st October 2022: SINGAPORE & AUSTRALIA SIGN GREEN DEAL, AUSTRALIA & SOUTH KOREA TALK CRITICAL MINERALS, US BEGINS PAPER FOLDER INQUIRY 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.
SINGAPORE & AUSTRALIA SIGN GREEN DEAL: Prime Ministers Lee and Albanese met in Canberra this week and witnessed the signing of a green economy agreement between the two economies. Negotiations for the agreement, which includes initiatives such as potential tariff cuts for green goods, began in 2021.
AUSTRALIA & SOUTH KOREA TALK CRITICAL MINERALS: Australia and South Korea held a critical minerals business roundtable in Seoul during the week. It was attended by Australian Trade Minister Farrell. A critical minerals working group was established by the two economies earlier this year.
US BEGINS PAPER FOLDER INQUIRY: The US has begun a preliminary anti-dumping and subsidy duty investigation into paper file folders from China, India and Vietnam. It follows a complaint by a US domestic producer coalition alleging dumping margins of up to 236% and benefits from a range of Indian subsidies.
NEW ZEALAND TO RELY ON CLEAN GREEN IMAGE: Prime Minister Ardern has suggested farmers will be able to boost export trade earnings by securing price premiums for climate-friendly agriculture products once a contentious livestock “burp” tax is introduced as part of a farmgate methane emissions program.
INDIA & UAE TO ESTABLISH “FAST TRACK” TRADE MECHANISMS: India and the UAE are to establish “fast track” trade mechanisms to boost bilateral trade and investment. The new mechanisms will be designed ty to quickly resolve bilateral trade issues. They will also study single windows and virtual trade corridors.
AUSTRALIA-EU TRADE TALKS BEGIN: Trade negotiators from Australia and the European Union have this week begun in Brussels a critical 13th round of FTA negotiations. The negotiations represent the first face-to-face round for 2.5 years and follow a series of virtual negotiations. The last round was held in February.
WTO HOSTS FISH RETREAT: The WTO has hosted an informal “brainstorming” retreat in France to identify ways of approaching a second wave of negotiations on harmful fisheries subsidies. It was attended by 200 officials from 100 member economies. It followed a landmark fisheries subsidy agreement reached in June.
AUSTRALIA BOOSTS WINE PROFILE: Australia is to boost its wine profile in Japan and South Korea with the appointment of country wine managers. Under the initiative, the wine industry will partner with Austrade and Australian Embassies in Tokyo and Seoul to run wine education and marketing events.
COLOMBIA APPEALS RULING ON FROZEN FRIES: Colombia is to use a new arbitration mechanism to appeal a WTO Dispute Panel ruling that it breached global trade rules by imposing anti-dumping duties on frozen fries from Belgium, Germany and the Netherlands. It will be the first time the mechanism has been used.
CANADA SEEKS AMBITIOUS INDONESIAN FTA: Trade Minister Ng visited Jakarta during the week where she sought to underline the importance to Canada of an ambitious bilateral closer economic partnership agreement. An agreement was a priority for Canada. A 3rd negotiating round will begin in early November.
