Trade Update – 22 Apr 2021: New Zealand to phase out live exports, China submits RCEP ratification, Taiwan talks of closer US trade ties and 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.
AUSTRALIA NAMES NEW AMBASSADOR TO KEY TRADING PARTNER
Australia has named Penny Williams, a recent deputy secretary of the Department of Foreign Affairs & Trade, as its new ambassador to Indonesia. Trade between Australia and Indonesia exceeds $18 billion annually. An FTA began in
CHINA SUBMITS RCEP RATIFICATION
China has submitted its RCEP FTA ratification documentation to the ASEAN Secretariat in Jakarta. This follows its recent completion of internal ratification processes. The mega ASEAN+5 FTA will take effect when 6 ASEAN and 3 non-ASEAN participants ratify the agreement.
TAIWAN TALKS OF CLOSER US TRADE TIES
President Tsai hopes Taiwan can quickly resume trade talks and further strengthen its economic relationship with the US. She told a US delegation that Taiwan’s efforts to contain COVID-19 had seen it maintain a vibrant economy and serve as a reliable trading partner.
AUSTRALIA LOOKS TO TECHNOLOGY
The Government is offering grants to identify new technologies to improve the health and welfare monitoring of export livestock. Livestock exports total 2.3m annually. Agriculture Minister Littleproud said the technology would make it easier to detect health or welfare issues.
WTO FIXES DATES FOR MINISTERIAL MEETING
The WTO has confirmed its 12th Ministerial Conference in Geneva will be held from November 30 until December 3. A 2020 meeting was postponed because of the COVID-19 pandemic. It comes at a critical time as the WTO wrestles with a non-functioning appellate body.
AUSTRALIAN MINISTER REPORTS ON WTO MEETING
Trade Minister Tehan has reported on a “great discussion” with director-general Ngozi Okonjo-Iweala in Geneva where they discussed strengthening the WTO. Tehan also spoke of strong global trade rules and open markets being key to economic recovery.
US TO TALK WITH TRIO
The US Treasury has this week claimed Vietnam, Taiwan and Switzerland had met its three criteria for currency manipulation. However, it found there was insufficient evidence for a formal finding they were manipulating their currencies. It will therefore focus on enhanced talks with the trio.
MALAYSIAN BUSINESS TALKS OF SWIFT TRADE ACTION
Trade has been to the fore of industry discussions with Prime Minister Muhyiddin on how Malaysia can best plan its recovery from COVID-19. This included the swift ratification of the RCEP and CPTPP FTAs and a resumption of Malaysia-EU FTA negotiations.
NEW ZEALAND TO PHASE OUT LIVE EXPORTS
New Zealand is to end export shipments by sea of livestock. The ban will apply after a transition period of two years. During the transition, exporters will be required to meet the extra requirements that followed the sinking of the Gulf Livestock I in 2020.
BIDEN NOMINATES TRADE OFFICIALS
President Biden has nominated Sarah Bianchi and Jayme White to serve as Deputy United States Trade Representatives. Bianchi was Biden’s head of economic policy when he served as Vice President and White has served as chief trade advisor to the Senate Finance Committee.