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Trade Update – 22 Oct 2020

Trade Update – 22 Oct 2020

Weekly trade review provided by Chatto Creek Advisory Pty.

Chatto Creek Advisory Pty Ltd is a Melbourne-based strategic consultancy specializing 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.

ASEAN SEEKS GREATER SUPPLY CHAIN EFFICIENCY
ASEAN this week hosted a major regional workshop aimed at lowering supply-chain costs and boosting speed and reliability in the region. Secretary-General Lim told the virtual workshop an efficient and resilient logistics network was paramount in times of crisis.

AUSTRALIA LAUNCHES CRITICAL MINERALS PITCH
Australia has sought to boost its minerals trade by publishing The Australian Critical Minerals Prospectus 2020. Trade Minister Birmingham said Australia needed to attract more investment along the entire supply-chain including production and processing.

UK & JAPAN TO SIGN TRADE AGREEMENT
UK Trade Secretary Truss is expected to be in Tokyo on Friday to sign an FTA with Japan. The Comprehensive Economic Partnership Agreement is the first major trade agreement the UK has negotiated outside of the EU. Negotiations were largely concluded in September.

FIJI SIGNS TRADE AGREEMENT WITH US
Fiji and the US have signed a Trade and Investment Framework Agreement (TIFA). USTR Lighthizer said the signing of the agreement was an important step in increasing US trade engagement with Fiji and the Pacific. Two-way goods trade in 2019 totalled $350 million.

PACIFIC TRADE AGREEMENT READY TO GO
The Pacific Pacer Plus Trade Agreement will enter into force on 13th December following its ratification by the Cook Islands. The trade/development agreement has now been ratified by Australia, Cook Islands, Kiribati, Samoa, Niue, Solomon Islands, Tonga and New Zealand.

ABBOTT ATTENDS FIRST UK TRADE MEETING
The UK’s revamped Board of Trade met for the first time this week. Its key advisory focus includes WTO reform, combating of digital protectionism and Commonwealth trade. Its high-level membership includes former Australian Prime Minister Tony Abbott.

CHINA ANNOUNCES BIG ANTI-DUMPING PENALTIES
China has announced provisional anti-dumping duties of up to 221% on polyphenylene sulfide from Japan, Korea, Malaysia and the US. Polyphenylene sulfide is a high-strength engineering plastic used in automotive, electronic and electrical goods.

TAIWAN TRADE OFFICIAL HURT IN PUB FIGHT
The Taipei Trade Office and Chinese Embassy in Suva have both sought police help after a hotel fight between diplomats and a trade official who needed hospital care. China alleges Taiwan displayed a cake decorated with a “self-styled flag” at a national day reception.

AUSTRALIAN COTTON INDUSTRY QUERIES CHINA
Australia’s cotton industry believes China has begun discouraging its mills from using Australian cotton. Cotton Australia and the Australian Cotton Shippers Association have said they were working with the Australian Government to understand the situation.

PHILIPPINE EXPORTERS URGED TO REGISTER
The Philippines is urging exporters to Europe to register for the EU Registered Exporter System by 31st December. This will ensure continued access to the EU’s tariff preferences for developing economies. An earlier 30th June deadline was extended because of COVID-19.

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