Trade Update – 22nd March 2023: AUSTRALIA LOOKING FOR CHINA TRADE PROGRESS, TRADE MINISTERS HEAD TO NEW ZEALAND, AUSTRALIA GETS US SUGAR BOOST 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.
AUSTRALIA LOOKING FOR CHINA TRADE PROGRESS: Australian trade officials are expected to continue talks with their Chinese counterparts this week ahead of an anticipated visit by Trade Minister Farrell. He told Sky News during the week he was confident some progress would be made on outstanding issues.
TRADE MINISTERS HEAD TO NEW ZEALAND: Trade Ministers from CPTPP FTA economies will head to Auckland in July for a 7th CPTPP Commission. NZ will be hosting the meeting as chair of the CPTPP in 2023. Trade Minister O’Connor said NZ businesses had already benefitted from $300m in CPTPP tariff savings.
AUSTRALIA GETS US SUGAR BOOST: Australia will be able to ship an additional 24,479 tons of raw cane sugar to the US following a reallocation of unused tariff rate quotas for 2022/23. This is the third highest reallocation behind Brazil and the Dominican Republic. Thailand, Fiji and India also received reallocations.
JAPAN & SOUTH KOREA SETTLE EXPORT DISPUTE: Japan has lifted its ban on the export of critical materials to South Korea. In return South Korea has withdrawn a dispute challenge to the WTO over the ban. This followed trade talks during the week. The ban was introduced in 2019 over a wartime reparations dispute.
AUSTRALIAN OFFICIAL VISITS GENEVA: Australia’s leading trade official Tim Yeend was in Geneva during the week to advance key issues such as farm trade, WTO reform and WTO MC13 preparations with a range of meetings including WTO director-general Ngozi Okonjo-Iweala and WIPO director-general Daren Tang.
FIJIAN TRADE MISSION LANDS IN NEW ZEALAND: Fiji has this week sent its largest-ever trade mission to New Zealand in a bid to boost trade and investment between the two economies. The five-day mission, led by Deputy Prime Minister and Trade Minister Kamikamica, includes more than 150 participants.
US PUBLISHES TAIWAN TRADE TEXTS: The US has published a summary of the texts it has proposed to Taiwan as part of a US-Taiwan 21st Century Trade Initiative. It follows a first negotiating round in January. The texts canvass a range of topics including customs, trade facilitation and services regulation.
CANADA & UK TALK CPTPP FTA: Trade Minister Ng met with her UK counterpart Badenoch in London during the week in a bid to advance the UK’s participation in the CPTPP FTA. Following the meeting Minister Ng reaffirmed Canada’s support for the UK’s accession and encouraged continued momentum.
THAILAND & EU TO RESUME FTA NEGOTIATIONS: Thailand and the EU formally agreed during the week to resume negotiations for a free trade agreement. Negotiations first began in 2013 but were suspended in 2014 following a military coup. It is expected a new negotiating round will be held in the coming months.
TRADE NEGOTIATORS MEET IN BALI & BRUSSELS: Negotiators from Indo-Pacific Economic Framework economies met in Bali during the week for a second round of negotiations across the US-led initiative’s four pillars. Meanwhile negotiators from India and the EU met in Brussels for a 4th round of FTA negotiations.