Trade Update – 24 June 2021: UK joining CPTPP talks, NZ-UK FTA talks planned to complete by August, Thailand-EU FTA talks to resume 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’S CHINA WINE DISPUTE GOES TO WTO
Australia has confirmed it will take action at the WTO over China’s dumping duties on Australian wine. Trade Minister Tehan said the dispute action followed consultation with winemakers. China has imposed hefty duties of up to 218% on Australian wine.
UK BEGINS PACIFIC NEGOTIATIONS
The United Kingdom has this week begun negotiations to formally join the Comprehensive & Progressive Agreement for the Trans-Pacific Partnership. Trade Secretary Truss described membership of the CPTPP as “a glittering post-Brexit prize that I want us to seize.”
AUSTRALIAN TASK FORCE TO BOOST TRADE
Trade Minister Tehan has announced a new Simplified Trade System Implementation Taskforce to review trade regulations and modernise outdated ICT systems. It works to boost trade competitiveness by simplifying border processes for 437,000 importers and exporters.
JAPAN LAUNCHES NEW DUMPING INQUIRY
Japan has launched an anti-dumping inquiry into hot-dipped galvanized steel wire imported from China and South Korea. The inquiry follows a complaint by Japanese industry which claims a 60% hike in import volumes since 2016 is based on dumping margins of up to 35%.
AUSTRALIAN RCEP INQUIRY CONTINUES
Australia’s ratification of the mega RCEP FTA continued this week when Parliament’s Joint Treaties Committee held a public hearing to consider the business views
of the Australian Chamber of Commerce and Industry. Cambodia completed its RCEP ratification this week.
NEW ZEALAND & UK LOOK TO AUGUST FTA
Negotiations for a NZ-UK FTA are to be accelerated with both sides believing they can conclude an agreement in August. This follows a day of negotiations in London by Trade Minister O’Connor and Trade Secretary Truss. Negotiations for the FTA began in July 2020.
AUSTRALIA-UK FTA GETS MIXED FARMER REVIEW
The Australian National Farmers’ Federation has applauded the FTA saying it was a significant step for market access to the UK. The Farmers’ Union of Wales, meanwhile, said it had grave concerns the FTA could be catastrophic for farms and food security.
THAILAND & EU TO RESUME FTA TALKS
Thailand and the EU are to resume FTA negotiations with the Thai Cabinet expected to soon approve a new negotiating framework. Commerce Minister Jurin and EU Ambassador Tapiola met recently. Negotiations began 2013 but stopped after a Thai military coup in 2014.
EU REPORTS POSITIVE GI TALKS
The EU reports that FTA talks with Australia on contentious geographical indication (GI) issues are progressing positively. Australia reports the parties are focussing on finding ways forward. It will not agree to protect EU GI terms unless an overall deal is in Australia’s interests.
INDONESIA & CANADA TO BEGIN FTA TALKS
Indonesia and Canada are to begin negotiations for a bilateral free trade agreement. This was announced by Trade Ministers Lufti and Ng earlier in the week. The negotiations are part of a concerted push by Canada to boost its trade presence in ASEAN.