Home > 2024 > Trade Update – 24 May 2024: AUSTRALIA LAUNCHES BATTERY STRATEGY, SOUTH KOREA TO BOOST TAX RESPONSE, APEC MINISTERS TO DRIVE WTO REFORM and many more…

Trade Update – 24 May 2024: AUSTRALIA LAUNCHES BATTERY STRATEGY, SOUTH KOREA TO BOOST TAX RESPONSE, APEC MINISTERS TO DRIVE WTO REFORM and many more…

Trade Update – 24th May 2024: AUSTRALIA LAUNCHES BATTERY STRATEGY, SOUTH KOREA TO BOOST TAX RESPONSE, APEC MINISTERS TO DRIVE WTO REFORM 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 LAUNCHES BATTERY STRATEGY: Prime Minister Albanese this week launched a national battery strategy. The strategy focusses on four strategic opportunities including providing battery materials to global markets. Its funding includes $523m to promote battery manufacturing capabilities.

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SOUTH KOREA TO BOOST TAX RESPONSE: South Korea has held a 4th meeting of a working group
established to deal with the impact of the carbon border adjustment mechanisms of trading partners. Its focus will include lobbying and support for domestic companies impacted by the adjustment mechanisms.

APEC MINISTERS TO DRIVE WTO REFORM: Trade Ministers from the APEC economies met in Peru last weekend and jointly agreed to remain committed to continuing discussions with other WTO members in a bid to have a well-functioning WTO Dispute Settlement System accessible to all members by 2024.

AUSTRALIA LOOKS FOR ADVISORY MEMBERS: The Department of Foreign Affairs and Trade is inviting expressions of interest for membership of its new First Nations Trade and Investment Advisory Group. It will be comprised of senior indigenous representatives to advise on trade negotiations and advocacy.

PACIFIC ECONOMIES MEET:A 7th Pacer Plus Trade Agreement Joint Committee meeting has concluded in Apia. It was the second in-person meeting and included representatives from Australia, Cook Islands, Samoa, Solomon Islands, New Zealand and Vanuatu. The Pacer Plus Agreement began in December 2020.

US INVESTIGATES ALLEGED PATENT INFRINGEMENT: The US International Trade Commission has
launched an investigation whether the Vietnamese auto manufacturer Vinfast breached patents
covering such materials as high-strength aluminium. It follows a complaint by the global producer
ArcelorMittal.

AUSTRALIAN STATE APPOINTS NEW COMMISSIONER: Victoria has appointed a new Commissioner for Victoria to Southeast Asia in a bid grow bilateral trade. Naila Mazzucco will be based in Jakarta. The
State Government already has trade offices in Singapore, Kuala Lumpur, Ho Chi Minh City and Jakarta.

CPTPP MEMBERS LOOK TO UPGRADE FTA: CPTPP FTA members met in Peru on May 18 to the side of the APEC Trade Ministers’ Forum and directed officials to identify areas where the agreement could be promptly updated. The UK has also completed its ratification processes to join the free trade agreement.

AUSTRALIA SEEKS SUBMISSIONS ON INDIAN STRATEGY: The Department of Foreign Affairs and Trade is inviting submissions to inform a new roadmap expanding Australia’s Economic Engagement with India. The roadmap will build on a 2018 strategy and explore ways of the two economies doing more together.

SINGAPORE CLOSE TO NEW DIGITAL AGREEMENT: Singapore and the European Free Trade Association – Iceland, Liechtenstein, Norway and Switzerland – are close to a digital economy agreement. It follows an 8th round of talks in Geneva. Negotiations began in February 2023 and will complement an existing FTA.

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