Trade Update – 24th November 2023: NEW ZEALAND APPOINTS NEW TRADE MINISTER, AUSTRALIA TO CONTINUE PURSUIT OF EU FTA, EU PARLIAMENT BACKS NEW ZEALAND FTA 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.
NEW ZEALAND APPOINTS NEW TRADE MINISTER: Todd McClay is to be Trade Minister in the new Coalition Government of Prime Minister Luxon. He will also serve as Minister of Agriculture in a similar portfolio arrangement to that of the previous Government. McClay was Trade Minister between 2015 and 2017.
AUSTRALIA TO CONTINUE PURSUIT OF EU FTA: Australia will continue to pursue an FTA with the EU but it does not expect an early resumption of negotiations. Trade Minister Farrell told a business lunch this week he felt the EU had been asking too much and offering to little in order to conclude a fair agreement.
EU PARLIAMENT BACKS NEW ZEALAND FTA: The European Parliament has voted this week to approve the EU-NZ FTA. The vote was 524 in favour, 85 against and 21 abstentions. EU member states will now be required to give their formal approval. It is expected the trade agreement will enter into force in 2024.
SOUTH KOREA & UK LAUNCH FTA TALKS: South Korea and the UK have launched negotiations to upgrade the bilateral free trade agreement between the two economies. The launch coincided with a state visit to the UK by President Yoon Suk Yeol. The existing FTA was the UK’s first following Brexit.
INDIA LOOKS TO LEVERAGE E-COMMERCE PLATFORMS: India is developing district export hubs in a bid to boost e-commerce exports from small and medium businesses. It has supported this initiative with an initial partnership with Amazon India. It is expected to conclude partnerships with other e-commerce platforms.
AUSTRALIA PILOTS e-PHYTO WITH FIJI: The Department of Agriculture has announced its first ePhyto Hub export pilot with paper phytosanitary certification being replaced by electronic certificates. Fiji will be the first country to shift to ePhyto Hub certification for horticulture and grain exports from Australia.
SINGAPORE LOOKS TO GDP BOOST: The Ministry of Trade and Industry has forecast GDP growth for the city state in 2023 to be 1 per cent but rise to between 1 per cent and 3 per cent in 2024. The GDP growth rate in the third quarter of 2023 was 1.1 per cent compared to 0.5 per cent in the previous quarter.
VIETNAM & SOUTH KOREA COMPARE NOTES: Vietnam and South Korea have sought to boost cooperation on trade remedies with their bilateral FTA Trade Remedies Implementation Committee meeting in Quang Ninh on November 22. Trade between the two economies was a record $US88 billion in 2022.
AUSTRALIA POSTPONES PINEAPPLE INQUIRY REPORTS: The Anti-Dumping Commission has extended the deadlines for its anti-dumping inquiries into consumer and food service supplies of pineapple from Indonesia and Thailand. The deadlines for final reports have been extended by six months to July 2024.
SINGAPORE & SOUTH KOREA PURSUE COOPERATION: Singapore and South Korea have signed an MOU to pursue greater collaboration in energy and climate change. A working group will implement the MOU which will focus on low-emission pathways, emission reduction strategies and sustainable trade practices.