Trade Update – 25 Feb 2021: Review on nominated US Trade Representative is on the way, Australia begins prawn review 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.
GLOBAL TRADE REBOUND TO SLOW
The World Trade Organization believes the recovery in global goods trade may slow in the coming months. Following a strong 4th quarter in 2020 as trade rebounded from a deep COVID-19 slump, WTO analysis suggests the growth is unlikely to be sustained in the 1st half of 2021.
AUSTRALIA LAUNCHES SUPPLY CHAIN INQUIRY
The Government has asked the Productivity Commission to undertake an independent review of Australia’s supply chain vulnerabilities and risks. The review will cover both imports and exports. Australia’s goods and services trade in 2019-20 was worth $873 billion.
US CONFIRMATION HEARING TODAY
The Senate Finance Committee will meet today (US time) to review President Biden’s nomination of Katherine Tai as US Trade Representative. The meeting is part of the confirmation process. Tai was previously chief trade lawyer for the House Ways and Means Committee.
NEW ZEALAND AND UK LOOK TO APRIL TALKS
Trade negotiators from NZ and the UK are looking to a 4th round of FTA negotiations in April. This follows a third round of talks between January 25 and February 9. Discussions on a key second round of market access offer is expected to continue in the coming weeks.
INDIA SEEKS “FAIR DEALING” WITH US
Raising the prospect of bilateral trade negotiations resuming under the Biden Administration, Commerce Minister Goyal spoke this week of a need for “fair dealing” in business engagement between India and the US. He said India and the US complemented each other.
AUSTRALIA LOOKS TO MID-YEAR STUDY COMPLETION
Trade Minister Tehan has told Parliament FTA scoping studies with Israel and EFTA – Norway, Iceland, Liechtenstein and Switzerland – should be completed by mid-year. Australia’s annual goods trade with the five economies exceeds $6.5 billion.
NEW ZEALAND TRAWLER FORFEITED
A NZ Court has ordered the forfeiture of a $20m trawler. The case related to the San Waitaki illegally trawling in a protected area in 2017 and 2018. The San Waitaki is owned by Sanford, one of NZ’s largest fishing exporters with key markets in Asia, Europe and North America.
AUSTRALIA BEGINS PRAWN REVIEW
Agriculture Minister Littleproud has announced a scientific advisory group will independently evaluate how officials have assessed the biosecurity risks of imported raw prawns. He said the Government was committed to protecting the seafood industry from critical threats.
EU TALKS TOUGH ON TRADE AGREEMENTS
The European Commission has this week set out a new trade strategy where it prioritises major reform of the WTO and a tougher, more assertive approach to the enforcement of trade agreements, fighting unfair trade and addressing sustainability concerns.
THAI SUGAR HIT BY VIETNAMESE DUTY
Vietnam has announced interim anti-dumping duties of 33.88% on raw sugar imported from Thailand. A final decision is expected within 120 days. The action follows a sharp increase in imports of Thai sugar.