Trade Update – 25 Mar 2021: US supports Australia on trade dispute with China, New Zealand impose duties on Chinese wires and 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.
WTO BOSS MEETS OTTAWA GROUP
Newly appointed WTO director-general Ngozi Okonjo-Iweala met virtually with Trade Ministers from the Ottawa Group earlier this week. The Ottawa Group is focussed on reform of the WTO and includes Australia, NZ, Canada, Singapore, Japan, Korea, Chile, EU and the UK.
AUSTRALIAN MINISTER THANKS US
Trade Minister Tehan has thanked the US for indicating it has “got our back” in Australia’s trade dispute with China. China has responded stridently with Foreign Ministry spokesperson Hua saying an attempt to form a clique to “pressure and blackmail” China would not work.
US FILES APPEAL – BUT THERE’S NO PANEL TO HEAR IT
The Biden Administration has filed its first appeal at the WTO. It relates to anti-dumping and subsidy duties on steel and transformers from South Korea. President Trump’s crippling of the WTO appellate system means there is no panel to hear the appeal.
AUSTRALIAN COMMITTEE CALLS FOR PIVOT TO NEW EXPORT MARKETS
A Parliamentary Committee has called on the Australian Government to develop and release a plan for trade diversification including the pursuit of new trade opportunities in India, Vietnam and through the mega RCEP trade pact.
NEW USTR CALLS FOR HARD WORK
In a first-day message to her new trade staff, newly confirmed USTR Katherine Tai has warned of the heavy workload that lies ahead of them as they implement
President Biden’s trade agenda. “We will have to walk, chew gum and play chess at the same time,” she said.
NEW ZEALAND IMPOSES DUTIES ON CHINESE WIRE
New Zealand has imposed anti-dumping duties of up to 36 per cent on galvanised wire imported from five suppliers in China. The duties will apply until March 2026. They replaced provisional anti-dumping duties that have applied since August 2020.
ILLEGAL FISH TOP A TENTH OF US SEAFOOD IMPORTS
A US International Trade Commission study has found more than $US2.4 billion of seafood imported in 2019 was sourced from illegal, unreported and unregulated fishing. It names China, Russia, Mexico, Vietnam and Indonesia as the biggest suppliers.
AUSTRALIA LAUNCHES VIETNAMESE INQUIRY
Australia has launched an anti-dumping inquiry into copper tube from Vietnam. Meanwhile, an anti-dumping inquiry into aluminium micro-extrusions from China has been terminated with investigators saying they were satisfied there had been no dumping.
THAILAND LOOKS TOWARD UK FTA
Thailand and the UK are reported to be preparing to sign a memorandum of understanding to boost trade and economic cooperation. The Bangkok Post reported this week an MOU would be signed on March 29 and would be a step toward a free trade agreement.
CANADA TAKES A FURTHER STEP TO JOIN DIGITAL AGREEMENT
Canada has begun public consultations to further advance its interest in joining the Digital Economy Partnership Agreement between Chile, New Zealand and Singapore. Canada held exploratory discussions with the DEPA parties in February.