TRADE UPDATE – 25 OCTOBER 2024: AUSTRALIA & CHINA LOOK TO ORGANIC BOOST, INDONESIA GETS NEW TRADE MINISTER, NEW ZEALAND LEADS 2024 SUSTAINABLE TRADE INDEX 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 & CHINA LOOK TO ORGANIC BOOST: Australia and China signed a letter of intent this week to boost trade co-operation on organic goods. The agreement will allow the two economies to work toward a memorandum of understanding by sharing information on organic standards and certification.
INDONESIA GETS NEW TRADE MINISTER: Budi Santoso has been appointed Minister of Trade in the Cabinet of President Prabowo Subianto. A former senior official of the Ministry of Trade, Santoso succeeds Zulkifli Hasan who has been appointed Coordinating Minister for Food Affairs in the new government.
NEW ZEALAND LEADS 2024 SUSTAINABLE TRADE INDEX: New Zealand has, for the third consecutive year, topped the Hinrich Foundation-IMD Sustainable Trade Index. The United Kingdom was second and Australia third. They were followed by Singapore, Japan, South Korea and Hong Kong.
INDIA PAUSES NEW TRADE DEALS: India is reported by local media to have paused negotiations for new trade agreements while it establishes new operating procedures. The Hindu Business Line reported existing agreements have been closely studied to avoid future unintended outcomes from agreements.
AUSTRALIA EXTENDS PINEAPPLE INQUIRY: The Anti-Dumping Commission has for a second time delayed completion of its dumping inquiry into food service and industrial supplies of pineapple from Indonesia and Thailand. It will now make a final report and recommendation to the Minister by January 24.
MALAYSIA & SOUTH KOREA HOLD 5TH ROUND: Sixty negotiators from Malaysia and South Korea met in Seoul this week for a 5th round of negotiations for a free trade agreement. It follows a 4th round in August. The latest round focussed on such topics as goods, services, investment, rules of origin and digital trade.
NEW ZEALAND TRIGGERS MANDATORY DAIRY TALKS: New Zealand has triggered mandatory talks with Canada under the CPTPP Free Trade Agreement in a bid to resolve a long-running dairy dispute. New Zealand claims Canada has failed to comply with an earlier ruling by a Panel of Arbitrators.
INDIA AXES RICE DUTIES: The Ministry of Finance has this week abolished India’s 10 per cent export duty on parboiled and husked brown rice. It follows a hike in rice stocks and a reduction in the export duty from 20 per cent in September. Exports of non-basmati white rice were also allowed to resume last month.
AUSTRALIAN MINISTER CHAIRS ADVISORY PANEL: Trade Minister Farrell this week chaired a third meeting of the Trade 2040 Taskforce. The panel of business, union, community and government representatives is assigned with identifying ways to improve Australia’s trade outlook to 2040.
CANADA READIES MAJOR MISSION TO AUSTRALIA: Trade Minister Ng is to lead a Team Canada Trade Mission to Australia in February 2025. The mission will focus on agri-food, clean technologies, mining equipment technology and IT. She will also lead a mission to Thailand and Cambodia in May 2025.
