Home > 2023 > Trade Update – 25th January 2023: AUSTRALIA & CHINA TO TALK TRADE, AUSTRALIA AWAITS REPORTS, GLOBAL TRADE FORECAST TO LAG and many more…

Trade Update – 25th January 2023: AUSTRALIA & CHINA TO TALK TRADE, AUSTRALIA AWAITS REPORTS, GLOBAL TRADE FORECAST TO LAG and many more…

Trade Update – 25th January 2023: AUSTRALIA & CHINA TO TALK TRADE, AUSTRALIA AWAITS REPORTS, GLOBAL TRADE FORECAST TO LAG 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 TO TALK TRADE: Trade Minister Farrell and Commerce Minister Wang are to meet virtually in the coming weeks. The long-awaited ministerial talks will follow discussions alongside the World Economic Forum in Davos where Assistant Trade Minister Ayres and Commerce Vice-Minister Wang met.

 

AUSTRALIA AWAITS REPORTS: Meanwhile Australia awaits two WTO dispute reports into its complaints against dumping duties imposed by China on barley and wine. The barley report is due in the first quarter of 2023 and the wine report mid-year. A negotiated settlement between the two economies is still possible.

 

GLOBAL TRADE FORECAST TO LAG: A Boston Consulting Group research study has suggested that for the first time in 25 years global trade will in the coming decade grow at a slower rate than gross domestic product. It forecasts trade growth of 2.3% annually through to 2031, less than the 2.5% projected for GDP.

 

INDIA URGES PRODUCERS TO BOOST TRADE: Commerce Minister Goyal has urged India’s shoe industry to capture a larger share of the global sales by focussing on quality. He also told the industry to discourage the importing of low-quality and low-cost materials and to make the best possible use of FTAs.

 

AUSTRALIAN MINISTERS PURSUE TRADE ACCESS: Agriculture Minister Watt and Assistant Trade Minister Ayres have both been in Europe during the week in a bid to enhance market access for sustainable farm produce. Agriculture Ministers met in Berlin for the 15th Global Forum for Food and Agriculture.

 

NEW ZEALAND MINISTER CO-LAUNCHES CLIMATE INITIATIVE: Trade Minster O’Connor joined four of his global colleagues during the week as co-leaders to launch the Coalition of Trade Ministers on Climate. Coalition members include Australia, Canada, EU, Japan, Philippines, Singapore, UK and the US.

 

WTO PURSUES CONCLUSION BY YEAR-END:  Members of the WTO’s Joint Statement Initiative on Electronic Commerce have met in Davos and agreed to substantially conclude negotiations by year end. A statement by co-convenors Australia, Japan and Singapore said global trade rules must reflect new business realities.

 

INDONESIA ATTRACTS EU ANTI-DUMPING DUTIES: The EU is to impose dumping duties of between 15.2% and 46.4% on fatty acid imported from Indonesia. Fatty acid is used in food, cosmetics and medicines. The EU will also extend dumping duties of 22.3% on aluminium road wheels from China for a further five years.

 

US & TAIWAN TO MAINTAIN AMBITIOUS AGENDA: Following four days of in-person trade negotiations in Taipei, the US and Taiwan are planning a third round of talks. They have already reached consensus in a number of areas and have pledged to maintain an ambitious negotiating schedule in the months ahead.

 

WTO FISH AGREEMENT GETS FIRST ACCEPTANCE: Switzerland has become the first WTO member to formally accept the WTO’s new agreement on fisheries subsidies. The agreement was adopted by Trade Ministers last June and aims to protect fish stocks by curbing and prohibiting a range of subsidies.

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