Trade Update – 26th August 2021: Arbitration Looms For Barley Dispute, Japan Launches WTO China Action, India Looks To Huge Trade Boost 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.
ARBITRATION LOOMS FOR BARLEY DISPUTE: Australia and China have assured an outcome to their barley dumping and subsidy dispute by agreeing to arbitration should either wish to appeal a future WTO Dispute Panel finding. Arbitration will be available if the WTO Appellate Body continues to be non-functioning.
JAPAN LAUNCHES WTO CHINA ACTION: Japan is seeking a WTO Dispute Panel to hear its complaint against China’s anti-dumping duties on stainless steel products. It follows the failure of talks. China imposed anti-dumping duties on stainless steel products from Japan, Korea, Indonesia and the EU in 2019.
INDIA LOOKS TO HUGE TRADE BOOST: India is to announce a new foreign trade strategy on October 1. The strategy is to underpin its ambitious target of boosting exports from $US400 billion in 2021 to $US2 trillion by 2030. The 2030 target is to be split 50/50 between merchandise and services exports.
AUSTRALIA REACHES OUT TO NEW KOREAN MINISTER: Trade Minister Tehan has held his first meeting with South Korea’s newly appointed Trade Minister Yeo Han-koo. The virtual meeting between the two ministers focussed on a digital trade agreement in Asia Pacific and low-emissions technology partnerships.
UK “WORKING ROUND THE CLOCK” FOR KIWI FTA: UK Trade Secretary Truss has her negotiators “working round the clock” to conclude a new FTA with New Zealand. She said at the weekend that an agreement would be a “win-win” for both economies and an important step toward the UK’s accession to the CPTPP.
US VICE-PRESIDENT JETS INTO ASEAN: Vice President Kamala Harris has been in Singapore and Vietnam this week. It’s the Biden Administration’s highest-level visit to ASEAN. While in Singapore, Harris and Prime Minister Lee announced a growth and innovation agreement and a high-level supply chain dialogue.
UK APPOINTS CRICKETING GREAT AS TRADE ENVOY: Prime Minister Johnson has this week appointed former cricketer Lord Botham as the UK’s Trade Envoy to Australia. The former test cricketer is one of 10 new Trade Envoys announced by Johnson to a variety of markets including Australia, Brazil and Canada.
INDIA CHASES “EARLY HARVEST” TRADE AGREEMENTS: Commerce Minister Goyal says Australia and the United Kingdom will be the two economies with which India will be seeking to conclude “early harvest” FTAs. It will also be seeking trade agreements with the EU, Canada, UAE, Israel and the GCC.
AUSTRALIA & BANGLADESH TO SIGN TRADE AGREEMENT: Australia and Bangladesh are reported close to signing a trade and investment framework agreement. Trade Minister Tehan and Commerce Minister Tipu Munshi will sign the agreement on September 15 according to The Financial Express.
SINGAPORE & CHINA TO BOOST TRADE COOPERATION: Singapore and China will explore new initiatives for economic cooperation. They will also seek to enhance the ASEAN-China FTA and pursue digital trade initiatives. This follows a 6th meeting of the Singapore-China Investment Promotion Committee.