Trade Update – 27th October 2022: WTO HOSTS AGRICULTURE SUMMIT, APEC MINISTERS LOOK FOR GROWTH DRIVERS, AUSTRALIA SEEKS TO MAINTAIN UK TRADE PACE and many more…
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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 HOSTS AGRICULTURE SUMMIT: The WTO hosted an agriculture trade retreat on Monday in a bid find ways of enhancing global trade rules. Its director-general Ngozi Okonjo-Iweala said the rules had to be updated to address global food challenges. The WTO has been seeking to update the rules for 22 years.
APEC MINISTERS LOOK FOR GROWTH DRIVERS: APEC Finance Ministers met in Bangkok during the week where they spoke of the challenges of supply chain disruptions and surging inflation. They agreed to use all available policy tools to manage inflation and restore growth. APEC leaders are to meet in November.
AUSTRALIA SEEKS TO MAINTAIN UK TRADE PACE: Prime Minister Albanese has indicated the resignation of UK Prime Minister Truss could delay the Australia-UK FTA. Like he had with Truss, Albanese said he would speak to new Prime Minister Sunak about fast-tracking the FTA’s implementation by year-end.
SOUTH KOREA KEEPS UP LOBBYING AGAINST US SUBSIDIES: South Korea is continuing its lobbying against US subsidies for domestically manufactured electric vehicles. Trade Minister Ahn Duk-geun met jointly during the week with ambassadors from Germany, Sweden, UK and the EU. He also spoke with USTR Tai.
WTO BOSS VISITS JAPAN: WTO director-general Ngozi Okonjo-Iweala has visited Japan where she held an 80-minute working dinner with Foreign Minister Hayashi. They discussed WTO reform including its dispute settlement system, e-commerce and an early ratification of a fisheries subsidy agreement.
NEW ZEALAND SENDS TRADE ADVISOR TO SEOUL: A former senior ministerial trade advisor is to be New Zealand’s next ambassador to Seoul. Dawn Bennett will take up her appointment in November. She has most recently served as divisional manager of the Ministry of Foreign Affairs & Trade’s Australian division.
JAPAN & AUSTRALIA SIGN MINERALS AGREEMENT: Japan and Australia have signed a new Critical Minerals Partnership. It will initially focus on establishing a framework for building mineral supply chains between the two economies and was signed during Prime Minister Kishida’s weekend visit to Australia.
INDONESIA & EU BEGIN NEW TRADE ROUND: A 12th round of negotiations for an FTA between Indonesia and the EU is being held virtually this week. The negotiations began in September 2016 and were last held in November 2021. South Korea and the GCC are holding a 6th round of FTA talks in Seoul this week.
INDIA & UK TO MISS DIWALI TARGET DEADLINE: Trade negotiators from India and the United Kingdom will not meet Boris Johnson’s deadline of achieving an FTA signing by this week’s Diwali Festival. Some key issues including professional labour mobility remain outstanding. An FTA is now not expected until 2023.
AUSTRALIA & EU COMPLETE 13TH FTA ROUND: Trade negotiators completed a 13th round of FTA negotiations in Brussels during the week. They reported progress but indicated more work had still to be completed. A 14th negotiating round is scheduled to be held in Australia in February.
