Home > 2023 > Trade Update – 27th October 2023: AUSTRALIA & EU TO MEET IN JAPAN, THAILAND LOOKS TO SHIPPING LINE, AUSTRALIA, FIJI & SOUTH KOREA ACCEPT WTO FISH AGREEMENT and many more…

Trade Update – 27th October 2023: AUSTRALIA & EU TO MEET IN JAPAN, THAILAND LOOKS TO SHIPPING LINE, AUSTRALIA, FIJI & SOUTH KOREA ACCEPT WTO FISH AGREEMENT and many more…

Trade Update – 27th October 2023: AUSTRALIA & EU TO MEET IN JAPAN, THAILAND LOOKS TO SHIPPING LINE, AUSTRALIA, FIJI & SOUTH KOREA ACCEPT WTO FISH AGREEMENT 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 & EU TO MEET IN JAPAN: Trade Minister Farrell will meet with EU Trade Commissioner Dombrovskis at the G7 Trade Ministers’ meeting in Osaka over the weekend in a bid to advance FTA talks. “I have made it very clear Australia will not sign a deal for the sake of it, and I meant it,” Farrell said.

 

THAILAND LOOKS TO SHIPPING LINE: Thailand is looking at establishing a publicly owned or public-private shipping company to boost domestic and eventually international trade. The Bangkok Post reported the Ministry of Transport is studying a feasibility exercise conducted by the Port Authority of Thailand.

 

AUSTRALIA, FIJI & SOUTH KOREA ACCEPT WTO FISH AGREEMENT: Australia, Fiji and South Korea are among the latest economies to have formally accepted during the WTO’s Agreement on Fisheries Subsidies. The agreement bans subsidies for illegal, unreported and unregulated fishing.

 

INDONESIA SEEKS WTO DISPUTE PANEL: Indonesia is seeking referral to a WTO Dispute Panel to consider its trade complaint against the EU’s imposition of anti-subsidy duties on biodiesel imports from the ASEAN economy. It follows the failure of bilateral talks in Geneva earlier this month to resolve the dispute.

 

AUSTRALIA & CHINA SUSPEND WINE ACTION: Australia and China have agreed to suspend their dispute action at the WTO over dumping duties on wine to allow China to undertake a review of the duties. It is expected to take five months and comes ahead of next week’s visit to China by Prime Minister Albanese.

 

EUROPE SEEKS TO STRENGTHEN GI SYSTEM: The European Parliament and Council have reached political agreement to review and strengthen the geographical indications (GI) system for wine, spirit drinks and agriculture products. There are more than 3500 individual product registrations in the categories.

 

SRI LANKA PURSUES TOURISM BOOST:  Sri Lanka has joined a number of regional economies to relax visa requirements in a bid to boost the recovery of its tourism industry. It will issue free visas to tourists from China, India, Russia, Thailand, Indonesia, Malaysia and Japan until March 2024.

 

EU COMMITTEE BACKS NZ FTA: The European Parliament’s International Trade Committee has backed the EU-NZ FTA. It voted 27 in favour and 2 against with 2 abstentions. It is expected the European Parliament’s Plenary will consider the FTA in November with it potentially entering into force by mid-2024.

 

NZ TOPS TRADE INDEX: NZ has for the second consecutive year topped the Hinrich Foundation’s Sustainable Trade Index. It measures the capacity of 30 economies to align trade with economic growth, societal development and environmental protection. It was followed by the UK, Singapore and Hong Kong.

 

CANADA & TAIWAN COMPLETE NEGOTIATIONS: Canada and Taiwan have completed negotiations for a foreign investment promotion and protection arrangement. Trade Minister Ng said Canada was working with Taiwan to ensure the bilateral arrangement could be signed and come into effect promptly.

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