Trade Update – 28th April 2022: INDONESIA BANS EXPORT OF PALM OIL, AUSTRALIA IMPLEMENTS URGENT BIOSECURITY ACTION, SUBSIDIES UNDER GLOBAL FIRE 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.
INDONESIA BANS EXPORT OF PALM OIL: Indonesia has for the second time this year banned palm oil exports. The latest ban took effect today and is a bid by the world’s largest producer to lower domestic prices of cooking oils. Edible oil supplies have been significantly impacted by the Russia-Ukraine war.
AUSTRALIA IMPLEMENTS URGENT BIOSECURITY ACTION: Australia has imposed new biosecurity import rules in a bid to protect farmers against khapra beetle. The beetle is an invasive pest that poses a potential threat to grain. The new rules will require offshore certification for plant products and sowing seeds.
SUBSIDIES UNDER GLOBAL FIRE: A global study by the IMF, OECD, World Bank and WTO has called for greater international cooperation to improve information and analysis of subsidies. This could help reduce trade frictions. The study suggests subsidies appear to be widespread, growing and often poorly targeted.
INDIA & UK LOOK TO FTA BY OCTOBER: India and the United Kingdom hope to complete the majority of their FTA negotiations by October. It follows a meeting in Delhi last week between Prime Ministers Modi and Johnson. Meanwhile, India and Canada have resumed FTA negotiations after a lengthy gap.
NEW ZEALAND & JAPAN WELCOME FTA EXPANSION: NZ and Japan have again welcomed an expansion of the CPTPP FTA. Following a meeting in Tokyo, Prime Ministers Ardern and Kishida said they welcomed expansion of the FTA to economies that were able to meet, implement and adhere to its high standards.
WTO TRADE MEETING DATES CONFIRMED: The World Trade Organization’s 12th Ministerial Conference has this week been confirmed for June 12-15 in Geneva following a series of COVID-related delays. The conference of trade ministers from 164 economies is the WTO’s key decision-making body.
PHILIPPINES SEEKS METALS LINK WITH US: Trade Secretary Lopez has suggested the US form a strategic partnership with the Philippines for the supply of critical minerals. He told Commerce Secretary Raimondo the Philippines had vast resources of nickel, cobalt and copper and would be a viable and reliable partner.
EU PRESIDENT TO TALK TRADE IN INDIA: European Union president Von Der Leyen is visiting India this week where she hopes to complete preparations for a resumption in FTA negotiations. The two economies began FTA negotiations in 2007. The talks stalled in 2013 but are anticipated to potentially resume in June.
US HOLDS FIRST TIMBER GROUP MEETING WITH VIETNAM: The US and Vietnam have held the first meeting of their timber working group. The group was established under an agreement to keep illegally harvested and traded timber out of supply chains. A second group meeting is planned for later this year.
INDIA TO FACE US SOYBEAN ANTI-DUMPING DUTIES: The US International Trade Commission has ruled that imports of dumped and subsidized organic soybean meal from India has caused material injury to US producers. This will lead to anti-dumping duties of up to 18.85% and follows a complaint by US producers.