Home > 2023 > Trade Update – 28th August 2023: G20 TRADE MINISTERS ADOPT DIGITAL PRINCIPLES, RCEP FTA SUPPORT UNIT GETS GREEN LIGHT, AUSTRALIA LOOKS TO BOOST FTA TALKS and many more…

Trade Update – 28th August 2023: G20 TRADE MINISTERS ADOPT DIGITAL PRINCIPLES, RCEP FTA SUPPORT UNIT GETS GREEN LIGHT, AUSTRALIA LOOKS TO BOOST FTA TALKS and many more…

Trade Update – 28th August 2023: G20 TRADE MINISTERS ADOPT DIGITAL PRINCIPLES, RCEP FTA SUPPORT UNIT GETS GREEN LIGHT, AUSTRALIA LOOKS TO BOOST FTA TALKS 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.


 

G20 TRADE MINISTERS ADOPT DIGITAL PRINCIPLES: Trade Ministers from G20 economies met in India during the week and adopted a set of high-level principles to guide the digitalization of trade documents away from their traditional paper focus. They include data privacy, neutrality, reliability and security.

 

RCEP FTA SUPPORT UNIT GETS GREEN LIGHT: Ministers from RCEP (ASEAN + Australia, China, Japan, South Korea and New Zealand) met in Indonesia during the week and endorsed the terms of reference including funding arrangements for an RCEP Support Unit. They expect the RCEP Support Unit to begin in 2024.

 

AUSTRALIA LOOKS TO BOOST FTA TALKS:  Australia continues to pursue better access for farm produce from the EU. Assistant Trade Minister Ayres told the ABC he spoke with his EU colleagues on the sidelines of the G20 in India where he made a very plain and very direct case for more progress in agriculture.

 

WTO PUBLISHES BARLEY REPORT: A WTO Dispute Panel published a report during the week summarizing its handling of Australia’s complaint against barley dumping and subsidy duties imposed by China. As the parties had already settled the dispute, the report was simply a summary of the panel’s proceedings.

 

NEW ZEALAND HITS RECORD PRODUCE EXPORTS: New Zealand has reported a record $57.4 billion of food and fibre exports in the 2022/23 year. This represents a $1.2 billion hike on previous estimates and is $4.3 billion higher than 2021/22. Dairy accounted for $26 billion of the exports followed by meat and wool.

 

AUSTRALIA & INDONESIA BOOST PROGRAM: Australia and Indonesia are to significantly expand access to the Indonesia-Australia Skills Development Exchange Pilot. The program will now allow 1500 exchange placements for Australian and Indonesian workers for 12 months in each direction over five years.

 

INDIA & ASEAN LOOK TO 2025 AGREEMENT: Trade negotiators have been tasked with speeding up a review of the ASEAN-India Trade in Goods Agreement (AITIGA) and completing their work in 2025. This follows a 20th ASEAN Economic Ministers consultation meeting with India in Indonesia during the week.

 

AUSTRALIA, NZ & ASEAN SIGN UPGRADED FTA: Australia, New Zealand and ASEAN have signed an upgrade to their FTA. It is expected to enter into force in 2024 and will incorporate a wide range of new features including simplified rules of origin and a strengthening of supply chain resilience for essential goods.

 

NEW ZEALAND MINISTER JETS TO INDIA & GULF STATES: Trade Minister O’Connor has been visiting India, Saudi Arabia and the United Arab Emirates this week in a bid to boost trade opportunities. The visit to India coincided with a visit of an India-New Zealand Business Delegation of more than 50 Kiwi business leaders.

 

US COMMERCE SECRETARY VISITS CHINA: Commerce Secretary Raimondo is visiting China this week for government and business talks in Beijing and Shanghai. Before her departure she met with Chinese Ambassador Xie Feng to discuss issues and challenges related to the US-China commercial relationship.

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