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Trade Update – 29 Oct 2020

Trade Update – 29 Oct 2020

Weekly trade review provided by Chatto Creek Advisory Pty.

Chatto Creek Advisory Pty Ltd is a Melbourne-based strategic consultancy specializing 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.

APEC LEADERS TO MEET VIRTUALLY
Malaysia will host the 2020 APEC Summit on November 20. It will be the first time the 21 economy leaders have met virtually. The summit, which was cancelled last year because of unrest in Chile, will include a meeting of foreign and trade ministers on November 16.

AUSTRALIA HOSTS WTO MEETING
Trade Minister Birmingham has this week chaired a meeting of WTO Ministers to pursue global rules on fisheries subsidies and to explore ways the WTO can best support a COVID-19 recovery. The virtual meeting was attended by 22 Ministers from throughout the world.

JANUARY START FOR UK-JAPAN FTA
Japan and the United Kingdom are moving briskly to complete their domestic ratification procedures of their new free trade agreement to allow for a January 1 introduction. This follows the signing of the agreement in Tokyo by Trade Secretary Truss and Foreign Minister Motegi.

AUSTRALIA LOOKING AT US APPLES
The Department of Agriculture is seeking public comment on a draft report concerning the importing of commercially grown fresh apples from the north-west states of the US. It proposed to allow importing of the apples subject to a range of biosecurity import requirements.

NEW ZEALAND’S NEW LIVESTOCK TRADE RULES
The Ministry of Primary Industry has announced interim new rules for livestock shipments including lower stocking densities, more food in case of delays and more daily voyage reporting. This follows the sinking of the Gulf Livestock 1 in a typhoon off Japan in September.

CHINA ANNOUNCES NEW ANTI-DUMPING DUTIES
China has announced new preliminary anti-dumping duties on the synthetic rubber EPDM imported from the European Union, South Korea and the US. The duties will range between 12.5% and 220%. EPDM has wide uses including sealing , insulation and roofing.

SOUTH KOREA LOOKS TO PACIFIC BLOC
South Korea is seeking associate membership of the Pacific Alliance. The trade bloc consists of Chile, Colombia, Mexico and Peru. Australia, NZ and Singapore sought to join the bloc in 2017. A flurry of negotiations followed but have now been stalled for more than 2 years.

US CLAIMS EARLY CHINA VICTORY
A USTR and Department of Agriculture study published during the week claims historic results for farm exports to China under President Trump’s US-China trade agreement. The report points to record sales of corn and pork and big increases in soybeans, sorghum and beef sales.

PHILIPPINES MOVES TO PROTECT PLYWOOD
The Philippines is clamping down on poor quality plywood by reinstating a mandatory certification program for local and imported wood. Trade Secretary Lopez said unfair competition from imported substandard plywood threatened public safety and local industry.

US CHALLENGES CHINA RULING
The US this week told it will appeal a recent WTO ruling that some tariffs levied on Chinese goods breached global trade rules. However, there is no ability for the WTO to consider the appeal because its appellate body is hamstrung by a failure of members to appoint new members.

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