Trade Update – 2nd November 2022: US PRESIDENT TO SKIP APEC SUMMIT, AUSTRALIA & NEW ZEALAND TALK TRADE, PHILIPPINES & EU HOLD PREFERENTIAL TARIFF MEETING 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.
US PRESIDENT TO SKIP APEC SUMMIT: President Biden is to miss the November 18-19 APEC Leaders’ Summit in Bangkok. He will attend the earlier East Asia Summit in Phnom Penh and G20 Summit in Bali. The US, which will be the APEC host economy in 2023, will be represented in Bangkok by Vice-President Harris.
AUSTRALIA & NEW ZEALAND TALK TRADE: Trade Ministers Farrell and O’Connor met in Queenstown over the weekend for trade talks designed to explore ways the two economies can boost their Closer Economic Relations Agreement. The CER Agreement, one of the purest FTAs, will reach its 40th anniversary in 2023.
PHILIPPINES & EU HOLD PREFERENTIAL TARIFF MEETING: Philippines Trade Secretary Pascual met with EU Trade Commissioner Dombrovskis in Brussels during the week to discuss the Asian economy’s continued access to the GSP+ Program for preferential tariffs. The contentious issue is human rights in the Philippines.
AUSTRALIA TO HOST TRADE NEGOTIATIONS: Australia is to host the first negotiating round of the Indo-Pacific Economic Framework Agreement (IPEF). It is expected to be held in December. Ministers from the member economies confirmed the four IPEF trade pillars in when they met in Los Angeles in September.
CANADA SEEKS TO JOIN TRADE PACT: Canada is to seek to join the Indo-Pacific Economic Framework (IPEF). Foreign Minister Joly made the announcement during a news conference with US Secretary of State Blinken. The US backed Canada’s bid with Blinken saying it would discuss the issue with other members.
NEW ZEALAND APPOINTS FORMER TRADE MINISTER TO LONDON: New Zealand has appointed former leading politician Phil Goff as its next High Commissioner to London. As Trade Minister, Goff signed the NZ-China FTA in 2008. A former Labour Party leader, Goff has most recently served as mayor of Auckland.
APEC TRADE MINISTERS HEAD FOR DETROIT: APEC Trade Ministers and senior officials will meet in Detroit in May 2023. The US announced during the week that initial APEC meetings for 2023 would be held in Palm Springs, Seattle and Detroit. A venue for the APEC Leaders’ Summit in 2023 has yet to be announced.
TAIWAN PURSUES EU INVESTMENT AGREEMENT: Taiwan continues to pursue a trade agreement with the EU. Speaking to an EU Investment Forum in Taipei during the week, President Tsai said she was optimistic dialogue and collaboration would pave the way for negotiations for a bilateral investment agreement.
INDONESIAN MINISTERS VISIT WASHINGTON DC: Indonesia discussed key trade topics, including the Indo-Pacific Economic Framework, with the US during the week. Economic Affairs Minister Airlangga and Industry Minister Agus met with both US Trade Representative Tai and Commerce Secretary Raimondo.
JAPAN & EU BEGIN DATA TALKS: Japan and the European Union began formal negotiations in Brussels during the week to develop rules on cross-border data flows. The talks are being held under the umbrella of the EU-Japan Economic Agreement. The EU has included data flow rules in its NZ and UK trade agreements.