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 Asia Pacific.
TRADE BY ZOOM
Trade talks by video continue due to COVID-19. Negotiations this week have included Australian & Indonesian Trade Ministers Birmingham and Suparmanto discussing FTA implementation, a 1st FTA round between the US and UK and a 7th FTA round between Australia and the EU.
AUSTRALIA WAITS ON BARLEY RULING BY CHINA
Australia is patiently waiting on the outcome of anti-dumping inquiry into its barley exports to China. The Ministry of Commerce began the inquiry in November 2018. It later extended the inquiry deadline to May 2020. China is Australia’s biggest barley export market.
APEC TRADE MINISTERS TO SEEK OUT BARRIERS
APEC Trade Ministers issued a statement this week emphasizing the importance of trade and investment flows continuing in trying times. They also agreed to work closely to identify and resolve any unnecessary barriers to trade.
KOREAN EXPORTS CRASH
Korean exports fell by 25% in April to $US37 billion compared to a year ago as the COVID-19 virus impacted global trade. Exports of motor vehicles, steel and petrochemicals all fell. Meanwhile, computer exports jumped by 99% due to a global spike in home offices and on-line education.
INDIA CONSIDERS RCEP RETURN
India is reportedly considering returning to the negotiating table of the RCEP FTA. The Hindu reported the remaining ASEAN + 5 members had written inviting India to return. A joint statement from April’s 29th negotiating round said the 15 economies would welcome India’s return.
NZ & AUSTRALIA BOOST EXPORT FLIGHTS
NZ’s International Airfreight Program has added 56 new weekly flights for exports between NZ, Australia, Asia, Middle East and the US. Under Australia’s program, a Singapore Airlines flight carried 30 tonnes of South Australian produce to Singapore on Wednesday.
US PIRACY LIST PUBLISHED
The US has published its annual watch-list on trading partners’ protection of intellectual property rights including counterfeiting and piracy. Economies on its “priority watch list” include China, India and Indonesia. A “watch list” includes Canada, Mexico, Thailand and Vietnam.
INTERIM APPEAL MECHANISM STARTS
Australia, Canada, China, Mexico, New Zealand and Singapore are among 19 WTO members participating in a newly started appeal arrangement where trade disputes can be considered by independent arbitration. This replaces a currently stalled WTO Appellate system.
US TO CREATE ALUMINIUM IMPORT MONITOR
The Department of Commerce has published draft regulations to create a new Aluminium Import Monitoring & Analysis Program. It is modelled on a similar steel program and allows for the prompt tracking of import volumes and potential duty evasion.
PHILIPPINES FINDS NEW PRODUCE MARKETS
Philippine farmers have found new produce markets in spite of COVID-19 impacts on global trade. The Department of Trade said this week the first exports of avocados to China, cacao to Belgium and coconut milk to Russia had been made in the past two months