Trade Update – 30th November 2022: WTO LEADER VISITS AUSTRALIA & NZ, AUSTRALIA NAMES EXPORTER OF YEAR, INDONESIA & EU PREPARE FOR NEW 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.
WTO LEADER VISITS AUSTRALIA & NZ: WTO director-general Ngozi Okonjo-Iweala visited Australia and NZ during the week where she held a series of ministerial meetings. Delivering the Lowy Lecture in Sydney she said the recent WTO MC12 had shown it can work across geopolitical differences and deliver results.
AUSTRALIA NAMES EXPORTER OF YEAR: Infant formula manufacturer Bubs Australia has been named as the 2022 Australian Exporter of the Year. Founded in 2006, Bubs Australia has grown to be a leading exporter to key markets including China and the US. It won the export award from 84 national finalists.
INDONESIA & EU PREPARE FOR NEW TALKS: Indonesia and the European Union are preparing for their first trade negotiations in more than a year. The 12th round of FTA negotiations are scheduled to be held virtually from December 12-16. The last round of negotiations was held in November 2021.
INDIA & EU HOLD THIRD ROUND: India and the European Union are this week holding a third round of FTA negotiations. It follows a second round in October. The negotiations resumed in June following a lengthy suspension. Meanwhile India and the GCC economies agreed during the week to resume FTA negotiations.
AUSTRALIA RATIFIES NEW TRADE AGREEMENTS: The Australian Parliament has passed legislation supporting new free trade agreements with India and the United Kingdom. It is expected the “early harvest” agreement with India could be implemented in December and the UK agreement in early 2023.
JAPAN & ISRAEL TO STUDY FTA: Japan and Israel have agreed to establish a joint study group to explore the possibility of an FTA. Meanwhile Japan’s Diet has approved an amendment to beef safeguard procedures. A new 3-point mechanism will now apply before safeguard duties can be imposed on US beef.
CANADA LAUNCHES INDO-PACIFIC STRATEGY: Canada has launched a new Indo-Pacific strategy to support long-term regional growth and enhanced security. It includes a significant trade element of $240 million to establish a Canadian Trade Gateway in South-East Asia and to open an agriculture office in the region.
NEW ZEALAND PASSES DAIRY LEGISLATION: The New Zealand Parliament passed legislation during the week supporting a new flexible capital structure for Fonterra. The dairy cooperative is New Zealand’s largest company and the world’s largest dairy exporter accounting for some 30% of global dairy trade.
SOUTH KOREA & ECUADOR CONCLUDE FTA ROUND: South Korea and Ecuador concluded an eighth round of FTA negotiations during the week. The negotiations were held in person and virtually depending on the topic. Meanwhile Canada and Ecuador have agreed to exploratory talks toward an FTA.
AUSTRALIA & EU CONFIRM DATES FOR FTA TALKS: Trade negotiators from Australia and the EU are scheduled to return to the table for a 14th round of talks from February 6-10. This follows a 13th round in October and will be the first formal talks since Australian and EU leaders agreed to prioritize the talks.