Trade Update – 31st March 2022: AUSTRALIAN MINISTER JETS TO US, CANADA & UK LAUNCH TRADE TALKS, VIETNAM JOINS AUSTRALIAN VISA PROGRAM 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.
AUSTRALIAN MINISTER JETS TO US: Trade Minister Tehan is visiting the US this week for key trade talks including a new Strategic Economic Dialogue with Commerce Secretary Raimondo. He will also meet with USTR Tai and take part in a Critical Minerals Roundtable with Secretary Raimondo and industry leaders.
CANADA & UK LAUNCH TRADE TALKS: Negotiations for a comprehensive free trade agreement between Canada and the UK began this week. The FTA is expected to replace a trade continuity agreement quickly put in place when the UK left the European Union. The UK is Canada’s third-largest trading partner.
VIETNAM JOINS AUSTRALIAN VISA PROGRAM: Vietnam has this week signed a memorandum of understanding with Australia to join the Agriculture Visa Program. Under the program, Vietnamese employees will be recruited to support Australian producers in such sectors as dairy, wool and horticulture.
EU HITS CHINA WITH HEAVY DUTIES: The European Union has hit China with anti-dumping tariffs of up to 50.7% on calcium silicon. This follows an inquiry which found calcium silicon, an ingredient in specialized steels, was being dumped in the EU. The EU industry is primarily located in France and Slovakia.
AUSTRALIA TRIALS BIOSECURITY ROBOTS: Australia is to trial biosecurity robots. Working in collaboration with their New Zealand counterparts, Australian biosecurity officers will trial the remote-controlled robots with thermal imaging cameras for inspections of imported containers, vehicles and machinery.
INDONESIA HOSTS G20 WTO DEBATE: The reform of the WTO and role of the multilateral trading system in accelerating sustainable development goals are two of the key topics being debated in Indonesia this week during the first of three G20 Trade, Investment and Industry Working Group meetings scheduled for 2022.
US & JAPAN REACH BEEF AGREEMENT: The US and Japan have reached an agreement that will reduce the risk of US beef producers encountering safeguard duties on exports to Japan. Negotiations for a new duty trigger followed complaints by US producers that CPTPP producers had secured a competitive advantage.
US TRADE BOSS TO MEET ASIA PACIFIC TRADE MINISTERS: US Trade Representative Tai is scheduled to meet three Asia Pacific trade ministers this week. In addition to Australian Trade Minister Tehan, Tai’s public schedule has her meeting New Zealand Trade Minister O’Connor and Korean Minister Yeo Han-koo.
NEGOTIATORS PREPARE FOR THIRD ROUND: Negotiators from India and the United Kingdom expect to hold a third round of FTA negotiations in April. This follows a second round in March where 64 sessions covering 26 policy areas were held in a hybrid format of face-to-face and virtual meetings.
AUSTRALIA LAUNCHES STEEL INQUIRY: The Anti-Dumping Commission has launched a continuation inquiry into anti-dumping duties imposed on some steel reinforcing bar from Greece, Indonesia, Spain, Taiwan and Thailand. The anti-dumping duties of up to 42% were imposed in 2018 and are due to expire in March 2023.