Trade Update – 4th August 2022: AUSTRALIA TO RESUME FTA REVIEW, NEW ZEALAND PM LOOKS TO CHINA MISSION, AUSTRALIA PREPARES FOR BIOSECURITY EXERCISE 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.
AUSTRALIA TO RESUME FTA REVIEW: With Parliament in session under the Albanese Government and the imminent appointment of new committees, Australia will soon resume its ratification of the Australia-UK FTA. An earlier review by the Treaties Committee was abandoned mid-stream on the calling of the election.
NEW ZEALAND PM LOOKS TO CHINA MISSION: NZ Prime Minister Ardern is looking to leading a business trade mission to China. It will follow similar recent missions to the US and to Europe. She told a China Summit during the week she hoped to lead the delegation when China’s COVID provisions made it possible.
AUSTRALIA PREPARES FOR BIOSECURITY EXERCISE: In a bid to protect Australia’s valuable agriculture trade, Commonwealth and State agriculture ministers met virtually during the week and agreed to scope a national exercise to ensure preparedness for any significant outbreak of foot and mouth disease.
APEC BUSINESS LEADERS CALL FOR DECISIVE ACTION: The APEC Business Advisory Council met in Vietnam during the week and agreed to call on APEC Leaders to confront the unprecedented crises confronting the region by speeding up economic recovery and regaining the momentum for long-term growth.
INDIA REPORTS BIG EXPORT BOOST: India has reported a large boost in its goods and services exports with a ratio to GDP of 21.4% in 2021-22 compared to of 18.7% in 2020-21. The share of goods exports was up from 10.9% to 13.3% with engineering goods, petroleum products and gems and jewellery dominating.
AUSTRALIA FINDS A4 PAPER DUMPING: The Anti-Dumping Commission has made a preliminary finding that A4 copy paper exported from Indonesia by Tjiwi Kimia has caused material injury to Australian industry. It will require deposits of 25.5% on imports while it completes its anti-dumping investigation.
NEW ZEALAND ADVANCES FTA RATIFICATION: New Zealand advanced its ratification of the NZ-UK Free Trade Agreement during the week when supporting legislation had its first reading in Parliament. Negotiations for the free trade agreement, which was signed in March, began in June 2020.
SOUTH KOREA TALKS DIGITAL ACTION WITH ASEAN: The Korea-ASEAN FTA Implementation Committee met for the 19th time during the week and discussed the potential for a digital chapter to be added to the 2016 trade agreement. Trade between South Korea and ASEAN was worth $US176 billion in 2021.
MALAYSIA SEEKS CENTRE OF EXCELLENCE: Malaysia called for the Indo-Pacific Economic Framework economies to establish a Centre of Excellence. Trade Minister Azmin Ali made the call during a ministerial meeting of the member economies. A Centre of Excellence could bring together experts in key trade areas.
SOUTH KOREA ANNOUNCES ANTI-DUMPING ACTIONS: The Korea Trade Commission has determined a range of preliminary anti-dumping duties. It has announced duties of between 5.08% to 46.71% on polyamide film from China, Thailand and Indonesia and aluminium hydroxide from China and Australia.