Trade Update – 4th November 2021: Australia Looks To EU FTA By Year-end 2022, US Trade Boss To Visit Asian Economies, Malaysia Further Delays New Scrap Rules 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 LOOKS TO EU FTA BY YEAR-END 2022: Trade Minister Tehan is still looking to Australia-EU FTA negotiations being concluded by the end of 2022. He said during the week rapid progress had been made in the 10th and 11th rounds. If this momentum continued negotiations could be finalised by the end of 2022.
US TRADE BOSS TO VISIT ASIAN ECONOMIES: US Trade Representative Tai will soon be in Asia for bilateral trade talks with government officials and key stakeholders. The trip will include meetings in Japan, South Korea and India. Tai is also to meet virtually this week with her Japanese and Indian counterparts.
MALAYSIA FURTHER DELAYS NEW SCRAP RULES: Malaysia has further extended its transition to tougher import rules for scrap iron, steel, copper and aluminium. It announced on Monday the transition rules would now be extended until 31 December 2021 to assist industry compliance with the new rules.
NEW ZEALAND PASSES RCEP FTA LEGISLATION: Legislation to enable the introduction of the RCEP FTA has passed the New Zealand Parliament. It received Royal Assent on October 27. China has offered capacity-building programs for RCEP members with Premier Li telling ASEAN it would offer training programs.
AUSTRALIA READIES FOR FTA TALKS WITH ISRAEL: Trade Minister Tehan and Economy & Industry Minister Barbivai met virtually last week to explore opportunities for closer trade relations including a potential free trade agreement. Australian officials have conducted an FTA feasibility study in recent months.
US & EU REACH AGREEMENT: The US and EU have suspended their steel and aluminium trade disputes with some tariffs removed and WTO actions paused. An agreement to explore sustainable steel and aluminium industries with cuts in carbon intensity and production volumes would be expected to hit China.
INDIA PURSUES TAIWANESE TRADE AGREEMENT: India is again reported to be looking to a preferential trade agreement with Taiwan. Money Control reports India wants a deal to secure a reliable supply of microprocessors, electronics and precision tools. Earlier talks stalled due to opposition by China.
G20 LEADERS BACK WTO REFORM: Leaders of the G20 met in Rome at the weekend and agreed to work with all members to undertake the necessary reform of the World Trade Organization to improve all its functions. They also backed reaching a meaningful agreement on harmful fisheries subsidies.
G20 EXPLORES BOOSTING SUPPLY RESILIENCE: A meeting on the sidelines of the G20 Summit looked to strengthen key pillars of global supply chain resilience including transparency and predictability. The US, Australia, Canada, Indonesia, India, South Korea and Singapore were among the participants.
APEC CALL FOR GREEN LIST BOOST: The APEC Policy Unit has called for more goods to be added to the APEC List of Environmental Goods where leaders have endorsed tariffs of less than 5%. The list includes 54 products. It is expected senior officials from APEC economies will further discuss the topic this week.