Trade Update – 5th May 2022: AUSTRALIA BACKS CALL FOR WTO LIFT, APEC GETS A PRIVATE SECTOR PUSH, US CONTINUES TO CHALLENGE EU PUSH 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 BACKS CALL FOR WTO LIFT: Australia was among the Asia Pacific economies which this week joined a call by 24 WTO delegations petitioning for new processes to ensure members met their reporting obligations. They said there was a chronic low compliance level with existing reporting obligations.
APEC GETS A PRIVATE SECTOR PUSH: APEC has welcomed a private sector push with Secretary-General Rebecca Sta Maria saying it provided a tailwind for policymakers to advance key issues. A dialogue between Trade Ministers and the APEC Business Advisory Council will be held in Bangkok on May 21-22.
US CONTINUES TO CHALLENGE EU PUSH: The US continues to challenge the EU’s aggressive promotion of exclusionary geographical indication (GI) policies. In its annual intellectual property report the USTR said it would continue working to protect market access for US products identified by common names.
TAIWAN HALVES CHAMPAGNE TARIFF: Taiwan’s Legislative Yuan has passed legislation to halve the import tariff on champagne to 10 per cent. This will align its tariff with imported wines. However, the tariff on sparkling wines from outside of the Champagne region of France will remain at 20 per cent.
CHINA BOOSTS EXPORT TAX REBATES: China’s State Council has ordered more export tax rebates and more green channels for vital imported components in a bid maintain industrial production growth. The rebates relate to the refund of value-added and consumption taxes paid during the production process.
NEW ZEALAND HOPES FOR US RETHINK: New Zealand continues to hope the US will join the CPTPP FTA. Prime Minister Ardern told a NZ-US Business Summit this week it remained her hope the conversation concerning US participation could resume in time. The Prime Minister is to visit the US later this month.
JAPAN BROADENS ANTI-DUMPING INQUIRY: Japan has broadened the scope of an anti-dumping investigation into galvanized steel wire imported from China and South Korea to now include wire containing small amounts of boron. It has also extended the investigation until 13 December.
INDIA & EU ESTABLISH TRADE COUNCIL: India and the EU have launched a Trade and Technology Council. It is designed to deepen cooperation in the areas of trade, technology and security and was announced with Prime Minister Modi during a visit to India by European Commission President von der Leyen.
AUSTRALIA POSTPONES TAIWAN STEEL REPORT: The Anti-Dumping Commission has announced a time extension of a continuation inquiry into hot rolled coil steel from Taiwan. The inquiry was to report by June 8. It will now publish a statement of essential facts by August 25 and a final report by October 12.
NEW ZEALAND BACKS DAIRY RESTRUCTURE: Agriculture Minister O’Connor, who is also Trade Minister, has announced the Government intends to amend legislation to support a capital restructuring of Fonterra. The dairy cooperative has nearly 10,000 farmer shareholders and is the world’s largest dairy exporter.
