Trade Update – 7th April 2022: INDIAN COMMERCE MINISTER JETS TO AUSTRALIA, USTR VISITS SINGAPORE, NZ-CHINA FTA UPGRADE TO BEGIN 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.
INDIAN COMMERCE MINISTER JETS TO AUSTRALIA: Commerce Minister Goyal plans a quick visit to Australia this week following the signing of an “early harvest” trade agreement. A visit would allow him to “take the agreement to (the) people.” He expects to meet officials, business leaders, students and diaspora.
USTR VISITS SINGAPORE: US Trade Representative Tai is visiting Singapore where she will be looking to boost the bilateral trade relationship and identify areas of cooperation through the Indo-Pacific Economic Framework. The visit follows Prime Minister Lee and President Biden meeting at the White House.
NZ-CHINA FTA UPGRADE TO BEGIN: New Zealand’s upgraded free trade agreement with China enters into force this week. It builds on the original FTA introduced in 2008. The upgraded agreement, negotiated between 2017 and 2019, includes a suite of enhanced market access and trade facilitation measures.
AUSTRALIA LAUNCES DIGITAL TRADE STRATEGY: Australia has launched a new digital trade strategy with Trade Minister Tehan saying digital trade was predicted to grow to $192 billion by 2030. High-quality digital trade rules could lower trade barriers, facilitate market access and create new trade opportunities.
SOUTH KOREA FLAGS FARM & FISH AID: South Korea has flagged comprehensive support measures including compensation for its agriculture and fisheries industries as part of securing domestic approvals for its bid to join the CPTPP FTA. A public hearing to consider views on the FTA bid was recently held in Seoul.
HONG KONG ACCUSED OF TARGETING TAIWAN: The US State Department has accused Hong Kong of seeking to prevent Taiwan from participating meaningfully at the WTO. In its 2022 Hong Kong Policy Act report, it suggested Hong Kong’s ability to participate autonomously in global forums may be eroding.
AUSTRALIA BACKS RARE EARTH INITIATIVE: Australia has moved to enhance its global trade capability in rare earths by approving a $1.25 billion loan to Iluka Resources for an integrated rare earths refinery. It will produce rare earth oxide products for use in technologies like electric vehicles and clean energy generation.
NZ IMPOSES & SUSPENDS ANTI-DUMPING DUTY: New Zealand has imposed anti-dumping duties of up to 12.6% on aluminium zinc-coated steel from South Korea. However, the duties have been immediately suspended for six months due to users of the steel being significantly impacted by the COVID pandemic.
SOUTH KOREA CONCLUDES FIRST TALKS IN THIRTEEN YEARS: South Korea has concluded its fourth round of FTA negotiations with the GCC economies of Saudi Arabia, Kuwait, UAE, Qatar, Oman and Bahrain. The talks were the first in 13 years and followed the suspension of talks in 2009 after three negotiating rounds.
AUSTRALIAN & INDONESIAN MINISTERS MEET: Australian Trade Minister Tehan met virtually with his Indonesian counterpart Lutfi during the week where a discussion on regional development included the RCEP, AANZFTA and the IA-CEPA trade agreements as well as the new Indo-Pacific Economic Framework.