Home > 2024 > Trade Update – 7th June 2024: AUSTRALIA TO INQUIRE INTO EXPORT LEGISLATION, INDO-PACIFIC MINISTERS SIGN NEW TRADE AGREEMENTS, SINGAPORE HOSTS BI-LATERAL MEETINGS and many more…

Trade Update – 7th June 2024: AUSTRALIA TO INQUIRE INTO EXPORT LEGISLATION, INDO-PACIFIC MINISTERS SIGN NEW TRADE AGREEMENTS, SINGAPORE HOSTS BI-LATERAL MEETINGS and many more…

Trade Update – 7th June 2024: AUSTRALIA TO INQUIRE INTO EXPORT LEGISLATION, INDO-PACIFIC MINISTERS SIGN NEW TRADE AGREEMENTS, SINGAPORE HOSTS BI-LATERAL MEETINGS 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 INQUIRE INTO EXPORT LEGISLATION: Parliament’s Agriculture Committee is to hold an inquiry into the Government’s legislation to ban live sheep exports by sea. It will hold hearings in Western Australia and Canberra and is due to report by June 21. The export ban is to apply from May 2028.

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INDO-PACIFIC MINISTERS SIGN NEW TRADE AGREEMENTS: Trade Ministers from the Indo-Pacific Economic Framework (IPEF) economies signed three new agreements in Singapore on Thursday. They encompass clean economy and fair economy agreements as well as an over-arching IPEF agreement.

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SINGAPORE HOSTS BI-LATERAL MEETINGS: Trade Ministers from a range of Indo-Pacific economies also held a number of bilateral meetings in Singapore this week. These included the third Australia-US Strategic Commercial Dialogue and the inaugural US-Singapore Partnership for Growth and Innovation.

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COLOMBIA FACES CHALLENGE OVER FROZEN FRIES:The EU has begun proceedings against Colombia over a dumping dispute on frozen fries from Belgium, Germany and the Netherlands. It claims Colombia’s actions to comply with a dispute ruling were inconsistent with the WTO’s Anti-Dumping Agreement.

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INDIA CHALLENGES AUSTRALIA: India is seeking arbitration to resolve a dispute with Australia. It argues it has been disadvantaged by the way Australia has modified a schedule of services commitments. India advised the WTO this week it was seeking arbitration following a failure of negotiation to resolve the issue.

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MALAYSIA TO BOOST PROMOTION: Malaysia is to boost its foreign investment by streamlining its promotion functions. It will achieve this by removing duplicative functions and investor confusion. A key initiative will be the consolidation of functions under the Malaysian Investment Development Authority.

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NEW ZEALAND & FIJI SET TRADE TARGET: NZ and Fiji are seeking to boost bilateral trade to $2 billion by 2030. Trade was $1.36 billion in 2023. Prime Minister Luxon this week welcomed Prime Minister Rabuka’s decision to review the potential benefits and consider joining the Pacer Plus Trade Agreement.

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TAIWAN GETS EXPORT GREEN LIGHT: Japan has given Taiwan the green light to export all types of dragon fruit. Exports were previously limited to white-flesh variants of the fruit. The latest export approval follows eight years of negotiation between the economies. Exports of the fruit to Japan were first allowed in 2010.

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SAMOA HOSTS PACER PLUS WORKSHOP: Trade officials from the Pacer Plus economies met in Apia this week for a four-day workshop on National Trade Information Portals. A Trade Information Portal is an all-inclusive website where economies can find comprehensive trade-related regulatory information.

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US TO CONTINUE INDIAN TILE INQUIRY: The US Commerce Department is to continue its anti-dumping investigation into ceramic tiles imported from India. It follows the US International Trade Commission determining there was a reasonable indication US industry was materially injured by the tile imports.

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