Trade Update – 8th December 2023: AUSTRALIA TARGETS ILLEGALLY IMPORTED SEAFOOD, NEW ZEALAND TO ATTACK NON-TARIFF TRADE BARRIERS, INDIA & UK LOOK TO COMPLETE TRADE TALKS 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 TARGETS ILLEGALLY IMPORTED SEAFOOD: The Department of Agriculture has this week published a draft report outlining policy proposals to keep illegal, unreported and unregulated seafood out of Australia. It is seeking public comment by February 2024. Australia imports $2.2b of seafood annually.
NEW ZEALAND TO ATTACK NON-TARIFF TRADE BARRIERS: Trade Minister McClay has told business New Zealand’s new government is seeking urgent advice from officials on how it can supercharge efforts to further breakdown non-tariff barriers to trade. The barriers are costing more than $12b annually.
INDIA & UK LOOK TO COMPLETE TRADE TALKS: Negotiators from the UK have been in Delhi this week to advance negotiations for a free trade agreement with India. The talks have been seeking to identify compromise positions on such issues as work visas, financial services, vehicle access and rules of origin.
AUSTRALIA LAUNCHES STEEL CONTINUATION INQUIRY: Australia has launched a continuation inquiry into anti-dumping duties on quenched and tempered steel plate imported from Japan, Finland and Sweden. The duties were initially imposed in 2014, continued in 2019 and are now due to expire in November 2024.
APEC HOLDS FIRST MEETING IN PERU: APEC officials have been meeting in Lima this week to prepare policy priorities for the South American economy’s chairing of the Asia Pacific grouping in 2024. Peru has flagged a focus on trade and investment, innovation and digitization and sustainable growth.
VIETNAM & US TALK TRADE: Vietnamese and US trade officials met in Hanoi on Wednesday under the US-Vietnam Trade and Investment Framework Agreement. It was the first in-person council meeting since Covid with officials canvassing trade issues such as agriculture, digital trade and intellectual property.
AUSTRALIAN STATE SEEKS TO BOOST FRENCH TIES: The Australian state of Victoria has signed a letter of intent with France to foster trade and investment ties in such areas as energy transition, science, innovation, technology and health. Two-way merchandise trade totalled $2.1 billion in 2022-23.
SINGAPORE & CHINA SIGN FTA UPGRADE: Singapore and China have signed an upgrade protocol to their bilateral FTA. The protocol will give Singaporean businesses greater access to China’s services sector. The FTA began in 2009 and was first upgraded in 2019. Negotiations for the latest upgrade began in 2020.
PHILIPPINES & UAE READY FOR TRADE NEGOTIATIONS: The Philippines and UAE have agreed on the terms of reference to underpin the negotiation of a bilateral trade agreement. A comprehensive economic partnership agreement with the UAE reflects the ASEAN economy’s trade strategy to enter new markets.
US TO CONTINUE THAI TYRE INQUIRY: The US International Trade Commission has found there is a reasonable indication the US tyre industry is materially injured by the import of truck and bus tyres from Thailand at less than fair value. This means the Commerce Department will continue its dumping inquiry.
