Home > 2023 > Trade Update – 8th February 2023: AUSTRALIA & CHINA TALK TRADE, UK TRADE MINISTER VISITS ASEAN ECONOMIES, SINGAPORE & EU SIGN DIGITAL AGREEMENT and many more…

Trade Update – 8th February 2023: AUSTRALIA & CHINA TALK TRADE, UK TRADE MINISTER VISITS ASEAN ECONOMIES, SINGAPORE & EU SIGN DIGITAL AGREEMENT and many more…

Trade Update – 8th February 2023: AUSTRALIA & CHINA TALK TRADE, UK TRADE MINISTER VISITS ASEAN ECONOMIES, SINGAPORE & EU SIGN DIGITAL AGREEMENT 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 & CHINA TALK TRADE: Trade Minister Farrell and Commerce Minister Wang are expected to meet virtually this week. The meeting is expected to begin a process toward restoring access for Australian goods. Meanwhile The Global Times reports an Australian coal shipment is due in China on February 8.

 

UK TRADE MINISTER VISITS ASEAN ECONOMIES: UK Trade Policy Minister Hands visited Vietnam, Malaysia and Vietnam during the week for ministerial trade talks. He made the visit to advance the UK’s membership bid for the CPTPP FTA ahead of a forthcoming round of membership negotiations.

 

SINGAPORE & EU SIGN DIGITAL AGREEMENT: Singapore and the European Union signed the EU-Singapore Digital Partnership Agreement during the week. The signing followed the substantial conclusion of negotiations in late 2022. The agreement is a framework for digital cooperation between the economies.

 

AUSTRALIAN EXPORTERS SHOW RESILIENCE: The Australian State of Exporters Report published during the week says exporters contribute nearly a third of economic output. Exporters were not only more productive than non-exporters but were more resilient and more likely to survive COVID disruptions.

 

US CHALLENGES CANADIAN DAIRY POLICIES: The US is establishing a second dispute panel under the USMCA Trade Agreement challenging Canada’s revised dairy quota allocation measures. It claims Canadian measures introduced following an earlier dispute were still inconsistent with the trade agreement.

 

NEW ZEALAND SETS NEW EXPORT TARGET: NZ has launched a new horticulture strategy targeting exports of $12b by 2035. This compares to an expected $7b in 2023. Trade Minister O’Connor said the strategy set bold outcomes and actions to maximise value, boost sustainability and increase Maori participation.

 

US & JAPAN HOLD TRADE PARTNERSHIP MEETINGS: The US-Japan Partnership on Trade held a third round of meetings in Tokyo during the week. Trade officials discussed a range of issues including the digital economy, deepening trade-related collaboration and the trade-distorting practices of third countries.

 

AUSTRALIA HOSTS 14TH FTA ROUND:  A 14th round of Australia-EU FTA negotiations began this week. Speaking ahead of the talks Australia’s Chief Negotiator Alison Burrows said concluding the FTA was a top priority for the government which has previously said it is targeting a mid-year conclusion of negotiations.

 

APEC OFFICIALS HEAD TO PALM SPRINGS: Senior officials from APEC economies will be heading to California next week for the first senior officials and related meetings for 2023. The meetings will run for two weeks from February 14. They will be preceded by an APEC Business Advisory Council meeting.

 

US PUBLISHES “NOTORIOUS MARKETS” REPORT: The Office of the USTR published its 2022 Review of Notorious Markets for Counterfeiting and Piracy. It identifies 39 online markets including China’s WeChat and 33 physical markets. A key report focus is its study of adverse impact of online piracy on US workers.

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