Trade Update – 8th July 2021: Australia to Extend COVID-19 Freight Scheme, India & Korea Break Export Records, US Business Calls for Trade Renewal 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 EXTEND COVID-19 FREIGHT SCHEME:
The Government is to extend its international freight assistance program. This follows a decision to cut the number of overseas passenger arrivals. The scheme is designed to assist perishable exports get to key markets and is currently scheduled to end in
INDIA & KOREA BREAK EXPORT RECORDS:
India and South Korea are reporting record exports. India’s merchandise exports of $US95 billion in the June quarter was a record quarterly result. India has a $US400 billion target for 2021-22. South Korea’s exports in the first half of 2021 were a record $US303 billion.
US BUSINESS CALLS FOR TRADE RENEWAL:
The US Chamber of Commerce has called for a quick renewal of Trade Promotion Authority saying the legislative mechanism was essential to a pro-growth, pro-jobs trade agenda. The current TPA, which facilitates the negotiating of US trade deals, lapsed on July 1.
AUSTRALIAN STATE LOOKS TO NZ:
Tasmania, Australia’s smallest state, is looking to boost trade with. New Zealand following the launch of direct flights. Premier Gutwein and Trade Minister Barnett will be leading a five-day trade and tourism mission of more than 20 businesses to New Zealand in September.
US & TAIWAN TO BOOST TRADE DIALOGUE:
The US and Taiwan have held their first Trade & Investment Council meeting in five years. They agreed to intensify engagement aimed at addressing outstanding trade issues and to convene meetings of TIFA working groups including a new labour working group.
US SENATORS PURSUE TAIWAN FTA:
Meanwhile a bi-partisan group of 42 US Senators has written to USTrade Representative Tai asking her to take steps toward the negotiation of a free trade agreement with Taiwan. They said the US had much to gain from an FTA with its 10 th -largest trading partner.
AUSTRALIA BEGINS PAPER INQUIRY:
Australia has begun a continuation inquiry into A4 paper from Brazil, China, Indonesia and Thailand. The dumping and subsidy duties in the case of China, began in April 2017 and are to end in April 2022. Local producer Australian Paper has sought a continuation of the duties.
WTO LEADER CALLS FOR ACTION:
WTO leader Okonjo-Iweala has called for immediate action to speed global negotiations to curb fishing subsidies and to ensure the sustainability of fish stocks. Her call comes as negotiators consider a revised text ahead of a virtual meeting of global trade ministers on July 15.
AUSTRALIA LAUNCHES WINE INITIATIVE:
Wine Australia has launched an assurance initiative for branded wine exports. The world-first initiative involves the recording of labels and their accessibility via an on-line search system. This will allow importers, retailers and consumers to check wine against export records.
MALAYSIA WIND TOWERS FACE VOTE:
The US International Trade Commission will vote this week on whether subsidies on wind towers from Malaysia have hurt US industry. This could lead to import duties on the towers. The vote is part of a broader US dumping inquiry on towers from India, Malaysia and Spain.