Trade Update – 8th March 2023: AUSTRALIA LOOKS FOR INDIAN TRADE BOOST, USTR PUBLISHES BIDEN’S 2023 TRADE AGENDA, TAIWAN CALLS FOR CANADIAN SUPPORT 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 LOOKS FOR INDIAN TRADE BOOST: Prime Minister Albanese, Trade Minister Farrell and Resources Minister King will lead a business delegation to India this week. The Prime Minister will visit Ahmedabad, Mumbai and New Delhi. It will be the first visit by an Australian Prime Minister since 2017.
USTR PUBLISHES BIDEN’S 2023 TRADE AGENDA: The Office of the US Trade Representative published President Biden’s 2023 Trade Policy Agenda and 2022 Annual Report to Congress during the week. The reports referenced the Indo-Pacific Economic Framework and US-Taiwan 21st Century Trade Initiative.
TAIWAN CALLS FOR CANADIAN SUPPORT: Taiwan has called on Canada to support its bid to join the CPTPP FTA. President Tsai said this week in a meeting with Canadian trade official Jim Nickel Taiwan was making every effort to join the CPTPP and hoped Canada would support its accession to the mega FTA.
AUSTRALIA CONSULTS ON ENDING LIVE SHEEP EXPORTS: Agriculture Minister Watt has appointed an independent panel to lead a consultation process to advise on how and when to end live sheep exports by sea. In announcing the panel he said the priority was to ensure the phase out occurred in an orderly way.
US HOLDS PACIFIC TRADE DIALOGUE: Senior officials of the US-Pacific Islands Trade and Investment Dialogue met during the week. The meeting was attended by 17 economies. One item discussed was the potential for a regional grouping of Pacific Islands for access to the US GSP tariff concession program.
SINGAPORE & UK SIGN GREEN ECONOMY FRAMEWORK: Singapore and the UK signed a green economy framework agreement during the week. It builds on free trade and digital economy agreements between the two economies. Its initial focus will be green transport, low carbon energy and carbon markets.
AUSTRALIA SEEKS ASIAN STRATEGY SUBMISSIONS: The Department of Foreign Affairs and Trade is seeking public submissions by March 31 to assist its development of a Southeast Asia Economic Strategy to 2040. The strategy will aim to enhance Australia’s growing economic and trade engagement with the region.
WTO REPORTS LOST TRADE MOMENTUM: The World Trade Organization reported during the week that world merchandise trade appeared to have lost momentum in the fourth quarter of 2022 and was likely to remain weak in the first quarter of 2023. Its trade barometer index has fallen from 96.2 to 92.2.
AUSTRALIA CALLS FOR NEW TRADE RULES: Australia’s Simplified Trade System Advisory Council met during the week and spoke of the economy-wide benefits of making trade simpler and more sustainable. Trade Minister Farrell said trade rule reforms would make it easier for business to export and import.
NEW ROLE FOR FORMER US TRADE REPRESENTATIVE: The Obama Administration’s USTR Michael Froman has been appointed president of the Council for Foreign Relations. The New York-based Council is an independent think tank founded in 1921. Froman was US Trade Representative between 2013 and 2017.