Trade Update – 9th June 2022: AUSTRALIAN MINISTER JETS TO INDONESIA, TRADE MINISTERS HEAD FOR GENEVA, FARMERS CALL FOR TRADE ACTION 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.
AUSTRALIAN MINISTER JETS TO INDONESIA: Trade Minister Farrell made his first overseas trip this week when he joined Prime Minister Albanese in Jakarta. Prior to the three-day visit, Senator Farrell said the new government would deliver on the economic expansion promised in the Indonesia-Australia FTA.
TRADE MINISTERS HEAD FOR GENEVA: Trade Ministers will be in Geneva this week for a 12th WTO Ministerial Conference. The conference, usually held every two years, was last held in Buenos Aires in 2017. Key topics for the trade leaders include fisheries subsidies, agricultural trade and a fully functioning WTO.
FARMERS CALL FOR TRADE ACTION: Global farm leaders from the Cairns Group economies have called on Trade Ministers from the WTO’s 164 members to deliver a meaningful outcome on agriculture. In a statement, they said there was an urgent need for the reinvigoration of WTO agriculture reforms.
PHILIPPINE SENATE STALLS ON RCEP FTA: The Philippine Senate completed its last session during the week without ratifying the RCEP FTA. This followed some Senators questioning whether the mega FTA had sufficient safeguards for agriculture. The ratification will now be considered by a new Senate in late July.
AUSTRALIAN OPPOSITION NAMES SHADOW TRADE MINISTER: The Coalition has named National Party MP Kevin Hogan as its Shadow Minister of Trade and Tourism. This represents the first return of the portfolio to the National Party since 2013. Former Trade Minister Dan Tehan will be Shadow Immigration Minister.
NEW ZEALAND MEAT INDUSTRY CHALLENGES EU: The Meat Industry Association (MIA) and Beef + Lamb NZ have called on New Zealand FTA negotiators to reject any poor-quality red meat access offer by the European Union. The MIA said the industry was not prepared to back a trade deal offering poor access.
US & TAIWAN CHART NEW TRADE APPROACH: The US and Taiwan have announced a new trade initiative in a bid to boost their trade relationship. The US-Taiwan Initiative on 21st Century Trade will focus on such issues as trade facilitation, regulatory practices, agriculture, anti-corruption, SME support and digital trade.
NEW ZEALAND & US COMMIT TO ANNUAL TIFA MEETINGS: New Zealand and the United States have committed to annual trade and investment framework agreement talks. This followed Prime Minister Ardern’s meeting at the White House with President Biden. The agreement was first signed in 1992.
EUROPEAN UNION & TAIWAN TALK TRADE: The European Union and Taiwan held high-level trade and investment dialogue talks during the week. The Brussels talks focussed on a range of issues related to supply chain with a particular emphasis on the semiconductors sector where Taiwan is a world leader.
AUSTRALIA BEGINS STEEL REVIEW: The Anti-Dumping Commission is seeking industry comment on the extension of anti-dumping and subsidy duties on zinc-coated steel from China, Korea and Taiwan beyond their expiry date of August 2023. A similar process has also begun on aluminium coated steel from China.