Trade Update – 9th October 2023: AUSTRALIAN FTA TALKS IN KEY PHASE, WTO LOWERS TRADE FORECAST, INDIA PURSUES SPICE TRADE BOOSTSHIPMENTS TO CHINA 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 FTA TALKS IN KEY PHASE: Trade Minister Farrell believes negotiations with the EU may be delayed by years if a free trade agreement is not concluded in the next couple of months. He told Sky News he was hopeful goodwill could lead to an FTA but Australia would not conclude an agreement at any price.
WTO LOWERS TRADE FORECAST: The WTO has lowered its trade forecast for 2023. It now forecasts world goods trade will grow by 0.8% in 2023 compared to its earlier forecast of 1.7%. It says the trade slowdown appears to be broad-based involving a large number of countries and wide array of goods.
INDIA PURSUES SPICE TRADE BOOST: India has established a National Turmeric Board to increase awareness and develop new export markets for the plant-based spice. India has more than 60% of the spice’s world trade. India is looking to boost turmeric exports from the current $US200m to $US1b by 2030.
US HOSTS INDO-PACIFIC TRADE TALKS: US Trade Representative Tai hosted a virtual ministerial meeting of participating Indo-Pacific Economic Framework (IPEF) trade pillar economies on Thursday. Meanwhile trade negotiators from all 14 IPEF economies are meeting in Kuala Lumpur this week for a 6th negotiating round.
EU LAUNCHES CHINA INQUIRY: The European Union has formally commenced its anti-subsidy inquiry into electric vehicles imported from China. Its inquiry notice said government subsidies had allowed the low-priced vehicles from China to increase their market share at the expense of European producers.
AUSTRALIA CONTINUES PINEAPPLE INQUIRIES: Australia is continuing its dumping inquiries into consumer and commercial supplies of pineapple from Indonesia and Thailand. Commissioner Armstrong said he had not made preliminary rulings as he had yet to be satisfied there were sufficient grounds for duty notices.
NEW ZEALAND TO HEAD DIGITAL WORKING GROUP: The Digital Economy Partnership Agreement – Chile, New Zealand and Singapore – has established an Accession Working Group to progress Costa Rica’s bid to formally join the digital trade agreement. New Zealand will chair the working group.
US INDUSTRY TARGETS 15 ECONOMIES: A US industry coalition has petitioned the Commerce Department to begin an anti-dumping inquiry into imports of aluminium extrusions from 15 economies including China, India, Indonesia, Malaysia, South Korea, Taiwan and Thailand. It alleges dumping margins of up to 256%.
SOUTH KOREA LAUNCHES FTA TALKS: South Korea and the United Arab Emirates have begun negotiations for a comprehensive economic partnership agreement. Negotiators met in Seoul during the week. South Korea and the UAE agreed in October 2021 to work toward a trade agreement.
FORMER NEW ZEALAND TRADE LEADER PASSES AWAY: Ted Woodfield, one of New Zealand’s leading trade officials of the 1980s and 1990s has died. He was 87. Woodfield served as deputy secretary (trade) of the Department of Trade and Industry 1980-1988 and as High Commissioner to Australia 1989-1994.