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PBEC Trade Report April 2024

EU PUBLISHES COMPREHENSIVE CHINA REPORT: The EU has published an update of a 2017 report on state-induced distortions in China’s economy. It aims to provide information for trade remedy inquiries and focusses on China’s support for sectors including new energy vehicles and environmental goods.

AUSTRALIAN MINISTER LEADS FIRST DELEGATION: Assistant Trade Minister Ayres has this week led an Australian Business Mission to Singapore and Malaysia. The Business Mission is the first under Australia’s new ASEAN Business Exchange Program and focussed on clean energy and maritime decarbonisation.

WTO COMMEMORATES 30 YEARS: The World Trade Organization this week commemorated the 30th anniversary of the signing of the Marrakesh Agreement. The agreement was signed on 15 April 1994 and led to the establishment of the Geneva-based global trade body in January 1995.

US CLAMP-DOWN ON RUSSIAN METAL TRADING: The US and UK have further clamped down on Russian metal exports by bringing the world’s two largest metal exchanges – Chicago Mercantile Exchange and London Metal Exchange – into the scope of existing bans targeting aluminum, copper and nickel.

INDO-PACIFIC AGREEMENT BEGINS FOR SOUTH KOREA: South Korea has this week implemented the Indo-Pacific Economic Framework Supply Chain Agreement. It filed its ratification documents on March 18 allowing for the agreement to begin 60 days later. It was the 6th economy to ratify the agreement.

NEW ZEALAND MINISTER VISITS CHINA: Trade Minister McClay has been visiting China this week where he met in Beijing with Commerce Minister Wang and Agriculture Minister Tang. It is the new government’s first ministerial visit to China. China accounted 22 per cent of New Zealand’s exports in 2023.

WTO FORECASTS TRADE REBOUND: The World Trade Organization has forecast a rebound in global goods trade. Its economists expect goods trade to increase by 2.6% in 2024 and 3.3% in 2025 after declining by 1.2% in 2023. It cautions that regional conflicts and economic uncertainty pose risks to the forecast.

INDIA PREDICTS TRADE RECORD: India has forecast its goods and services exports reached a record $US776.68 billion in the 2023-24 year. It represents a small increase on the $US776.40 billion of exports in the 2022-23 year. The main drivers of the export growth included electronic goods and pharmaceuticals.

APEC TRADE MINISTERS PREPARE FOR PERU: Trade Ministers from the APEC economies are preparing to meet in Peru. They will meet in Arequipa on May 17-18. It will be preceded by a first joint meeting between Trade Ministers and Ministers of Women with a focus on empowering women in trade.

AUSTRALIAN TRADE MINISTERS MEET: Australia’s Federal and State Trade Ministers have met in Perth for the third time as the Ministerial Council on Trade and Investment and agreed on a series of coordinated national initiatives including the production of a national digital critical minerals prospectus.

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