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PBEC Trade Report March 2022

Issue: 017: March 2022

AUSTRALIA EXPANDS INDIA TIES: As negotiators inch toward an interim trade deal and Prime Ministers Morrison and Modi meet in a virtual summit, Australia has announced $132 million of India initiatives including an increased Austrade presence in India and new key minerals and technology partnerships.

TRADE MINISTERS TO BOOST SUPPLY CHAIN RESILIENCE: Trade Ministers Tehan, Goyal and Koichi from Australia, India and Japan have agreed to further develop a trilateral supply chain initiative. They tasked Austrade, Invest India and JETRO with boosting trade and investment in key sectors.

AUSTRALIA & UAE TO NEGOTIATE FTA: Australia and the UAE are to pursue a comprehensive economic partnership agreement. It would represent Australia’s first FTA in the Middle East. Australia may also resume FTA negotiations with the broader Gulf Cooperation Council which have been stalled since 2009.

US BANS CHINESE BRAND: The US has banned sporting goods from Chinese producer Li-Ning after an inquiry indicating it used North Korean labour in its supply chain. The brand will only be able to export to the US if it can produce convincing evidence the goods were not produced with convict or forced labour.

ASIAN ECONOMIES TO BENEFIT FROM RUSSIAN BAN: Leading steel economies in Asia including China, Japan, India, Taiwan and South Korea are to receive increased export quotas to the EU following a ban on steel from Russia. Steel safeguard quotas for Russia are being transferred on a proportional basis.

ASEAN TO UPGRADE GOODS AGREEMENT: ASEAN Economic Ministers met during the week and launched negotiations to upgrade the ASEAN Trade in Goods Agreement (ATIGA). The agreement which seeks to further facilitate trade between the ASEAN economies has been progressively implemented since 2010.

EU IMPOSES DUTIES TO COUNTER CHINA FINANCING: The European Union has imposed anti-subsidy duties of up to 21% on stainless steel cold-rolled flat products imported from Indonesia. This follows Indonesia’s use of preferential finance under China’s Belt & Road Initiative to develop its domestic industry.

AUSTRALIA EXTENDS STEEL INQUIRY: Australia has further extended the deadline of a continuation inquiry into dumping and subsidy duties on hollow structural sections from China, Korea, Malaysia and Taiwan. The inquiry is now due to issue a final report by June 1. The duties have applied in various forms since 2012.

US-KOREA FTA TURNS TEN: US Trade Representative Tai and Korean Trade Minister Yeo commemorated the 10th anniversary of the US-Korea FTA during the week by visiting a semi-conductor factory in Michigan. Trade between the two economies has grown 68% to $US169 billion since the FTA began.

THREE ASEAN ECONOMIES TO GO: With Malaysia’s ratification of the mega RCEP FTA complete, Indonesia, Myanmar and the Philippines remain as the only agreement participants still to complete their ratification. Australia, China, Japan, South Korea, NZ and the seven other ASEAN members have all ratified the FTA.

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