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PBEC Trade Report March 2024

AUSTRALIA TO BOOST EXPORT GRANTS: The Government introduced legislation to Parliament this week to streamline and boost the effectiveness of its Export Market Development Program. The major changes to the program include increased grants and earlier access to the funding for successful business applicants.

NEW ZEALAND RACES TO IMPLEMENT EUROPEAN FTA: New Zealand’s Parliament has this week been completing the necessary legislative actions to allow ratification of the New Zealand-European Union FTA. New Zealand hopes the FTA can be introduced in May. The EU has previously completed its ratification.

AUSTRALIA TO REMOVE WIND TOWER DUTIES: Australia is to remove its anti-dumping duties on wind towers from China. It follows an inquiry by the Anti-Dumping Commission which was not convinced local industry would suffer material injury if the duties were removed. The duties will be removed on April 16.

US ANNOUNCES BOOST TO SUGAR GAIN QUOTA: The US has this week announced the country allocations of additional tariff rate quotas for raw cane sugar. Brazil, Philippines and Australia have received just over half of the additional 125,000 tonnes of quota available for the year ended 30 September 2024.

PHILIPPINES & EUROPEAN UNION TO RESUME FTA NEGOTIATIONS: The Philippines and European Union are to resume FTA negotiations after a seven-year pause. Negotiations began in 2014 but were suspended in 2017. It is expected the first round of resumed negotiations will be held in late 2024.

SOUTH KOREA TALKS TRADE IN LONDON: Negotiators from South Korea have been meeting their British counterparts in London this week for a 2nd round of negotiations to upgrade the South Korea-UK FTA. It follows a 1st negotiating round in Seoul in January. The bilateral FTA was first introduced in 2021.

INDONESIA & SRI LANKA TO NEGOTIATE TRADE AGREEMENT: Indonesia and Sri Lanka have launched negotiations for a preferential trade agreement. They expect to hold a first negotiating round later this year. Leaders of the two economies decided in 2017 to study the feasibility of negotiating an agreement.

US TO SUPPORT WTO DISPUTE REPORT: The US has told the WTO Dispute Settlement Body it is disappointed with the adoption of a dispute panel report over anti-dumping and countervailing duties on Spanish olives. However it will work with the European Union to assist the report’s recommendations.

AMERICAS TRADE MINISTERS MEET: Trade Ministers from the Americas Partnership for Economic Prosperity met virtually this week and are expected to meet in-person in Ecuador later this year. Twelve economies participated in this week’s meeting including the US, Canada, Mexico, Ecuador, Chile and Peru.

INDIA & PERU PREPARE FOR MORE TRADE TALKS: Trade negotiators from India and Peru are expected to meet in Delhi in April for a 7th round of negotiations for a bilateral free trade agreement. This follows a 6th round in Lima in February. Negotiations first began in 2017 but were significantly interrupted by COVID.

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