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PBEC Trade Report May 2024

AUSTRALIA & CHINA TALK TRADE: Trade Minister Farrell and Commerce Minister Wang met virtually on Tuesday where they co-chaired a 17th Joint Ministerial Economic Commission meeting. Minister Farrell used the forum to resolve outstanding trade impediments affecting rock lobster and red meat trade.

NEW ZEALAND LASHES CANADA: Trade Minister McClay is seeking legal advice after accusing Canada of failing to comply with a dairy trade ruling. He described Canada’s refusal to implement the ruling under the CPTPP FTA as cynical. NZ took its obligations seriously and expected others to show the same courtesy.

TAIWAN & US MEET FOR TRADE TALKS: Taiwan and the US negotiators have been meeting in Taipei this week to further advance negotiations for the US-Taiwan Initiative on 21st Century Trade. The talks come after an initial agreement covering customs, trade facilitation, anti-corruption and services regulation.

AUSTRALIA DELAYS PINEAPPLE INQUIRIES: The Anti-Dumping Commission has delayed two inquiries concerning consumer and food service/industrial pineapple from Indonesia and Thailand. The final reports of the two inquiries are now due by October 30 due to delays completing data verification.

SINGAPORE & US ACKNOWLEDGE 20TH ANNIVERSARY: Singapore and the US acknowledged the 20th anniversary of the US-Singapore Free Trade Agreement when USTR Tai and Trade Minister Gan co-chaired Tuesday’s Joint Committee Meeting of the US-Singapore FTA. The FTA entered into force in January 2004.

US SOLAR INDUSTRY CHALLENGES ASIAN PRODUCERS: The American Alliance for Solar Manufacturing has petitioned the US Government to impose anti-dumping and countervailing duties of between 70 per cent and 271 per cent on solar cells and panels imported from Cambodia, Malaysia, Thailand and Vietnam.

WTO & ASIAN BANK TO BOOST COLLABORATION: The WTO Secretariat and Asian Development Bank signed a memorandum of understanding (MOU) on Wednesday to deepen their strategic partnership focussed on regional cooperation, trade and economic integration and a trade and environment agenda.

NEW ZEALAND’S EU FTA BEGINS: The New Zealand-European Union Free Trade Agreement entered into force on Wednesday. Trade Minister McClay said the FTA followed more than 15 years of lobbying, persuading and negotiating. He said Kiwi exporters were $100 million better off with the new FTA.

AUSTRALIAN MINISTER VISITS EUROPE: Assistant Trade Minister Ayres has been in Europe this week visiting Denmark to boost investment and green manufacturing ties between and France for an OECD Ministerial Council meeting where he supported accession bids by Thailand and Indonesia.

MALAYSIA LOOKS TO REGIONAL LEADERSHIP: Malaysia believes its economy will be transformed into a leading regional digital hub and up to 300,000 Malaysians will be skilled following an announcement by Microsoft on Thursday to invest $US2.2 billion over four years in cloud and AI infrastructure.

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