PBEC Trade Report November 2022 – Part I

Issue: 026: November 2022, Part I

PBEC Trade Report November 2022

APEC TO BEGIN KEY MEETINGS: A series of key meetings begin in Bangkok on Sunday with the APEC Business Advisory Council. It will he followed by meetings of government officials, business chief executives and ministers before Thailand’s APEC 2022 culminates with the APEC Leaders’ Summit on November 18-19.

CAMBODIA HOSTS RCEP FORUM: Cambodia has hosted a high-level RCEP FTA Forum in Phnom Penh to mark RCEP’s ten-year journey. Indonesian trade official Iman Pambagyo who chaired the RCEP Negotiating Committee for eight years was awarded the “Merit of the Great Class” by King Norodom Sihamoni.

AUSTRALIAN & INDIAN TRADE MINISTERS TALK: Trade Ministers Farrell and Goyal have met virtually and agreed a Joint Ministerial Commission will be held in early 2023. In the meantime, officials from the two economies will meet to develop a negotiating roadmap toward a comprehensive trade agreement.

US & TAIWAN MEET IN NEW YORK: US and Taiwanese officials are meeting in New York this week to further advance their 21st Century Trade Initiative. The meeting follows the launch of the trade initiative in June and the subsequent agreement of a negotiating mandate by the two economies in August.

INDIA & SOUTH KOREA TALK TRADE IN SEOUL: India and South Korea have completed a 9th round of negotiations in Seoul to upgrade their bilateral comprehensive economic partnership agreement. It was the first negotiating round since the COVID-19 pandemic interrupted negotiations in June 2019.

AUSTRALIAN CLOSE TO COMPLETING TRADE REPORTS: Parliament’s Treaties Committee is due to table two trade inquiry reports. Its report into the Australia-UK FTA is due on November 16 and the Australia-India “early harvest” FTA on November 18. The ratification of the agreements is expected by year-end.

US TO INVESTIGATE PACIFIC ISLAND TRADE: The US International Trade Commission has launched an inquiry into Pacific Island trade and investment. The inquiry is due to be completed by September 2023 and will seek to identify impediments and opportunities to boost goods and services trade.

NZ LOOKS TO TRADE PROGRESS: Prime Minister Ardern is looking to consolidate trade with key markets and progress talks with the Pacific Alliance of Chile, Colombia, Mexico and Peru. She told business leaders the Government would be looking closely at making free trade progress with the Latin America.

AUSTRALIA PROMISES TOUGH BIOSECURITY RULES: Agriculture Minister Watt has told the ABC the toughest biosecurity rules possible will apply for fresh apple imports from the Pacific Northwest States of the US. Officials have recommended allowing the imports subject to a range of biosecurity requirements.

PHILIPPINES LOOKS TO RESUME EU FTA TALKS: The Philippines has flagged interest in resuming free trade agreement negotiations with the European Union. Trade Secretary Pascual said the Philippines was ready to work toward a resumption of the talks. Negotiations began in 2016 but were paused after two rounds.

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