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PBEC Trade Report October 2022

Issue: 025: October 2022

PBEC Trade Report October 2022

INDIA POSTPONES TRADE POLICY: India has postponed a new foreign trade policy and extended its current policy for a further six months. The Ministry of Commerce said the volatile global economic and geopolitical situation meant further consultations were required. A new policy was to be announced on September 30.

AUSTRALIAN MINISTER INSISTS ON GREATER FARM ACCESS: Trade Minister Farrell is confident Australia can conclude an FTA with the EU in “good time” while telling the ABC Australia had made it clear it needed greater EU market access for its agriculture produce. A 13th negotiating round will be held October 17-21.

EU LOOKS TO COMPLETE INDONESIAN TRADE AGREEMENT: EU Trade Commissioner Dombrovskis believes a trade agreement can be concluded with Indonesia within two years. Speaking in Jakarta during the week, he said the EU hoped to build on renewed momentum. A 12th round of talks is due to begin on October 24.

AUSTRALIAN COMMITTEE HOLDS SECOND PUBLIC HEARING: Parliament’s Treaties Committee held a second public hearing this week as part of its ratification inquiry into the Australia-UK FTA where it heard from a range of government officials. A hearing last week heard from a range of trade associations.

INDIA & EU PREPARE FOR TRADE TALKS: Negotiators from India and the EU will meet next week for a second round of FTA negotiations since talks resumed in June. The resumption followed a long hiatus following earlier unsuccessful negotiations between 2007 and 2013.

G20 TRADE MINISTERS IDENTIFY KEY PRIORITIES: Trade Ministers attending a G20 meeting in Bali during the week identified six priority issues to address global trade challenges. The priorities included WTO reform, digital trade, global value chains and inclusive and sustainable industrialization.

WTO FAREWELLS FISHERIES LEADER: The WTO bid farewell this week to a key negotiator whose leadership and persistence earlier this year led to an agreement on global fisheries subsidies. It followed 21 years on debate. Ambassador Santiago Willis was Colombia’s Permanent Representative at the WTO in Geneva.

USTR TAI TALKS WTO REFORM IN BALI: US Trade Representative Tai held an informal dialogue with a number of economies in Bali during the week in a bid to identify WTO dispute settlement reforms that could meet the needs of all members. Economies which joined the discussion included India and Indonesia.

PHILIPPINES HOSTS FIRST TRADE MINISTER VISIT: Canada’s Trade Minister Ng has become the first foreign trade minister to visit the Philippines since the inauguration of the Marcos Administration in June. The Philippines is Canada’s second largest market in ASEAN. Bilateral merchandise trade totalled $2.8b in 2021.

SOUTH KOREA & ECUADOR BEGIN NEW NEGOTIATING ROUND: A 7th negotiating round for a strategic trade agreement between the two economies has begun and is expected to last until October 5. The talks are being held by videoconference. Five negotiating rounds were held in 2016 and the 6th two months ago.

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