PBEC Trade Report September 2022

Issue: 024: September 2022

PBEC Trade Report September 2022

INDIA READIES NEW FOREIGN TRADE POLICY: India is finalizing a new foreign trade policy. CommerceS ecretary Subrahmanyam was reported by The Hindu that the new policy would be unveiled on September 30. It would be part of a package to boost exports. An FTA with the UK could also be finalised soon.

NEW ZEALAND TO REVIEW DAIRY QUOTAS: New Zealand is to review its dairy quota allocation system in ab id to ensure it maximises export returns for its industry. Agriculture Minister O’Connor said new FTAs witht he EU and the UK meant it was time to take fresh look at how the export quotas were allocated.

AUSTRALIAN BUSINESS SEEKS EARLY INDIA FTA: Business groups have called for the prompt ratification oft he Australia-India “early harvest” FTA. The Business Council, Australian Chamber of Commerce & Industrya nd meat industry groups have urged Parliament’s Treaties Committee to support ratification of the FTA.

INDIA “BRAINSTORMS” SERVICES BOOST: A one-day “brainstorming” session was organized by theCommerce Department during the week to identify ways to boost India’s services exports. The outcomesi ncluded leveraging FTA negotiations to ensure better market access and the branding of services sectors.

USTR MEETS NEW JAPANESE TRADE MINISTER: US Trade Representative Tai held her first meeting duringt he week with Japan’s new Minister of Economy, Trade and Industry Yasutoshi. The virtual meeting came ahead of this week’s Indo-Pacific Economic Framework meeting. Yasutoshi was appointed on August 10.

AUSTRALIAN MINISTER MEETS UK TRADE SECRETARY: Trade Minister Farrell met with UK Trade SecretaryT revelyan in Adelaide during the week where Australia welcomed the UK’s progress toward accession tot he CPTPP FTA. Secretary Trevelyan said in Adelaide the UK expects to accede to the mega FTA by year-end.

INDONESIA RATIFIES RCEP FTA: Indonesia has become the latest economy to ratify the RCEP Free TradeA greement following legislation passing its House of Representatives. It has also ratified an FTA with SouthK orea. The RCEP FTA represents nearly 30 per cent of the world’s population and gross domestic product.

PHILIPPINES LOOKS TO NEW EXPORT PLAN: The Department of Trade & Industry is to reconfigure the export industry into three clusters in a bid to accelerate industrialization. The new clusters are industrial, manufacturing and transport; technology, media and telecommunication; and health and life services.

SOUTH KOREA CONTINUES CHALLENGE: South Korea has continued to challenge US legislation supportingt he US semiconductor and electric vehicle industries. A delegation has visited Washington DC and Trade Minister Ahn Duk-geun expects higher level talks alongside the Indo-Pacific Economic Framework meeting.

AUSTRALIA & CHINA AWAIT A PANEL: The WTO moves slowly. It is now six months since the WTO DisputeS ettlement Body agreed to a dispute panel to consider China’s complaint against Australian anti-dumping and subsidy duty actions on wind towers, sinks and railway wheels. A panel has yet to be composed.

Privacy Preferences
When you visit our website, it may store information through your browser from specific services, usually in form of cookies. Here you can change your privacy preferences. Please note that blocking some types of cookies may impact your experience on our website and the services we offer.
X