PBEC Trade Report

PBEC Trade Report September 2022

September 7, 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...
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PBEC Trade Report July 2022 – Part II

July 28, 2022
Issue: 023: July 2022 - Part II TRADE OFFICIALS MEET IN SINGAPORE: Trade officials from the US-led Indo-Pacific Economic Framework have met in Singapore. They canvassed a range of topics including trade in a connected economy, supply chain resilience, decarbonization and anti-corruption. A 14-economy ministerial meeting is expected soon. CHINA & SOUTH KOREA PURSUE SERVICES AGREEMENT: China and South Korea held chief delegate-level talks during the week to further pursue the inclusion of services and investment topics within their bilateral free trade agreement. The two economies have held nine negotiating rounds since March 2018. AUSTRALIA STRIVES TO PROTECT FARMERS: Australia...
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PBEC Trade Report July 2022

July 6, 2022
Issue: 022: July 2022 ANZAC EYES ON FRANCE: Australia and NZ face new political dynamics in France as they pursue FTAs with the EU after the success of protectionist parties in last week’s parliamentary elections. Prime Ministers Albanese and Ardern are meeting President Macron and EU President von der Leyen respectively this week. WTO REPORTS BOOST IN SERVICES TRADE: The WTO has reported a continued recovery in global services trade despite the Ukraine conflict. Its latest index reading of 105.5 compared to a reading of 102.5 in September 2021. Passenger air travel reported the strongest sectoral gain between the two...
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PBEC Trade Report June 2022

June 16, 2022
Issue: 021: June 2022 AUSTRALIAN MINISTER JETS TO INDONESIA: Trade Minister Farrell made his first overseas trip this week when he joined Prime Minister Albanese in Jakarta. Prior to the three-day visit, Senator Farrell said the new government would deliver on the economic expansion promised in the Indonesia-Australia FTA. TRADE MINISTERS HEAD FOR GENEVA: Trade Ministers will be in Geneva this week for a 12th WTO Ministerial Conference. The conference, usually held every two years, was last held in Buenos Aires in 2017. Key topics for the trade leaders include fisheries subsidies, agricultural trade and a fully functioning WTO. FARMERS...
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PBEC Trade Report May 2022

May 29, 2022
Issue: 020: May 2022 APEC TRADE WALK-OUTS: Five economies – Australia, Canada, Japan, NZ and the US – briefly walked out of the APEC Trade Ministers meeting in Bangkok while a Russian delegate spoke. Russia later retaliated when the US spoke. The meeting could not agree on a communique, but a chairman’s statement was later issued. RUSSIA UNDER FIRE IN BANGKOK: A statement by seven economies at the APEC Trade Ministers meeting condemned Russia’s invasion of Ukraine. While acknowledging unwavering support for APEC, Australia, Canada, Chile, Japan, Korea, NZ and the US expressed concern at a deteriorating humanitarian situation. APEC...
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PBEC Trade Report April 2022 – Part II

April 29, 2022
Issue: 019: April 2022 INDONESIA BANS EXPORT OF PALM OIL: Indonesia has for the second time this year banned palm oil exports. The latest ban took effect today and is a bid by the world’s largest producer to lower domestic prices of cooking oils. Edible oil supplies have been significantly impacted by the Russia-Ukraine war. AUSTRALIA IMPLEMENTS URGENT BIOSECURITY ACTION: Australia has imposed new biosecurity import rules in a bid to protect farmers against khapra beetle. The beetle is an invasive pest that poses a potential threat to grain. The new rules will require offshore certification for plant products and...
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PBEC Trade Report April 2022

April 26, 2022
Issue: 018: April 2022 SOUTH KOREA TO MAKE FTA BID: South Korean media are reporting the economy will soon file a formal membership bid for the CPTPP FTA. The CPTPP has been signed by 11 economies including Australia, Canada, Japan, NZ and Singapore. The UK, China, Ecuador and Taiwan have also flagged interest in joining. ASEAN LEADERS HEAD TO THE WHITE HOUSE: Leaders of ASEAN will be in Washington DC on May 12 and 13 for a US-ASEAN Special Summit. USTR Tai has meetings with a range of Asian trade leaders this week including Philippines Trade Secretary Lopez, Singapore Finance...
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PBEC Trade Report March 2022

March 24, 2022
Issue: 017: March 2022 AUSTRALIA EXPANDS INDIA TIES: As negotiators inch toward an interim trade deal and Prime Ministers Morrison and Modi meet in a virtual summit, Australia has announced $132 million of India initiatives including an increased Austrade presence in India and new key minerals and technology partnerships. TRADE MINISTERS TO BOOST SUPPLY CHAIN RESILIENCE: Trade Ministers Tehan, Goyal and Koichi from Australia, India and Japan have agreed to further develop a trilateral supply chain initiative. They tasked Austrade, Invest India and JETRO with boosting trade and investment in key sectors. AUSTRALIA & UAE TO NEGOTIATE FTA: Australia and...
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PBEC Trade Report February 2022

February 17, 2022
Issue: 016: February 2022 AUSTRALIAN & INDIA LOOK FOR “LIGHT FTA” IN 30 DAYS: Trade Ministers Tehan and Goyal met in Delhi during the week and agreed to conclude an interim FTA within 30 days. It is expected the interim agreement will be signed in March. A comprehensive agreement is to be completed within 12 months. US CONFIRMS APEC HOSTING: The US confirmed this week that it would host APEC in 2023. It has also named Matt Murray as its senior official for APEC. A senior diplomat with the State Department, Murray has previously served in a range of overseas...
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PBEC Trade Report January 2022

January 25, 2022
Issue: 015: January 2022 CHINA’S BID LIKELY TO BE DELAYED: The WTO’s Dispute Body’s agenda for this week includes China’s bid for a WTO Dispute Panel to review Australian dumping duties on stainless steel sinks, railway wheels and wind towers. It is usual for respondents to get a delay of at least a month by arguing a panel is premature. MALAYSIA RATIFIES RCEP FTA: Malaysia has become the 12th economy to ratify the RCEP FTA. The world’s largest FTA will enter into force for Malaysia on March 18. The 15 member economies of the RCEP FTA (ASEAN + 5) represent...
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