PBEC Trade Report

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...

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...

Issue: 014: SOUTH KOREAN PRESIDENT VISITS AUSTRALIA: President Moon visited Australia this week to boost trade, clean energy and defence relations between the economies. During the visit, which included meetings with business leaders, the two economies elevated their relationship to a Comprehensive Strategic Partnership. CHINA REACHES 20 YEARS: The WTO recognised the 20th anniversary of China’s membership by hosting a high-level forum. China became the 143rd member in December 2001. WTO director-general Ngozi Okonjo-Iweala described China’s accession as a “pivotal event in the history of the multilateral trading system.” AUSTRALIA’S LOGISTICS SECTOR UNDER FUEL CHALLENGE: Australia has been reaching out...

Issue: 013: AUSTRALIA’S NO TO CHINA: Prime Minister Morrison has flagged Australia is unlikely to support China’s bid to join the CPTPP FTA. He told a news conference this week that those seeking to become part of a high standard agreement like CPTPP would not want to have a track record of coercing other trade partners. WTO LAUNCHES VACCINE TRADE TRACKER: The Word Trade Organization and International Monetary Fund have this week launched a new vaccine trade tracker. The tracker aims to provide clearer transparency on the international flow of COVID-19 vaccines and incorporates a range of trade information. INDIA...

Issue: 012: AUSTRALIA-EU TRADE TALKS DELAYED: A 12th round of Australia-EU FTA talks has now been delayed until February 2022. They were to be held in October but were delayed for a month following the cancellation of a submarine contract with France. In the meantime, chief negotiators will meet in December. CHINA MAKES FURTHER TARIFF PLEA: China’s Vice Premier Liu has again used a high-level US call to seek the removal of additional tariffs imposed by the Trump Administration. Liu’s latest bid was made in a call this week with US Treasury Secretary Yellen and follows a similar plea made...

Issue: 011: CHINA REACTS TO TAIWAN’S FTA BID: China has responded strongly to Taiwan’s bid to become a member of the CPTPP FTA. Foreign Ministry spokesman Zhao said in Beijing China firmly opposed official interactions with Taiwan and rejected its accession to any agreement or organization of an official nature. JAPANESE AMBASSADOR TALKS FTA WITH AUSTRALIA: Japan’s Ambassador to Australia Shingo Yamagami met with Trade Minister Tehan earlier in the week. In what Yamagami-san later described on Twitter as a “deep discussion,” their talks included the CPTPP FTA. Japan is currently chair of the CPTPP Commission. AUSTRALIAN MINISTER’S MAJOR TRIP:...

Issue: 010: AUSTRALIA INTRODUCES RCEP LEGISLATION: Legislation to enable the ratification of the RCEP FTA has been introduced to the Australian Parliament. This followed a recommendation by the Treaties Committee that Australia ratify the mega (ASEAN + Australia, China, Japan, Korea and NZ) free trade agreement. UK FACES KEY ASIA PACIFIC MEETING: The CPTPP Accession Working Group’s first meeting to consider the UK’s bid to join the mega trade agreement will be held in the coming weeks. This follows last week’s meeting of the CPTPP Commission where economies also agreed to establish an e-commerce committee. WTO REJECTS CHINA’S SOLAR CHALLENGE:...

Issue: 009: AUSTRALIA’S WINE APPEAL BEGINS: Australia’s complaint action at the WTO over China’s anti-dumping duties on wine is underway. Consultations between the two economies were held on August 9. A Dispute Panel will next hear and rule on a complaint by Australia that China has breached global trade rules. NEW ZEALAND APPOINTS NEW TRADE GROUP: Trade Minister O’Connor has appointed a new Trade Ministerial Advisory Group to advise on the implementation of the government’s “Trade for All” policy agenda. The group’s 13-person membership includes business, civil society and Maori representatives. AUSTRALIA & INDIA PREPARING FOR FTA TALKS: Australia and...

Issue: 008: APEC LEADERS SEEK REFUGE IN TRADE FOR COVID RECOVERY: Leaders of the APEC economies have met virtually on 16th July and agreed to work together to facilitate the movement of goods and services. In a post-meeting statement, they acknowledged the importance of trade in combatting the far-reaching impacts of COVID-19. TRUMP’S CHINA TARIFFS NEAR $100 BILLION: US Customs trade statistics have reported $96 billion of penalty duties on goods from China since President Trump imposed Section 301 penalties. They were imposed in 2018 in response to China’s unfair and harmful acquisition of US technologies and IP. AUSTRALIA ENDS...

Issue: 007: AUSTRALIA & UK CONCLUDE FTA: Prime Ministers Morrison and Johnson have reached an agreement in principle for an historic bilateral FTA. The FTA was reached over dinner at 10 Downing Street. The FTA is the UK’s first comprehensive trade agreement since leaving the EU. It expected to come into force in 2022. AUSTRALIAN FARMERS TO PROGRESSIVELY GET BETTER ACCESS: Australian farmers will progressively get better market access to the UK under the bilateral FTA. British farmers will be protected by a cap on tariff free imports for 15 years. UK manufacturers will benefit from the elimination of all...