AUSTRALIA GETS US QUEUE JUMP: Australian travellers to the United States are to benefit from shorter arrival queues. It will follow Australia joining the United States’ Global Entry Program in 2025. Eligible travellers will be able to take advantage of expedited immigration and customs clearance channels.
HONG KONG WELCOMES RCEP SUPPORT: Hong Kong has welcomed the support of Laos, Cambodia and Vietnam for its joining of the RCEP Free Trade Agreement. The repeated membership bid support followed a visit to the three ASEAN economies last week by Hong Kong’s Chief Executive John Lee.
SRI LANKA LOOKS TO INDONESIAN TRADE AGREEMENT: Sri Lanka expects to complete negotiations for a preferential trade agreement with Indonesia by the end of the year. It will then look to sign the bilateral agreement in March 2025. Sri Lanka is pursuing FTAs as a key ingredient of its economic recovery.
APEC BUSINESS CALLS FOR ACTION: The APEC Business Advisory Council has met in Tokyo and called on the leaders to take decisive action to boost trade, digitalization and climate response. APEC needed to make the Free Trade Area of Asia Pacific a reality and ensure the WTO remained relevant and effective.
INDIAN MINISTER CALLS FOR FASTER NEGOTIATIONS: Commerce Minister Goyal has called for faster negotiations of the BIMSTEC FTA. He said members needed to come up with recommendations acceptable to all seven participants – Bangladesh, India Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.
AUSTRALIA & INDONESIA SIGN CUSTOMS AGREEMENT: Australia and Indonesia have this week signed an Authorised Economic Operator Mutual Recognition Arrangement. The MRA will simplify customs processes for exporters. Australia has similar arrangements with 10 other economies.
PHILIPPINES TRADE BOSS STEPS DOWN: Philippines Trade Secretary Alfredo Pascual, 76, has resigned after two years in the position. He intends to return to the private sector. He has been replaced on an acting basis by Cristina Roque. She previously served as an under-secretary in the Department of Trade.
INDIA & ASEAN PREPARE FOR NOVEMBER TALKS: Trade officials from India and ASEAN will meet in November in India for a 6th round of negotiations to review the ASEAN-India Trade in Goods Agreement. A recent 5th round in Jakarta also involved bilateral talks with Malaysia, Singapore, Indonesia and Vietnam.
VIETNAM LOSES MARKET ECONOMY BID: The US Commerce Department has rejected Vietnam’s bid to be classified as a market economy. The classification is important in the calculation of anti-dumping duties. The department said the government’s extensive involvement in the economy distorted prices and costs.
INDONESIA & GCC LAUNCH TRADE NEGOTIATIONS: Indonesia and the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE) have launched negotiations for a free trade agreement. GCC Secretary-General Albudaiwi described Indonesia as an FTA priority for the council’s economies.