CHINA LIFTS AUSTRALIAN BEEF BAN: China has this week lifted its last two suspensions of Australian meat processing plants. It originally banned exports from 10 plants at the height of a $20 billion trade row in 2020. Trade Minister Farrell said Australia was close to all trade impediments with China being removed.
THAILAND REACHES EUROPEAN TRADE AGREEMENT: Thailand and the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland) have concluded negotiations for a free trade agreement. It includes goods, services and investment. Negotiations for the agreement began in June 2022.
TAIWAN REGRETS FTA OUTCOME: Taiwan’s Office of Trade Negotiations expressed “deep regret and disappointment” that CPTPP FTA economies did not reach an agreement to begin its accession process when they met last week. Taiwan, China and Indonesia are among economies seeking CPTPP membership.
AUSTRALIA HEADS TOWARD RECORD: The Australian Bureau of Agricultural and Resource Economics is forecasting beef and veal exports will reach $13.9b in 2024-25. This will represent a 12% increase in the previous record in 2023-24. The US was the largest 2023-24 market with $3.3b of exports.
WTO LEADER GETS SECOND TERM: The World Trade Organization’s General Council has agreed to reappoint Dr Ngozi Okonjo-Iweala as its director-general for a second four-year term. She was the sole candidate for the leadership of the Geneva-based trade body. Dr Okonjo-Iweala first began office in 2021.
AUSTRALIAN TRADE SURVEY HIGHLIGHTS REPUTATION: A trade survey by the Australian Chamber of Commerce and Industry saw 70% of businesses rate their reputation as an Australian producer as a competitive strength. Access to FTA markets was second. Cyber security was the biggest concern.
CANADIAN MINISTER LEADS ASEAN MISSION: Trade Minister Ng has this week led a Team Canada Trade Mission to Indonesia and the Philippines. It included 300 representatives from 190 companies. Meanwhile Canada and Indonesia have concluded negotiations for an economic partnership agreement.
EU LAUNCHES DISPUTE CONSULTATION WITH INDIA: The EU has launched dispute consultations with India in a long-running trade dispute with India over tariffs on ICT goods. It claims India has blocked a resolution of the dispute by appealing to the non-functioning WTO Appellate Body.
NEW ZEALAND HOSTS SINGAPOREAN DELEGATION: New Zealand has this week hosted a Singaporean food security delegation. Trade Minister McClay said the delegation would visit key food businesses and organizations that could provide Singapore with high-quality, safe and sustainable food products.
MALAYSIA ISSUES TARIFF WARNING: Malaysia has warned Chinese businesses not to use the economy as a base to avoid US tariffs saying tariffs would catch up on businesses. Meanwhile the US has announced initial dumping duties of up to 271% on solar products from Cambodia, Malaysia, Thailand and Vietnam.