PBEC Trade Report

AUSTRALIA PURSUES MAJOR TOURIST BOOST: Australia hosted more than 300 global travel experts in Perth this week as part of its G’Day Australia promotional initiative. Tourism Minister Farrell said G’Day Australia played a critical role in ensuring Australia remained a top choice with international travellers. ASEAN & CHINA CONCLUDE TRADE NEGOTIATIONS: ASEAN and China have substantially concluded negotiations for the ASEAN-China Free Trade Area Upgrade 3.0. It was first signed in 2002 and represented ASEAN’s first external FTA and China’s first FTA. It is planned to sign the upgraded protocol in 2025. AUSTRALIA LAUNCHES TOMATO INQUIRY: The Anti-Dumping Commission has...

AUSTRALIA REPORTS LOBSTER BREAKTHROUGH: Prime Minister Albanese expects Australian lobster exports to China will resume by the end of 2024. It follows a meeting with Chinese Premier Li Qiang in Lao. China banned Australian lobster imports in 2020 as part of a trade feud that also involved barley and wine. CHINA HITS EU WITH BRANDY ATTACK: Within days of the EU voting to proceed with anti-subsidy duties of up to 35% on China-sourced electric vehicles, China announced it would impose security deposits of up to 39% on imports of EU-sourced brandy. It is also considering duty hikes on larger engined...

AUSTRALIA & SOUTH KOREA TALK TRADE: Trade Ministers Farrell and Cheong met in Perth this week for a 6th Korea-Australia FTA Joint Committee Meeting. It was the first in-person committee meeting since 2019. Since the FTA began in 2014 trade between the two economies has grown from $33b to $71b. CHINA LIFTS TAIWANESE FRUIT BAN: The Ministry of Agriculture in Taipei has announced China has lifted its ban on pomelo fruit imports from the island economy. The ban was introduced in August 2022. Its lifting of the import ban comes two weeks before a Mid-Autumn Festival when the fruit is...

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:...

AUSTRALIA BOOSTS GRAPE ACCESS TO JAPAN: Australia has secured access to Japan for all its table grape varieties. It had previously been limited to three varieties. Agriculture Minister Watt said the positive outcome of the technical negotiations would provider greater export opportunities to a priority market. ASIA PACIFIC ECONOMIES ATTEND G7 TRADE MEETING: A number of Asia Pacific economies attended this week’s G7 Trade Ministers meeting in Italy as observers. They included Australia, India, New Zealand, South Korea and Vietnam. The meeting was also attended by WTO Director-General Okonjo-Iweala. RCEP ECONOMIES MEET IN LAO: The RCEP Free Trade Agreement held...

CHINA LIFTS AUSTRALIAN MEAT FACILITY BANS: China has lifted the trade suspensions on five Australia meat processing facilities. Eight beef processing facilities have now had suspensions lifted. Two facilities remain suspended. The latest action comes ahead of Chinese Premier Li’s planned visit to Australia in June. SOUTH KOREA & UAE SIGN TRADE AGREEMENT: South Korea and the United Arab Emirates this week formally signed a bilateral closer economic partnership agreement. It was signed in Seoul. Meanwhile Australian and UAE officials have been meeting in Dubai this week to progress their CEPA negotiations. US COMMERCE SECRETARY TO VISIT SINGAPORE: Commerce Secretary...

AUSTRALIA & CHINA TALK TRADE: Trade Minister Farrell and Commerce Minister Wang met virtually on Tuesday where they co-chaired a 17th Joint Ministerial Economic Commission meeting. Minister Farrell used the forum to resolve outstanding trade impediments affecting rock lobster and red meat trade. NEW ZEALAND LASHES CANADA: Trade Minister McClay is seeking legal advice after accusing Canada of failing to comply with a dairy trade ruling. He described Canada’s refusal to implement the ruling under the CPTPP FTA as cynical. NZ took its obligations seriously and expected others to show the same courtesy. TAIWAN & US MEET FOR TRADE TALKS:...

EU PUBLISHES COMPREHENSIVE CHINA REPORT: The EU has published an update of a 2017 report on state-induced distortions in China’s economy. It aims to provide information for trade remedy inquiries and focusses on China’s support for sectors including new energy vehicles and environmental goods. AUSTRALIAN MINISTER LEADS FIRST DELEGATION: Assistant Trade Minister Ayres has this week led an Australian Business Mission to Singapore and Malaysia. The Business Mission is the first under Australia’s new ASEAN Business Exchange Program and focussed on clean energy and maritime decarbonisation. WTO COMMEMORATES 30 YEARS: The World Trade Organization this week commemorated the 30th anniversary...

AUSTRALIA TO BOOST EXPORT GRANTS: The Government introduced legislation to Parliament this week to streamline and boost the effectiveness of its Export Market Development Program. The major changes to the program include increased grants and earlier access to the funding for successful business applicants. NEW ZEALAND RACES TO IMPLEMENT EUROPEAN FTA: New Zealand’s Parliament has this week been completing the necessary legislative actions to allow ratification of the New Zealand-European Union FTA. New Zealand hopes the FTA can be introduced in May. The EU has previously completed its ratification. AUSTRALIA TO REMOVE WIND TOWER DUTIES: Australia is to remove its...

TRADE MINISTERS HEAD FOR CRITICAL MEETING: Trade Ministers are jetting to Abu Dhabi for next week’s 13th ministerial conference of the WTO. They will confirm the accession of Timor-Leste and debate critical trade issues encompassing topics such as agriculture, fish subsidies, digital trade and dispute resolution. AUSTRALIA TO PUSH NEW FTA: Australia and the UAE are preparing for a 2nd round of negotiations for a comprehensive economic partnership agreement. It follows a first round in January. Trade Minister Farrell will meet his UAE counterpart while in Abu Dhabi for the WTO’s 13th ministerial conference. AUSTRALIA & NZ BACK PACIFIC PARTICIPATION:...