Trade News – 26 March 2018
SYDNEY DECLARATION SEEKS RCEP ACTION: Leaders of ASEAN, hosted in Sydney by Prime Minister
Turnbull at the ASEAN-Australia Summit, agreed to intensify efforts in 2018 toward a swift conclusion of a modern, comprehensive, high quality and mutually beneficial RCEP (ASEAN + 6) trade agreement.
US PUBLISHES TARIFF EXCLUSION PROCESS: The Commerce Department has published its procedures for excluding products from steel and aluminium tariffs. Commerce Secretary Ross said the procedures would allow the US to protect its national security while minimizing undue impact on downstream US industries.
CHINA TAKES THE HIGH GROUND: Ahead of a wave of expected new tariffs by President Trump, Premier
Li spoke this week of China’s intention to further lower tariffs and relax market access in the services sector. “We aim to make the vast Chinese market a fair place for both domestic and overseas firms…”
AUSTRALIA BACKS STRONGER WTO: Trade Minister Ciobo has called for a stronger WTO. Speaking in
Hong Kong this week, he said the WTO had a vitally important role to play. “We want to improve the WTO, not end it, and we encourage all the major powers to act consistently within the existing rules.”
TAIWAN OPENS TO ITALIAN PORK: Taiwan has lifted an import ban on pork products from Italy. The ban has been in place for some years because of African swine flu in Sardinia. The ban will remain for Sardinia.
US TARGETS INDIA’S EXPORT SUBSIDIES: The US has begun a WTO challenge to a range of export subsidy programs in India. The US claims India can no longer offer the programs because it passed in 2015 the economic benchmark that allows developing economies to temporarily provide export subsidies.
INDONESIA SEEKS WTO REVIEW OF AUSTRALIAN DUMPING DUTIES: Indonesia has asked the WTO to establish a Dispute Panel to consider its appeal over anti-dumping duties of up to 45% levied by Australia on A4 copy paper. This followed the failure of talks between the two economies to resolve the issue.
CHINA, JAPAN & SOUTH KOREA TO TALK FTA: Negotiators from the three economies are to meet in Seoul this week for a 13th round of negotiations for a trilateral FTA. The negotiations will be the first in nearly a year and are expected to explore ways to make progress in the slow-moving negotiations.
PHILIPPINES & THAILAND FAIL TO RESOLVE TOBACCO ROW: A long-running customs duty dispute surrounding cigarettes exported from the Philippines to Thailand continues. The latest consultations at the WTO on March 12 failed. The Philippines has now sought to return to a WTO Dispute Panel.
NEW ZEALAND SUSPENDS RUSSIAN FTA BID: New Zealand has suspended a bid to resume FTA negotiations with Russia. This follows the diplomatic row after a nerve-gas attack in the UK. New Zealand began FTA negotiations with Russia-Belarus-Kazakhstan in 2010 but suspended the talks in 2014.
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