Trade News – 15 April 2018
CHINA TO LOWER CAR TARIFFS: Without mentioning the US, President Xi this week promised to lower car tariffs, relax foreign investment rules and strengthen intellectual property rights. Speaking at the Boao Forum, Xi also said China would accelerate its bid to join the WTO Government Procurement Agreement.
INDONESIAN MINISTER SUGGESTS FTA BY AUGUST: Indonesia’s Coordinating Minister for Economic Affairs DarminNasution has suggested an FTA with Australia is close. A former central bank governor in Jakarta, he was reported by Xinhua News this week as saying an agreement could be reached by August.
INDIA AND EU LOOK FOR WAY FORWARD: Chief negotiators from India and the European Union are meeting in Brussels this week in a bid to find ways of resuming FTA negotiations. Negotiations have been stalled since 2013 because of a mismatch in ambition levels. This followed 12 formal negotiating rounds.
SOUTH KOREA CHALLENGES JAPAN’S WTO WIN: South Korea this week filed a formal appeal at the WTO challenging an earlier ruling that it end its ban on fish imports from areas surrounding the Fukushima Prefecture. The appeal will focus on points of trade law.
CHINA PROMISES TO SAFEGUARD WTO: China says it is committed to trade and investment liberalization. Premier Li this week told Singaporean Prime Minister Lee in Beijing that China would continue to safeguard global trade with the rules of the World Trade Organization as the base.
AUSTRALIA EMBARKS ON TPP-11 RATIFICATION: Australia has launched its ratification of the TPP-11 trade deal with a tabling of the agreement in Parliament. A review by Parliament’s Joint Standing Commission on Treaties has commenced. The Committee has invited public submissions by April 20.
INDONESIA LAUNCHES CERAMIC SAFEGUARD REVIEW: Indonesia has begun a safeguard review on a wide range of ceramic products. This follows an application by the Indonesian Ceramic Industry Association for safeguard measures, usually temporary duties or import restrictions, to be implemented.
US DUMPING INQUIRIES SOAR: The US is continuing apace with anti-dumping actions with first-quarter inquiries up by 150% on a year ago. It currently has 428 anti-dumping and anti-subsidy orders in place including 161 orders against China.
SOUTH KOREA AIMS TO PASS JAPAN: South Korea aims to overtake Japan with a new trade strategy to become the world’s 4th largest exporter by 2022. It aims to reduce its trade reliance on the US and China with a new market focus including ASEAN and India. It also plans to also seek membership of TPP-11.
AUSTRALIAN OFFICIAL STRESSES INDEPENDENCE: Anti-Dumping Commissioner Seymour has issued a statement emphasizing his statutory independence following a claim by Opposition Trade and Industry Shadow Ministers that he supported their policy proposals for increased penalties and more resources.
Visit: