Intense negotiations are continuing to conclude the Regional Comprehensive Economic Partnership by the 4 November meeting of the ASEAN Summit. Trade Ministers will be meeting two days ahead of this.

One of the outcomes from the UN General assembly meetings in New York was the finalization of an agreement between the US and Japan. In return for a US “commitment” not to increase tariffs on automobiles and some auto parts Japan will apply the commitments it has made under CPTPP for import liberalization to some US agriculture imports. Unfortunately for New Zealand this includes beef and cheese and other products of interests.

The global situation continues to deteriorate. The next tranche of Trump’s China tariffs kick in on 1 September. China has retaliated by imposing its own tariffs and by essentially banning US agricultural imports. Distortions in global markets that have resulted from this trade dispute are becoming increasingly apparent. An essentially political dispute between Japan and Korea is escalating and increasingly flowing over into then trade arena. The US has withdrawn GSP privileges for India. Chances of a hard Brexit are increasing every day. And then there is trade tension between the EU and US. This will be a central feature of the G7 summit next week in France. There are no positive signs from the US that it might reverse course on the appointment of new Appellate judges to the WTO dispute settlement body.

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