The trade pillar of the Indo-Pacific Economic Framework, which already was being criticized for not being ambitious enough, is not going to be finished as quickly as the pillars run by the Commerce Department on tax and corruption, supply chains and climate, the administration acknowledged as Asian leaders meet in San Francisco.
Australia and the EU were unable to finalize a free trade agreement, Australian Trade Minister Don Farrell said in an Oct. 30 statement after a meeting with EU trade negotiators during the Group of 7 summit in Osaka, Japan. Farrell said he came to Osaka "with the intention to finalise a free trade agreement with" the EU, but "unfortunately we have not been able to make progress." He added that FTA talks will continue and is "hopeful that one day we will sign a deal that benefits both Australia and our European friends." FTA talks have continued for over five years between the parties (see 2307110050).
The Commerce Department and the Office of the U.S. Trade Representative said the fifth negotiating round for the Indo-Pacific Economic Framework, held in Malaysia Oct. 15-24, made progress "towards high-standard outcomes" in trade, clean economy and fair economy pillars. "Officials also continued discussions on next steps for the proposed IPEF Supply Chain Agreement (Pillar II) following substantial conclusion of negotiations in May and public release of the text on September 7th," their readout said.
Is it EU "institutional rigidity," as a former assistant U.S. trade representative for Europe, Dan Mullaney, says, or unrealistic asks from the U.S. government delaying a deal on trade in steel and aluminum that could end tariff rate quotas on European exports?
An official from the Office of the U.S. Trade Representative told Bangladesh "that supporting workers’ rights, including freedom of association and collective bargaining, is a top priority for the Biden-Harris Administration," according to a USTR readout of the Sept. 20 U.S.-Bangladesh Trade and Investment Cooperation Forum Agreement Council meeting.
A former Office of the U.S. Trade Representative career negotiator and a former Trump administration trade adviser say that even if the U.S. is not going to reenter into a tweaked Trans-Pacific Partnership -- as they advised in an earlier think tank piece -- the U.S. needs to take trade negotiations in Asia more seriously to not get left behind.
Vice President Kamala Harris talked about critical minerals with Indonesia's president and resilient supply chains with him and the president of the Philippines and prime minister of Japan during meetings in Jakarta this week on the sidelines of the biannual meeting of the Association of Southeast Asian Nations, or ASEAN Summit.
Although the office of the U.S. Representative has already received nearly 1,500 comments on "worker-centered trade," the office has re-opened comments that closed Aug. 11. It is now accepting ideas on trade policies and actions to advance racial and gender equity, advance equity for rural communities or other underserved categories, as well as ideas on how to advance these values through stakeholder engagement.
The U.K. and India last month held their 12th round of negotiations on a free trade agreement to discuss “ways to progress” the talks, the U.K.’s Department for Business and Trade said in a Sept. 1 news release. The two sides plan to hold another round of negotiations this month. They began the talks in 2022 (see 2201130026) and had hoped to conclude a majority of the negotiations by the end of last year (see 2208110014).
India's Commerce Minister Piyush Goyal told U.S. Trade Representative Katherine Tai that he will "find a solution that addresses both countries' concerns" when it comes to India's new import licensing regime for technology imports. The new system is supposed to go into effect Nov. 1; U.S. technology companies have said it will hurt their exports to India (see 2308170028).