New Zealand is urged to drop tariffs and revamp trade negotiation strategy, focusing on economic well-being and reducing the cost of doing business overseas for New Zealand firms. This new approach challenges the conventional pursuit of tariff reductions and emphasizes the broader economic impact of trade policies. [bb4ca259]
Meanwhile, Canada's proposal of a digital services tax risks damaging trade with the US and could lead to retaliatory trade sanctions. The tax, if implemented, would apply retroactively to 2022 and has already provoked the US to consider imposing trade sanctions, causing economic pain in Canada. [b81faf08]
EU processors are calling for the exclusion of Russian whitefish from the duty-free tariff system to be delayed until 2025. If the proposal is accepted, a transition period of one year is requested to allow the value chain to adjust to the market impact. [9c9739fd]
The European Commission's Directorate General for Trade has launched a podcast to explain trade policy and engage with a wider audience. The podcast aims to show a friendly face of the European Union and reach beyond the Brussels bubble. It features interviews with trade officials and experts, discussing various trade-related topics. The podcast is part of the EU's efforts to increase transparency and public understanding of trade policy. [ebba20f4]
Jean Marco Pou, president of the EuroChamber of Commerce, emphasized the interest of the European Union in the knowledge industry and Artificial Intelligence. The economic exchange between the Dominican Republic and the European Union exceeds 4.1 billion euros, with imports from the EU exceeding 2.5 billion euros and exports from the Dominican Republic exceeding 1.4 billion euros. Pou Fernández highlighted the need for knowledge transfer and diversification of the Dominican Republic's exportable offer, focusing on logistics, innovation, and special services. The European Union is a hyper-competitive market with over 440 million consumers and numerous free trade agreements. The Dominican Republic has positioned itself well in the European market, creating niches in traditional markets and exploring opportunities in Eastern European countries. Pou Fernández also emphasized the importance of promoting digital financial services and innovative products for the European consumer. [530d4622]
The EU Deforestation-Free Regulation (EUDR) is seen as a challenge that could harm Indonesian agricultural and forestry commodities, including palm oil. Indonesia, Malaysia, and the EU have established an Ad Hoc Joint Task Force on the EUDR to address implementation issues. Bipartisan groups from the US have also highlighted the unfairness of EUDR policies. The EUDR policy has drawn attention from The New York Times and Financial Times and is expected to impact sustainable supply chains, prices, and consumer choices. Copa-Cogeca, the leading agricultural association in the EU, has recommended delaying the implementation of the EUDR policy. Many countries, including India and Brazil, have voiced concerns about implementing the EUDR policy. [2e13a4f6]
The European Union Deforestation Regulation (EUDR) aims to ensure that products imported into the EU do not contribute to deforestation. Ethiopian and African farmers need to comply quickly to maintain access to the EU market. The deadline for compliance is December 30, 2024. The UN International Trade Centre (ITC) provides technical assistance and training to help countries meet EUDR regulations. Orbit Innovation Hub in Addis Ababa organized a symposium to explore the potential of agritech in improving access to markets and finance. The European Union is Ethiopia's biggest single market. Smallholder farmers in Ethiopia face challenges in developing sustainable practices and accessing markets. Agri-tech can help overcome these barriers and level up to international standards. Early compliance on the EUDR will enhance the trust of EU buyers. ITC is developing an online platform called the Deforestation Free Trade Gateway to support small producers in complying with EUDR requirements. The government, private sector, and business associations need to commit to compliance. Ethiopia can lead the way in engaging the African Union and making deforestation-free trade a continent-wide agenda. [8524a2c3]
Controversial legislation introduced at the end of 2024 will require companies importing goods into the EU to prove their supply chains do not contribute to deforestation. The United States has called on the EU to delay the implementation of the law, citing concerns about imposing bureaucracy on American exporters. The US is siding with emerging economies that have complained about the EU's attempt to regulate companies outside of its jurisdiction. Malaysia and Indonesia are already in conflict with the EU over its refusal to recognize Malaysian standards. The UK, on the other hand, recognizes Malaysia's local standards, which contributed to its access to the major trade agreement CPTPP. The EU has yet to launch a system for producers to submit their documentation and has not provided clear implementing guidance on the policy. The US's opposition to the EU's deforestation law is seen as a direct challenge to the EU's attempt to become the 'world regulator' of trade. [0096a20d]