Free trade agreements

Engaging the Biden administration on trade will be key to Canada's long-term economic fortunes, shows latest RSM Canada report

Tuesday, January 19, 2021 - 2:08pm

Canada's long-term economic prospects will largely depend on expansion of U.S. and global trade

Key Points: 
  • Canada's long-term economic prospects will largely depend on expansion of U.S. and global trade
    Canada's economy is the most dependent on trade among large, developed nations.
  • It can expect a boost if the Biden administration re-enters the U.S. in the Trans-Pacific Partnership (TPP).
  • Canada poised to make significant economic gains should the U.S. end its trade war with China, which analysis shows has harmed Canada nearly as much as the U.S. given integration between the two economies.
  • RSM Canada Consulting LP provides consulting services and is an affiliate of RSM US LLP, a member firm of RSM International.

Richard Yuan, Chairman of Australia China Entrepreneurs Club, discusses RCEP and Global Trade

Wednesday, January 13, 2021 - 5:00pm

SYDNEY, Jan 14, 2021 - (ACN Newswire) - Richard Yuan, chairman of Australia China Entrepreneurs Club, discussed RCEP and its impact on global trade in a recent interview.

Key Points: 
  • SYDNEY, Jan 14, 2021 - (ACN Newswire) - Richard Yuan, chairman of Australia China Entrepreneurs Club, discussed RCEP and its impact on global trade in a recent interview.
  • RCEP can connect approximately 30% of the world's population and development and generate substantial income in the right political context.
  • And, it can raise world income by US$209 billion and global trade by US$500 billion annually by 2030 according to Richard Yuan, a Chinese national living and working in Australia who is Chairman of the Australia China Entrepreneurs Club and International Ambassador of the SME Association of Australia.
  • People can estimate that the total losses in the trade war between the US and China are covered, not for China or the United States, by the RCEP and CPTPP together.

Why has the world's largest free trade bloc formed in East Asia

Friday, November 27, 2020 - 2:00pm

The signing of the RCEP will create the world's largest free trade bloc.

Key Points: 
  • The signing of the RCEP will create the world's largest free trade bloc.
  • More importantly, East Asia, with a well-established production network and active regional trade, lacked an overall free trade agreement.
  • In addition, the resurgence of unilateralism and trade protectionism over recent years have greatly disrupted regional trade in East Asia.
  • Although the volume of bilateral trade exceeds $300 billion, the two countries had no free trade deal between each other.

Commodities Intelligence Centre to groom Global Commodity Champions On the Back of RCEP

Tuesday, November 24, 2020 - 12:00am

- Announces Global Commodity Champion initiative on the back of RCEP which identifies a unique commodity product from each member country.

Key Points: 
  • - Announces Global Commodity Champion initiative on the back of RCEP which identifies a unique commodity product from each member country.
  • SINGAPORE, Nov 24, 2020 - (ACN Newswire) - Commodities Intelligence Centre (CIC), a B2B e-trade platform for physical commodities, has announced its plans to groom one Global Commodity Champion from each participating country of the Regional Comprehensive Economic Partnership (RCEP).
  • Peter Yu, Chief Executive Officer of Commodities Intelligence Centre, shared, "The coronavirus has radically reshaped the global supply chain, exposing the fragility of the industry.
  • The Commodities Intelligence Centre (CIC) is a global trading platform for physical commodities including Ferrous & Non-Ferrous Metals, Chemicals & Plastics, Oil & Petroleum, and Agri Commodities.

Peers call for more transparency on trade deals

Friday, July 31, 2020 - 1:03pm

The International Agreements Sub-Committee is currently holding two inquiries into the UKs trade negotiations with the US and Japan.

Key Points: 
  • The International Agreements Sub-Committee is currently holding two inquiries into the UKs trade negotiations with the US and Japan.
  • Lord Goldsmith QC, Chair of the Committee, has today called for more detail on the progress and objectives of trade negotiations in two letters to Secretary of State, Rt Hon.
  • The letters, one in relation to UK-US trade talks and the other on UK-Japan negotiations, detail initial concerns with the ongoing negotiations and areas where the Committee calls for more transparency with Parliament to support scrutiny.
  • As an EU Member State, much of the work negotiating agreements was done on our behalf and the European Parliament, including UK MEPs, scrutinised these deals with veto powers.

Peers call for more transparency on trade deals

Friday, July 31, 2020 - 1:03pm

The International Agreements Sub-Committee is currently holding two inquiries into the UKs trade negotiations with the US and Japan.

Key Points: 
  • The International Agreements Sub-Committee is currently holding two inquiries into the UKs trade negotiations with the US and Japan.
  • Lord Goldsmith QC, Chair of the Committee, has today called for more detail on the progress and objectives of trade negotiations in two letters to Secretary of State, Rt Hon.
  • The letters, one in relation to UK-US trade talks and the other on UK-Japan negotiations, detail initial concerns with the ongoing negotiations and areas where the Committee calls for more transparency with Parliament to support scrutiny.
  • As an EU Member State, much of the work negotiating agreements was done on our behalf and the European Parliament, including UK MEPs, scrutinised these deals with veto powers.

WAGN Accelerates Growth by Spearheading Elk River Wealth’s Third Tuck-In Deal in Four Months

Tuesday, July 21, 2020 - 2:00pm

Wealth Advisor Growth Network (WAGN) is proud to announce that it has successfully helped Elk River Wealth Management close its third tuck-in deal since launching the firm in late March.

Key Points: 
  • Wealth Advisor Growth Network (WAGN) is proud to announce that it has successfully helped Elk River Wealth Management close its third tuck-in deal since launching the firm in late March.
  • The deal accelerates Elk Rivers regional expansion and growth efforts, as David Carroll and Jon Springer collectively managed $230 million in assets under management prior to joining the firm.
  • WAGN spearheaded the launch of Elk River in March, successfully navigating the challenges and uncertainties posed by the global pandemic .
  • Todays announcement with David Carroll and Jon Springer marks the third deal WAGN has spearheaded for Elk River.

Trade agreements: a reading list

Tuesday, July 21, 2020 - 3:00pm

A reading list of resources on the UK's negotiations for trade agreements with the US, Australia, New Zealand and Japan, and on the approach to join the CPTPP.

Key Points: 
  • A reading list of resources on the UK's negotiations for trade agreements with the US, Australia, New Zealand and Japan, and on the approach to join the CPTPP.
  • The UK Government has started negotiations for trade agreements with the US, Australia, New Zealand and Japan.
  • It also intends to pursue accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
  • This reading list brings together a selection of statements from the UK Government and the other parties to these negotiations.

Trade Bill 2019-21: Committee Stage Report

Thursday, July 16, 2020 - 12:02am

This briefing paper summarises proceedings on the Trade Bill 2019-21 at Committee Stage in the House of Commons.Download the full reportIntroduction The Committee Stage of the Trade Bill 2019-21 took place over eight sittings between 16 and 25 June 2020.

Key Points: 


This briefing paper summarises proceedings on the Trade Bill 2019-21 at Committee Stage in the House of Commons.

Download the full report

    Introduction

      • The Committee Stage of the Trade Bill 2019-21 took place over eight sittings between 16 and 25 June 2020.
      • The first three sittings heard evidence from witnesses while the remaining five sessions scrutinised the Bill in detail.
      • The Bill goes forward to Report Stage unchanged from its introduction into the House of Commons.
      • Concerns over the implications of a trade deal with the US were raised during the Committee Stage.

    Parliamentary scrutiny of trade agreements

    • The Opposition proposed a number of amendments and new clauses designed to increase transparency and scrutiny. These included requirements for:
      • Parliamentary approval for the start of trade negotiations
      • Impact assessments
      • Negotiation texts to made available
      • Select committees to have the power to trigger debates when they have concerns about trade negotiations
      • Parliamentary approval of trade agreements
    • The Government argued that the powers in the Bill were needed to ensure that the UK benefited from continuity agreements. The Government argued that:
      • The agreements had already been scrutinised at EU level so further detailed scrutiny was unnecessary
      • The regulation-making power in clause 2 would be subject to the affirmative procedure
      • The regulation-making power in clause 2 would also be subject to a five year sunset period which could only be extended with the consent of Parliament
      • Initiating, negotiating and signing international agreements were Executive functions under the royal prerogative. The amendments would limit the government’s ability to negotiate effectively.
      • The Opposition argued that the current UK system gave Parliament only a minimal role in scrutinising treaties through the Constitutional Reform and Governance Act 2010 (CRAG).
      • When the UK had been an EU Member State, there had been extensive scrutiny of trade treaties by the European Parliament.
      • The Opposition argued that the Bill provided an opportunity to create a new statutory framework for treaty scrutiny, which should apply to future trade agreements (such as with the US), not just EU trade agreements which were being rolled over into UK agreements.
      • Some Government amendments to the previous Trade Bill, but removed from the current Bill, were tabled again by the Opposition.

    New agreements vs continuity agreements

      • In the Governments view, the Bill was about the continuity agreements not new agreements with countries which did not have an agreement with the EU.
      • On new agreements, such as with the US, the Minister said that the Governments commitment to scrutiny was demonstrated by the fact that it had published negotiation objectives and an economic impact assessment.
      • The Minister said that his door was open to further discussions with opposition parties about the scrutiny of future trade agreements.

    International obligations


      The Opposition tabled a number of amendments which sought to ensure that regulations implementing trade agreements were consistent with a range of criteria, including the sustainable development goals, human rights law, workers’ rights, labour standards and environmental regulations. In response, the Minister said that the rolled over agreements were consistent with international obligations and that none of the continuity agreements already signed had reduced EU standards.

    Food standards

      • A number of amendments were proposed with the aim of protecting UK food standards, including food production standards.
      • All imports would have to meet UK import requirements and food safety standards.
      • Labour and the SNP tabled new clauses designed to ensure that imported food met the same standards as food produced in the UK.
      • However, banning safe food imports which met import standards but did not follow UK production methods would disrupt the food supply chain.

    Devolution

      • Mr Hosie referred to commitments given to a Scottish Minister by the former Minister for Trade Policy.
      • These included a commitment that UK Government Ministers would not normally use the Bills powers in devolved policy areas without consent and never without consultation.
      • The UK Government also committed to consulting the devolved nations before extending the sunset power in clause 2.
      • The Minister said that it was a principle of the UK constitution that negotiation of international agreements was a prerogative power of the UK government.
      • It would therefore be inappropriate to give the devolved nations a veto.

    Liz Truss: Launch of trade negotiations with Australia and New Zealand show "Britain is back"

    Thursday, June 18, 2020 - 12:02am

    The International Trade Secretary made a statement on the start of post-Brexit trade talks between the UK, Australia and New Zealand.

    Key Points: 
    • The International Trade Secretary made a statement on the start of post-Brexit trade talks between the UK, Australia and New Zealand.
    • Formal talks tofind afree trade dealbegan today with Australia and New Zealand.
    • Secretary of State for International Trade, Elizabeth Truss ,told the Housethat the negotiations with Australia and New Zealand were "historic".
    • With negotiations underway between Australia and New Zealand, the UK should already have deals with nine of the 11 members of the CPTPP.