Read more at The Loadstar: https://theloadstar.com/canadian-strike-ends-as-ilwu-bcmea-accept-mediators-terms/

Read more at The Loadstar: https://theloadstar.com/carriers-start-diverting-ships-from-canadas-strike-hit-west-coast-ports/

Just one month since the Australia-UK Free Trade Agreement was signed, Hancock Agriculture and JBS Australia are among the first to take advantage of the 35,000 tone allowance of beef that can enter the UK tariff-free.

Read more at the ABC: https://www.abc.net.au/news/rural/2023-07-01/gina-rinehart-and-jbs-beef-flows-to-uk-under-new-free-trade-deal/102543946?utm_campaign=abc_news_web&utm_content=link&utm_medium=content_shared&utm_source=abc_news_web

The Maritime Union of Australia will be holding an authorised 2 hour stop work meeting at DP World Sydney on the 25th of May from 1pm to 3pm. During this time period all terminal operations will cease. As always we will keep our customers updated about the status of their shipments that may be affected by this, if you have any concerns, please contact us.

Delays and congestion in ports across Europe, China, South Africa, the US and Australia have been causing major disruptions to RO-RO vessel schedules resulting in vehicle delivery delays.

Read more at The Loadstar https://theloadstar.com/traffic-jams-worldwide-playing-havoc-with-car-carrying-vessel-schedules/

Shipping lines are planning to increase both their freight rates and bunker surcharges in response to higher fuel costs.

Read more at The Loadstar: https://theloadstar.com/shippers-brace-for-freight-rate-and-baf-increase-onslaught/

The ACCC has recently released a report on how stevedore profits have increased despite major supply chain disruptions in the course of the COVID-19 pandemic, you can read it at the below link:

https://www.accc.gov.au/media-release/stevedores-profits-surge-during-pandemic-supply-chain-disruptions

The below media release was issued yesterday with some exciting news on the implementation of the Australia-India Economic Cooperation and Trade Agreement (ECTA).

Import benefits will come into effect 1^st January 2023, although we’re still waiting for the Australian Border Force’s media release, including what the documentation requirements are.

We’ll update you as soon as any new information is released.

The following is extracted from https://www.trademinister.gov.au/minister/don-farrell/media-release/trade-deal-india-delivers-29-december :

Trade deal with India delivers from 29 December

• Senator Don Farrell joint media release with Anthony Albanese

30 November 2022

The Albanese Government welcomes confirmation today, that the Indian Government has completed its domestic requirements to enable implementation of the Australia-India Economic Cooperation and Trade Agreement (ECTA).

This trade agreement will deliver new market access opportunities for Australian businesses and consumers from 29 December 2022.

Australia finalised its domestic requirements for the trade agreement last week with the unanimous passage the Government’s Bills through Parliament.

ECTA is a ground-breaking agreement that brings Australia and India’s economies closer together.

From 29 December, tariffs on 85 per cent of Australia’s exports to India will be eliminated and high tariffs on a further 5 per cent of goods will be phased down.

Entry into force of the agreement before the New Year delivers a double bonus of two tariff cuts in quick succession: one as the agreement comes into effect and a second on 1 January 2023.

ECTA will save Australian exporters around $2 billion a year in tariffs, while consumers and business will save around $500 million in tariffs on imports of finished goods, and inputs to our manufacturing sector.

The tariff commitments provided by India in the agreement will open up access for Australia’s exporters of products including critical minerals, pharmaceuticals, cosmetics, lentils, seafood, sheepmeat, horticulture and wine.

Australian service suppliers will benefit from full or partial access across more than 85 Indian services sectors and subsectors. Australian suppliers across 31 sectors and subsectors will be guaranteed the highest standard of treatment that India grants to any future free trade agreement partner.

Australian services sectors to benefit include higher education and adult education, as well as business services such as tax, architecture and urban planning.

ECTA will support tourism and workforce needs in regional Australia by making 1000 Work and Holiday Program places available to young adventurous Indians. It maintains opportunities for Indian students graduating in Australia to undertake post-study work, with a bonus year of stay for high-performing STEM graduates.

Australia and India are now progressing a Comprehensive Economic Cooperation Agreement to build on ECTA. The Australian Government is pursuing further opportunities in goods and services, in addition to new commitments in areas such as digital trade, government procurement, and new areas of cooperation.

Current and aspiring exporters can explore ECTA’s tariff market access outcomes on the FTA Portal.

Quote attributable to the Hon Anthony Albanese MP, Prime Minister of Australia:

“Australia and India are increasingly working together as strategic and economic partners.

“We elevated our relationship with India to a Strategic Partnership in 2009 and to a Comprehensive Strategic Partnership in 2020.

“The Australia-India Economic Cooperation and Trade Agreement is the next step in elevating our relationship with India, the world’s fastest growing large economy.” 

Quotes attributable to the Minister for Trade and Tourism, Senator the Hon Don Farrell:

“The ECTA’s two tariff cuts in quick succession intensify the up-front benefits of this agreement for our exporters.

“Businesses are encouraged to get on the front foot and prepare themselves now to take advantage of the substantial improvements in market access to India under the new agreement.”

“Austrade can assist existing and potential exporters benefit from the lowering of trade barriers into the Indian market.”

Media enquiries

• Minister’s office: 02 6277 7420
• DFAT Media Liaison: (02) 6261 1555

Todd Crooks our Sales Director visited our UK agent Hemisphere Freight Services for a weeks’ worth of sales calls earlier this month and got the opportunity to be on-site at our Ipswich warehouse to witness the packing of our 40th FAK to Sydney.

A big thank you to Charlie, Glenn and Claire for all their hard work week in and week out.