Australia & Oceania
Global Trade Briefs
Global Trade Brief – October 2021
Understanding the Current State of Chaos in the Shipping Industry
Adapt to Changing Regulations
The Australia and Oceania regions are unique in the sense that the economies are wildly different in terms of their size. On the one hand, there is Australia, which is the dominant economic powerhouse, while on the other hand, there are countries with very small economies such as Tonga and Vanuatu. The key issue related to trade in this region is that government policies and regulations can be misguided. Although the larger economies such as Australia and New Zealand have attempted to simplify their trade relations with Oceania partners in recent times, a lack of clarity in regulations continues to persist.
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Navigate PACER With Confidence
In recent times, the two major economies in the region have developed a new initiative known as the PACER (Pacific Agreement on Closer Economic Relations) Plus free trade deal. This deal was designed to reduce the potential tariffs that are levied on Australian and New Zealand goods by the Pacific Island countries. However, the situation remains complicated because not all of the countries have agreed to sign the terms of the new deal. The semi-implementation of PACER Plus has left traders confused about the regulations, tariff rebates, and their compliance responsibilities. In such a complex situation, traders often require the help of external experts who could help them in negotiating the tariffs and compliance requirements.