International Trade, Treaties and Agreements

Global Regulatory

Global Regulatory » International Trade, Treaties and Agreements

The international prudential regulation of banks and other financial institutions is largely determined by the Group of Twenty Nations (G20), which oversees the work of the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (BCBS). Organisations with an international reach should be aware of these ever-changing regulations, especially when contemplating changes within their own operations.

As the Basel III financial regulation reforms roll out in 2013, businesses will need to come up to speed, with new capital standards for financial institutions and new liquidity requirements for deposit-taking institutions.

Our Experts

Andrew Korbel.jpg

Andrew Korbel

Partner Location Sydney Profile
STEPHENSON Andrew website grey SIZED TH

Andrew Stephenson

Partner Location Melbourne Profile
HEATHJaredwebsitegreyFAKESIZEDTH.jpg

Jared Heath

Partner Location Melbourne Profile
DENTON John website grey SIZED TH

John W.H. Denton AO

Partner and Chief Executive Officer Location Profile
CARROLLLeewebsiteth.jpg

Lee Carroll

Special Counsel Location Melbourne Profile
Odette Gourley.jpg

Odette Gourley

Partner Location Sydney Profile
CATANIAPhilipwebsiteTH.jpg

Philip Catania

Partner Location Melbourne Profile
Stephen Stern.jpg

Stephen Stern

Partner Location Melbourne Profile

Our Experience

Anti-dumping

The Federal Government is working on new legislation to strengthen action in this area. Corrs trade law experts have been involved in the preparation of submissions to the Productivity Commission, Senate Economics Legislation Committee and the Federal Government and have appeared before both the Productivity Commission and the Senate Economics Committee in public hearings to provide evidence.

Corrs’ represents a number of major corporations and foreign governments in anti-dumping investigations in Australia, including, most recently, exporters of galvanised steel, plate steel, aluminium road wheels, formulated glyphosate and power transformers and importers of clear float glass and aluminium extrusions.

More

Anti-money laundering

Advising major financial institutions regarding laws arising from Australia’s membership of the Financial Action Task Force established by the G7 Summit, whose purpose is the combating of money laundering and terrorism financing. Corrs advises global organisations on all aspects of money laundering regulation and trade sanctions.

For example, we advise Western Union, the world’s largest money remittance business, whose network accounts for half of all entities regulated under Australia’s anti-money laundering laws.

More

British American Tobacco

Advising on how Australia’s proposed plain packaging legislation might breach WTO agreements TBT (Technical Barriers to Trade) and TRIPS (Trade Related Aspects of Intellectual Property). Also advising on the potential enforcement of Free Trade Agreements and Bilateral Investment Treaties.

Cross-border technology and privacy

Corrs advises organisations operating internationally seeking to refine their technology and processes through the increasing use of cloud technology, outsourcing and off-shoring. Corrs helps protect clients from issues of security, privacy and control.

Corrs acted for GE Capital in the outsourcing of their Australian data centre to Computer Sciences Corporation (CSC). Corrs also acted confidentially for a major Australian financial institution in the outsourcing and off shoring of its technology related activities.

More

New Zealand alcohol laws

Corrs advised Independent Distillers of Australia in relation to submissions to the New Zealand Government on how proposed changes to NZ alcohol laws could place the country in breach of its Closer Economic Relations treaty with Australia and the World Trade Organisation Technical Barriers to Trade treaty. Corrs also made oral submissions to a New Zealand Senate Committee on these issues.

Power transformer investigation

On 29 July 2013 the Australian Anti-Dumping Commission initiated an anti-dumping investigation into exports of liquid dielectic power transformers with power ratings equal to or greater than 10 mega volt amperes and a voltage rating of less than 500 kilo volts from the People’s Republic of China, the Republic of Indonesia, Taiwan, Thailand and the Socialist Republic of Vietnam.

Corrs is assisting, in the investigation, a range of exporters of those types of transformers from China, Taiwan and Indonesia, as well as an end-user in Australia.

More

Protecting French interests under the Australia EC Wine Treaty

Corrs advised French statutory authorities, the French National Institute of Appellations of Origin (also known as the National Institute of Origin and Quality) and the CIVC, the Inter-professional Committee for Champagne Wines on how to gain greater protection from the Australia EC Wine Treaty and its implementation.

This follows historic action from Corrs in gaining Australian protection of the term 'Methode Champenoise'.

More

Round-up export investigation

Corrs has been advising the China Chamber of Commerce of Metals, Minerals & Chemicals in relation to an application by Nufarm and Accensi for the Australian Customs and Border Protection Service to investigate the alleged dumping of formulated glyphosate imported into Australia from China.

Formulated glyphosate is a weed killer and is marketed in Australia under a variety of names, including Round Up. The China Chamber of Commerce represents, among others, Chinese exporters of glyphosate.

Following an initial investigation by Customs, a review by the Trade Measures Review Officer, and a re-investigation by Customs, the investigation was ultimately terminated, and no anti-dumping measures imposed on exports from our client’s members.

More

Steeling Chinese exporters against customs investigation

When Australian Customs and Border Protection Service initiated dumping and subsidy investigations into exports of galvanised steel and plate steel from the People’s Republic of China and Taiwan, Corrs stepped in.

Corrs worked together with domestic Chinese and Taiwanese law firms to assist exporters of galvanised steel and plate steel from China and in Taiwan to respond to the investigation, which was initiated by Customs following an application by BlueScope Steel Limited, the sole producer of galvanised steel and plate steel in Australia.

More

Tai Shan Kam Kiu Aluminium Extrusion Co Ltd

After the Attorney-General imposed anti-dumping and countervailing measures on aluminium extrusions exported from the People’s Republic of China, Corrs represented the Kam Kiu group of companies in Federal Court of Australia proceedings challenging various aspects of the investigation and decision-making process, including a decision to vary the initial measures that had been imposed on our client’s exports.

Our challenge to that decision – made on the basis that it was out of step with WTO appellate caselaw - was successful, with the Federal Court determining that the measures should be treated as if they had never been varied.

More

Our Thinking

The Global High Street: E-commerce is counting the cost of age-old policy

SMEs are exposed to a wealth of opportunities through e-commerce. But governments need to reconsider trade rules which have failed to keep pace with the 21st Century practices.

More

Bad for Business? The Trump Administration’s sanctions on Iran

How will President Trump’s recent sanctions impact on Australia’s trading relationship with Iran?

More

Globalisation – Where to now?

Corrs CEO John Denton considers the challenges of globalisation in this article which first appeared in The Australian.

More

Singapore Gives Effect to Hague Convention on Choice of Court Agreements

As the first jurisdiction in the Asia-Pacific region to sign, ratify and give effect to the Hague Convention on Choice of Court Agreements, Singapore continues to lead the way as a forum for international commercial dispute resolution.

More

Unchartered Territory: Trade with Iran may be an Economic Goldmine

Iran is open for business following the relief of sanctions, so where do the opportunities lie for Australian investors?

More

Investing overseas and ISDS – Are you adequately protected by a treaty with investor-state dispute settlement provisions?

Companies conducting business overseas need to ensure their investment is protected by a treaty with an investor-state dispute settlement provision.

More

What constitutes an “offshore case”? An analysis of the Singapore International Commercial Court’s second decision

A recent decision by the Singapore International Commercial Court (SICC) in Teras Offshore Pte Ltd v Teras Cargo Transport (America) LLC [2016] SGHC(1) 02 provides guidance as to when a dispute will constitute an “offshore case”.

More

Is an International Commercial Court for Australia a viable option?

Recently, there have been a number of appeals for an international commercial court (ICC) to be established in Australia. But what are ICCs? Why do we need them? And are they a viable option?

More

BCBC Singapore Pte Ltd v PT Bayan Resources TBK [2016] SGHC(I) 01

In its first written judgment, the Singapore International Commercial Court (SICC) provides some insight into Singapore’s approach to contractual interpretation, including in relation to implied terms and ambiguity, and the impact of foreign illegali

More

Geopolitics and security in Asia: What every business should know

Any business wishing to be successful in Asia must understand the relationships between the various countries and how they have been shaped by history.

More

The biggest trade pact in 20 years was announced this week

But what does the TPP mean for us down under? At the moment most of the focus is on the tariff reductions achieved or not achieved. But, over time the true significance of the TPP will be found.

More

Farewell Indonesia’s BITs: Economic nationalism or sensible reform?

How will Indonesia's termination of its bilateral investment treaties impact foreign investors and their investments?

More

Australia's M&A market 2015 - Ten trends that are shaping the market

Conditions seem ripe for M&A in 2015. So, what’s driving the market and how can bidders and targets improve their prospects for deal success?

More

APEC and G20 moving in sync on infrastructure

Are we moving towards a common solution or do we need to find new ways to solve our infrastructure challenges?

More

Germany - Australia's gateway to Europe

What opportunities are there for Australian companies doing business in Germany?

More

China’s tariffs on coal imports are being imposed to Australia’s chagrin but is this a question of throwing stones in glass houses?

Reinstating tariffs on coal provides China with a strong bargaining chip to push Australia to compromise on its treatment of Chinese imports.

More

Japan and Australia - Capitalising on the JAEPA

Australian companies will have unprecedented opportunity to take advantage of a level of access that Japan has not yet offered to any other trading partner.

More

M&A Review: 2014 mid-year update

As we pass the first half of the calendar year, we have checked in on the state of the public M&A market and here are our top ten findings.

More

Foreign investment in Indonesia: The more things change…

Who are the winners and losers from Indonesia’s new foreign investment regulation?

More

Free trade agreements trigger financial services opportunities for Australia

Australia’s new trade agreements with Japan and Korea will also boost financial services and infrastructure investment in Australia.

More

Trade with Indonesia: Navigating the noodle bowl

Trade between Australia and Indonesia offers much promise but finding your way through the plethora of trade agreements is not simple.

More

The new Korea-Australia Free Trade Agreement is an open door for Korean investors, but not in agriculture

KAFTA is a clear signal Australia is open for business.

More

Navigating Australian admiralty law: The ability to claim against and arrest a ship in Australian waters

Australia’s admiralty law offers aggrieved parties a unique and powerful remedy to recover their loss and damage.

More

Will an EU-US free trade agreement be the last straw for Australian manufacturing?

Australia will be a clear loser if the EU-US Transatlantic Trade and Investment Partnership becomes a reality.

More

Competition provisions in international trade agreements - The cart before the horse?

Trade negotiations with developing nations must focus on realistic goals.

More

Anti-dumping reforms are barking up the wrong tree

Dumping is not illegal and tougher anti-dumping measures will not save Australia’s manufacturers.

More

Australia’s new Anti-Dumping Commission - Shuffling deckchairs on the Titanic?

Will Australia’s new anti-dumping policeman save Australian manufacturing?

More

Ready for take-off: Creating a more creditor-friendly insolvency regime for Australian aviation finance

Australia has signed an international agreement that should lead to cheaper and easier financing of aircraft…but there’s a catch.

More

Australia’s irrational approach to trade with China

Is Australia jeopardising its goal of free trade with China for the sake of short term protectionism?

More

What future for Australian manufacturing and why should you care?

Is Australian manufacturing really on a road of no return or is it merely going through a painful reshaping and why does it matter?

More

Anti-Dumping - Proposed measures could expose Australia to claims of increased protectionism

The latest set of proposed amendments to Australia’s anti-dumping system potentially go too far and risk Australia contravening its WTO commitments.

More

Foreign direct investment in India

In efforts to promote the competitiveness of India as an investment destination, and to attract increased foreign direct investment, the Government of India has recently eased the country’s FDI procedures.

More

Anti-Dumping - Brumby inquiry into a stand-alone agency

Does the establishment of an inquiry into the feasibility of a stand-alone anti-dumping agency suggest Customs are not up to the task of conducting dumping and subsidy investigations?

More

High end products are the solution to Australia’s manufacturing woes, not more anti-dumping reforms

The Federal Government’s new legislation to strengthen the anti-dumping system, and Manufacturing Australia’s calls for reform, are misguided.

More

If Asia is the new Britain, we need a new passport

Australia’s proposed Asia Region Funds Management Passport seeks to ease current regulatory differences relating to the sale of financial products between Australia and Asia.

More

With trade barriers reappearing, G20 leaders must get serious

It's a critical time for international trade and investment. While the global economy - buffeted by concerns over sovereign debt in Europe - needs the benefit of trade liberalisation to boost business confidence, the World Trade Organisation negotiat

More

Australia’s anti-dumping reforms - An improvement or a lost opportunity?

Heralded as “the most important improvements to Australia’s anti-dumping regime in more than a decade” - but will these changes make the system more effective?

More

Our Experience

Anti-dumping

The Federal Government is working on new legislation to strengthen action in this area. Corrs trade law experts have been involved in the preparation of submissions to the Productivity Commission, Senate Economics Legislation Committee and the Federal Government and have appeared before both the Productivity Commission and the Senate Economics Committee in public hearings to provide evidence.

Corrs’ represents a number of major corporations and foreign governments in anti-dumping investigations in Australia, including, most recently, exporters of galvanised steel, plate steel, aluminium road wheels, formulated glyphosate and power transformers and importers of clear float glass and aluminium extrusions.

Anti-money laundering

Advising major financial institutions regarding laws arising from Australia’s membership of the Financial Action Task Force established by the G7 Summit, whose purpose is the combating of money laundering and terrorism financing. Corrs advises global organisations on all aspects of money laundering regulation and trade sanctions.

For example, we advise Western Union, the world’s largest money remittance business, whose network accounts for half of all entities regulated under Australia’s anti-money laundering laws.

British American Tobacco

Advising on how Australia’s proposed plain packaging legislation might breach WTO agreements TBT (Technical Barriers to Trade) and TRIPS (Trade Related Aspects of Intellectual Property). Also advising on the potential enforcement of Free Trade Agreements and Bilateral Investment Treaties.

Cross-border technology and privacy

Corrs advises organisations operating internationally seeking to refine their technology and processes through the increasing use of cloud technology, outsourcing and off-shoring. Corrs helps protect clients from issues of security, privacy and control.

Corrs acted for GE Capital in the outsourcing of their Australian data centre to Computer Sciences Corporation (CSC). Corrs also acted confidentially for a major Australian financial institution in the outsourcing and off shoring of its technology related activities.

New Zealand alcohol laws

Corrs advised Independent Distillers of Australia in relation to submissions to the New Zealand Government on how proposed changes to NZ alcohol laws could place the country in breach of its Closer Economic Relations treaty with Australia and the World Trade Organisation Technical Barriers to Trade treaty. Corrs also made oral submissions to a New Zealand Senate Committee on these issues.

Power transformer investigation

On 29 July 2013 the Australian Anti-Dumping Commission initiated an anti-dumping investigation into exports of liquid dielectic power transformers with power ratings equal to or greater than 10 mega volt amperes and a voltage rating of less than 500 kilo volts from the People’s Republic of China, the Republic of Indonesia, Taiwan, Thailand and the Socialist Republic of Vietnam.

Corrs is assisting, in the investigation, a range of exporters of those types of transformers from China, Taiwan and Indonesia, as well as an end-user in Australia.

Protecting French interests under the Australia EC Wine Treaty

Corrs advised French statutory authorities, the French National Institute of Appellations of Origin (also known as the National Institute of Origin and Quality) and the CIVC, the Inter-professional Committee for Champagne Wines on how to gain greater protection from the Australia EC Wine Treaty and its implementation.

This follows historic action from Corrs in gaining Australian protection of the term 'Methode Champenoise'.

Round-up export investigation

Corrs has been advising the China Chamber of Commerce of Metals, Minerals & Chemicals in relation to an application by Nufarm and Accensi for the Australian Customs and Border Protection Service to investigate the alleged dumping of formulated glyphosate imported into Australia from China.

Formulated glyphosate is a weed killer and is marketed in Australia under a variety of names, including Round Up. The China Chamber of Commerce represents, among others, Chinese exporters of glyphosate.

Following an initial investigation by Customs, a review by the Trade Measures Review Officer, and a re-investigation by Customs, the investigation was ultimately terminated, and no anti-dumping measures imposed on exports from our client’s members.

Steeling Chinese exporters against customs investigation

When Australian Customs and Border Protection Service initiated dumping and subsidy investigations into exports of galvanised steel and plate steel from the People’s Republic of China and Taiwan, Corrs stepped in.

Corrs worked together with domestic Chinese and Taiwanese law firms to assist exporters of galvanised steel and plate steel from China and in Taiwan to respond to the investigation, which was initiated by Customs following an application by BlueScope Steel Limited, the sole producer of galvanised steel and plate steel in Australia.

Tai Shan Kam Kiu Aluminium Extrusion Co Ltd

After the Attorney-General imposed anti-dumping and countervailing measures on aluminium extrusions exported from the People’s Republic of China, Corrs represented the Kam Kiu group of companies in Federal Court of Australia proceedings challenging various aspects of the investigation and decision-making process, including a decision to vary the initial measures that had been imposed on our client’s exports.

Our challenge to that decision – made on the basis that it was out of step with WTO appellate caselaw - was successful, with the Federal Court determining that the measures should be treated as if they had never been varied.

Our Thinking

The Global High Street: E-commerce is counting the cost of age-old policy

SMEs are exposed to a wealth of opportunities through e-commerce. But governments need to reconsider trade rules which have failed to keep pace with the 21st Century practices.

Bad for Business? The Trump Administration’s sanctions on Iran

How will President Trump’s recent sanctions impact on Australia’s trading relationship with Iran?

Globalisation – Where to now?

Corrs CEO John Denton considers the challenges of globalisation in this article which first appeared in The Australian.

Singapore Gives Effect to Hague Convention on Choice of Court Agreements

As the first jurisdiction in the Asia-Pacific region to sign, ratify and give effect to the Hague Convention on Choice of Court Agreements, Singapore continues to lead the way as a forum for international commercial dispute resolution.

Unchartered Territory: Trade with Iran may be an Economic Goldmine

Iran is open for business following the relief of sanctions, so where do the opportunities lie for Australian investors?

Investing overseas and ISDS – Are you adequately protected by a treaty with investor-state dispute settlement provisions?

Companies conducting business overseas need to ensure their investment is protected by a treaty with an investor-state dispute settlement provision.

What constitutes an “offshore case”? An analysis of the Singapore International Commercial Court’s second decision

A recent decision by the Singapore International Commercial Court (SICC) in Teras Offshore Pte Ltd v Teras Cargo Transport (America) LLC [2016] SGHC(1) 02 provides guidance as to when a dispute will constitute an “offshore case”.

Is an International Commercial Court for Australia a viable option?

Recently, there have been a number of appeals for an international commercial court (ICC) to be established in Australia. But what are ICCs? Why do we need them? And are they a viable option?

BCBC Singapore Pte Ltd v PT Bayan Resources TBK [2016] SGHC(I) 01

In its first written judgment, the Singapore International Commercial Court (SICC) provides some insight into Singapore’s approach to contractual interpretation, including in relation to implied terms and ambiguity, and the impact of foreign illegali

Geopolitics and security in Asia: What every business should know

Any business wishing to be successful in Asia must understand the relationships between the various countries and how they have been shaped by history.

The biggest trade pact in 20 years was announced this week

But what does the TPP mean for us down under? At the moment most of the focus is on the tariff reductions achieved or not achieved. But, over time the true significance of the TPP will be found.

Farewell Indonesia’s BITs: Economic nationalism or sensible reform?

How will Indonesia's termination of its bilateral investment treaties impact foreign investors and their investments?

Australia's M&A market 2015 - Ten trends that are shaping the market

Conditions seem ripe for M&A in 2015. So, what’s driving the market and how can bidders and targets improve their prospects for deal success?

APEC and G20 moving in sync on infrastructure

Are we moving towards a common solution or do we need to find new ways to solve our infrastructure challenges?

Germany - Australia's gateway to Europe

What opportunities are there for Australian companies doing business in Germany?

China’s tariffs on coal imports are being imposed to Australia’s chagrin but is this a question of throwing stones in glass houses?

Reinstating tariffs on coal provides China with a strong bargaining chip to push Australia to compromise on its treatment of Chinese imports.

Japan and Australia - Capitalising on the JAEPA

Australian companies will have unprecedented opportunity to take advantage of a level of access that Japan has not yet offered to any other trading partner.

M&A Review: 2014 mid-year update

As we pass the first half of the calendar year, we have checked in on the state of the public M&A market and here are our top ten findings.

Foreign investment in Indonesia: The more things change…

Who are the winners and losers from Indonesia’s new foreign investment regulation?

Free trade agreements trigger financial services opportunities for Australia

Australia’s new trade agreements with Japan and Korea will also boost financial services and infrastructure investment in Australia.

Trade with Indonesia: Navigating the noodle bowl

Trade between Australia and Indonesia offers much promise but finding your way through the plethora of trade agreements is not simple.

The new Korea-Australia Free Trade Agreement is an open door for Korean investors, but not in agriculture

KAFTA is a clear signal Australia is open for business.

Navigating Australian admiralty law: The ability to claim against and arrest a ship in Australian waters

Australia’s admiralty law offers aggrieved parties a unique and powerful remedy to recover their loss and damage.

Will an EU-US free trade agreement be the last straw for Australian manufacturing?

Australia will be a clear loser if the EU-US Transatlantic Trade and Investment Partnership becomes a reality.

Competition provisions in international trade agreements - The cart before the horse?

Trade negotiations with developing nations must focus on realistic goals.

Anti-dumping reforms are barking up the wrong tree

Dumping is not illegal and tougher anti-dumping measures will not save Australia’s manufacturers.

Australia’s new Anti-Dumping Commission - Shuffling deckchairs on the Titanic?

Will Australia’s new anti-dumping policeman save Australian manufacturing?

Ready for take-off: Creating a more creditor-friendly insolvency regime for Australian aviation finance

Australia has signed an international agreement that should lead to cheaper and easier financing of aircraft…but there’s a catch.

Australia’s irrational approach to trade with China

Is Australia jeopardising its goal of free trade with China for the sake of short term protectionism?

What future for Australian manufacturing and why should you care?

Is Australian manufacturing really on a road of no return or is it merely going through a painful reshaping and why does it matter?

Anti-Dumping - Proposed measures could expose Australia to claims of increased protectionism

The latest set of proposed amendments to Australia’s anti-dumping system potentially go too far and risk Australia contravening its WTO commitments.

Foreign direct investment in India

In efforts to promote the competitiveness of India as an investment destination, and to attract increased foreign direct investment, the Government of India has recently eased the country’s FDI procedures.

Anti-Dumping - Brumby inquiry into a stand-alone agency

Does the establishment of an inquiry into the feasibility of a stand-alone anti-dumping agency suggest Customs are not up to the task of conducting dumping and subsidy investigations?

High end products are the solution to Australia’s manufacturing woes, not more anti-dumping reforms

The Federal Government’s new legislation to strengthen the anti-dumping system, and Manufacturing Australia’s calls for reform, are misguided.

If Asia is the new Britain, we need a new passport

Australia’s proposed Asia Region Funds Management Passport seeks to ease current regulatory differences relating to the sale of financial products between Australia and Asia.

With trade barriers reappearing, G20 leaders must get serious

It's a critical time for international trade and investment. While the global economy - buffeted by concerns over sovereign debt in Europe - needs the benefit of trade liberalisation to boost business confidence, the World Trade Organisation negotiat

Australia’s anti-dumping reforms - An improvement or a lost opportunity?

Heralded as “the most important improvements to Australia’s anti-dumping regime in more than a decade” - but will these changes make the system more effective?

Our Experts

Andrew Korbel.jpg

Andrew Korbel

Partner Sydney + 61 2 9210 6537
STEPHENSON Andrew website grey SIZED TH

Andrew Stephenson

Partner Melbourne +61 3 9672 3358
HEATHJaredwebsitegreyFAKESIZEDTH.jpg

Jared Heath

Partner Melbourne +61 3 9672 3545
DENTON John website grey SIZED TH

John W.H. Denton AO

Partner and Chief Executive Officer +61 3 9672 3158
CARROLLLeewebsiteth.jpg

Lee Carroll

Special Counsel Melbourne +61 3 9672 3142
Odette Gourley.jpg

Odette Gourley

Partner Sydney +61 2 9210 6066
CATANIAPhilipwebsiteTH.jpg

Philip Catania

Partner Melbourne +61 3 9672 3333
Stephen Stern.jpg

Stephen Stern

Partner Melbourne +61 3 9672 3148