International Trade updates

British Virgin Islands

Relief all round – Court of Appeal upholds relief from sanction
  • British Virgin Islands
  • 03 May 2019

The BVI Court of Appeal recently denied an appellant declaratory relief and upheld the respondents' relief from sanction, as granted by the lower court. While this judgment will inevitably provide some comfort to those that find themselves facing sanctions having inadvertently failed to comply with a rule, practice direction or order, it is a timely reminder for everyone that it is better to remain vigilant and compliant than to rely on the court's jurisdiction to grant relief from sanction.


European Union

EU reaction to US national security measures
Herbert Smith Freehills LLP
  • European Union
  • 30 March 2018

The European Union has rejected the US claim that the recently issued Section 232 national security investigation reports on steel and aluminium measures are necessary or even intended to address a national security concern. The European Union has announced three actions in response to the measures, including a World Trade Organisation dispute settlement action.

Modification of trade defence rules regarding non-market economy costs and prices
  • European Union
  • 23 February 2018

The European Union recently issued Regulation 2321/2017, amending the basic EU Anti-dumping Regulation (1036/2016). Among other things, Regulation 2321/2017 sets out new rules for the calculation of normal value in the case of significant distortions that affect cost and price and removes rules which previously allowed for normal value to be determined via an analogue country methodology for non-market economy World Trade Organisation members.

Recent developments in EU trade and investment policy
  • European Union
  • 20 October 2017

The European Court of Justice recently handed down its opinion regarding the European Union's competence to conclude its proposed free trade agreement (FTA) with Singapore. FTA proposals incorporating provisions on the protection of non-direct foreign investments or investor-state dispute settlement mechanisms should be treated as mixed agreements, requiring ratification from not only the European Union, but also each member state.

EU-Japan 'agreement in principle' for economic and partnership agreement
  • European Union
  • 25 August 2017

The European Union and Japan recently announced having reached an 'agreement in principle' on a future economic and partnership agreement. The final agreement is expected to boost EU-Japan trade by cutting red tape and scrapping duties. EU businesses importing from and exporting to Japan should prepare for the agreement's entry into force. This requires assessing the exact effect of the agreement on their operations and identifying potential opportunities and challenges.


International

We have a deal! USTR publishes US-Mexico-Canada Agreement slated to replace NAFTA
Arent Fox LLP
  • International
  • 12 October 2018

Following weeks of negotiations, US Trade Representative Robert Lighthizer has published the agreed text of the US-Mexico-Canada Agreement (USMCA), which is slated to replace the 24-year-old North American Free Trade Agreement with what the parties have called "a 21st century, high-standard agreement". While the USMCA text has answered many questions, a number of issues will need to be fleshed out during the implementation phase.


Netherlands

Failure to observe customs rules could have costly implications
AKD
  • Netherlands
  • 12 October 2018

The Dutch customs authorities have wide-ranging inspection powers and, once irregularities have been uncovered, parties with cargo interests may face severe delays and ensuing costs which could have been avoided had they had a better understanding of the relevant rules and regulations. Parties which violate the rules will be subject to legal enforcement proceedings and possible prosecution under criminal law in the event of the Public Prosecutor's Office's involvement.


Russia

New law entitles Russian exporters of services to deduct VAT
Gorodissky & Partners
  • Russia
  • 10 May 2019

The Duma provides certain incentives to encourage businesses to operate in Russia. For example, it recently passed a law which permits Russian exporters and Russian subsidiaries of foreign companies that provide services to foreign clients and other companies within such client's groups to deduct the full amount of value added tax for these services. The new law, which was drafted in response to the digital economy, will increase competition in the outbound services market.


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