International Trade updates

British Virgin Islands

Iran sanctions to be repealed in line with EU/UK position
  • British Virgin Islands
  • September 23 2016

Under the Joint Comprehensive Plan of Action, the European Union and the United Kingdom agreed to terminate or relax nuclear-related economic and financial sanctions, including related designations. Once the BVI 2011 direction is repealed, the British Virgin Islands' position will be further aligned with that of the United Kingdom and be in keeping with the relaxation of the Iran restrictions.

European Union

Contributed by Herbert Smith Freehills LLP
Modification of trade defence rules regarding non-market economy costs and prices
  • European Union
  • February 23 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
  • October 20 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
  • August 25 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.


World Trade Organisation at a glance
  • International
  • December 16 2016

At the heart of the international trading system lies the World Trade Organisation (WTO). The WTO's primary objective is to assist in allowing "trade to flow as freely as possible", in order to promote economic development. In doing so, the WTO has several functions, including administering WTO agreements and serving as a forum for trade negotiations, whether multilateral or plurilateral.


Special Economic Zones Act and foreign direct investment
  • Kenya
  • April 29 2016

The Special Economic Zones Act has elicited much speculation about whether it is the right tool to promote Kenya's economic development. The act seeks to revolutionise trade in Kenya by creating a conducive environment for investment. 'Special economic zones' are selected geographical regions where certain policies that enhance business are put in place. As far as import duties and levies are concerned, they are regarded as being outside the customs territory.


Facilitation of rules regarding industrial assembly agreements
  • Russia
  • January 13 2017

The industrial assembly rules, which provide for a customs rate of 0% for certain car components, were recently amended by a joint order of the Ministry of Economic Development, the Ministry of Trade and Industry and the Ministry of Finance. In particular, the amendments reduced the required percentages of local production and extended the terms for achieving particular percentages of local production.

Putin announces special economic zone reform
  • Russia
  • July 22 2016

Special economic zones were originally developed in Russia to attract foreign investment and establish new business areas. However, they have since proved ineffective and in June 2016 President Vladimir Putin announced the planned reform of the zones. Putin also declared that 10 of the zones will be closed immediately, and that responsibility for the remaining zones will be transferred to the applicable region.