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Iran sanctions to be repealed in line with EU/UK position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 Once the BVI 2011 direction is repealed, the British Virgin Islands' position will be further aligned with that of the United Kingdom and be in keeping with the relaxation of the Iran restrictions.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

EU reaction to US national security measures
  • European Union
  • March 30 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
  • 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.

Trade defence instruments at a glance
  • European Union
  • March 10 2017

The field of trade defence instruments (TDIs) is among the most active in international trade law and their use could further increase as a result of the current wave of protectionism. In the European Union, which frequently makes use of these instruments, TDIs are based on the global framework set out by World Trade Organisation (WTO) law and on a number of additional conditions adopted at EU level. However, the EU legal framework must comply with WTO law.


International

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.


Russia

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.


USA

Contributed by Arent Fox LLP
USTR publishes final Section 301 duty list with eye towards adding more
  • USA
  • June 29 2018

The United States Trade Representative (USTR) recently released two product lists relating to Section 301 duties. The first list is a culmination of a process that started on 13 April 2018, when the USTR published an initial list of products that would be subject to an additional 25% ad valorem tariff. The second list contains 284 additional product lines that will now undergo further review. Pharmaceutical products, textiles, apparel and footwear do not appear on the two recently released lists.

Status of Section 232 and Section 301 tariffs
  • USA
  • June 22 2018

The secretary of the treasury recently stated that the United States was "putting the trade war on hold" pending negotiations with China to reduce the US trade deficit and address certain acts, policies and practices relating to IP rights. He subsequently clarified that his comments referred only to the proposed 25% tariff pursuant to Section 301 of the Trade Act 1974. These comments have raised questions regarding the status of the various safeguard tariffs announced by the Trump administration.

Trump issues Section 232 tariff exemptions, but companies must remain diligent
  • USA
  • June 08 2018

Canadian business leaders greeted President Trump's announcement that the exemptions for Canada (and Mexico) from the double-digit Section 232 tariffs on certain steel and aluminium imports will be extended. What happens next is anyone's guess, and no company should feel comforted. Company executives will need to stay well apprised of their cross-border transactions and take all necessary steps to mitigate the risk of border delays, import audits or North American Free Trade Agreement verifications.

Section 232 adjustments on US steel and aluminium imports
  • USA
  • June 01 2018

Following the presidential proclamations regarding the imposition of double-digit tariffs on certain steel and aluminium imports (ie, the Section 232 tariffs), the US Customs and Border Protection (CBP) has published further guidance detailing their implementation. Given the complexity of these tariffs and the scrutiny that the CBP will be applying to imports of steel and aluminium from all countries, importers should consider compliance with these trade actions to be a high-risk area.

Sanctions snapback: Trump announces withdrawal from Iran nuclear deal
  • USA
  • May 18 2018

Before former President Obama left office in late 2016, the Department of the Treasury's Office of Foreign Assets Control (OFAC) published a list of FAQs to address the possibility of revoking the relaxed sanctions on Iran. Following President Trump's recent announcement that the United States is withdrawing from the Joint Comprehensive Plan of Action, OFAC has published new FAQs explaining how the re-imposition of sanctions will go into effect.


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