The new government recently introduced new international trade regulations to redress the protective measures of the previous administration. The new regulations include the liberalisation of foreign currency exchange, the removal of import restrictions and the reduction of customs duties. The aim of these measures is to increase the volume of international trade to and from Argentina.
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 Once the BVI 2011 direction is repealed, the British Virgin Islands' position will be further aligned with that of the United Kingdom and be in keeping with the relaxation of the Iran restrictions.
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.
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.
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.
Two recent decisions of the World Trade Organisation Appellate Body have arguably raised the standard that an investigating authority must satisfy regarding its price undercutting and impact analyses in order to render an affirmative injury determination in a trade remedy investigation without falling foul of its obligations under the Anti-dumping Agreement.
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.