Argentina: Export Duties Reduction
The Ministry of Agriculture, Livestock, and Fisheries of Argentina has eliminated the export duties of 17 agro-industrial products from regional economies (Decree 410/2021). The measure covers peanuts among other food items.
The process of reducing Export Duties of Regional Economies began in December 2019 and there are now 67 items with zero fiscal cost.
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The process of reducing Export Duties of Regional Economies began in December 2019 and there are now 67 items with zero fiscal cost.
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Australia-UK: Free Trade Agreement
Australia and UK reached an agreement in principle, being the first major bilateral free trade agreement by the UK since it left the European Union. They commit to establishing mechanisms that will provide for the liberalization of tariffs on each other’s goods and that will address non-tariff barriers to trade between our two countries.
China: Yantian Port
Yantian Port, the third busiest port in China, reopened at the end of June after an outbreak of COVID-19 caused it to shutdown earlier in June. The port’s capacity since then had been reduced to about 30% of its normal levels.
EU: Suspension of Tariffs on US Goods
The European Commission published the Commission Implementing Regulation (EU) 2021/1123 of 8 July 2021 suspending commercial policy measures concerning certain products from the United States of America imposed by Implementing Regulation (EU) 2020/1646 following the adjudication of a trade dispute under the Dispute Settlement Understanding of the World Trade Organization.
The application of Implementing Regulation (EU) 2020/1646 is hereby suspended for a period of five years from July 11, 2021. The 25% duty on peanuts inshell (1202 41) and shelled (1202 42) is removed.
The application of Implementing Regulation (EU) 2020/1646 is hereby suspended for a period of five years from July 11, 2021. The 25% duty on peanuts inshell (1202 41) and shelled (1202 42) is removed.
EU: WCO Modernization
The European Commission published its proposal for a reform of the World Custom’s Organization (WCO). The reform would have the following objectives:
- make the Organization a more effective and efficient actor for the promotion of safe, secure and licit trade,
- support customs policies worldwide that address global issues,
- contribute to sustainable development,
- remain fit for purpose in the digital world.
The first step will be to define the WCO’s longer-term priorities and thus go far beyond the three years cycle of the Strategic Plan. In addition, a three-step approach is proposed:
- Greater focus and clarity of the Organization’s strategic priorities.
- Good governance methods in the management of the Organization.
- Sustainable funding for the functioning of the Organization.
Turkey-Ukraine: Draft Free Trade Agreement
Ministers of Turkey and Ukraine are discussing an action plan to work on a draft Free Trade Agreement between the two countries.
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Turkey-Malaysia: Free Trade Agreement Expansion
Turkey and Malaysia signed a joint declaration to expand the existing Trade Agreement between the two countries on July 13. It is expected that the discussions start in September. The current FTA came into effect in 2015.
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UK-Norway, Iceland and Liechtenstein: Free Trade Agreement
The United Kingdom has signed a free trade deal with Norway, Iceland and Liechtenstein on July 8. The agreement is expected to boost trading relationships and critical sectors like digital, financial, and professional business services. It will remove tariffs and offer new duty-free quotas on exports of UK food and farm products.
Free Trade Agreement between Iceland, the Principality of Liechtenstein and the Kingdom of Norway and the United Kingdom of Great Britain and Northern Ireland
Free Trade Agreement between Iceland, the Principality of Liechtenstein and the Kingdom of Norway and the United Kingdom of Great Britain and Northern Ireland
UK: Trade Preferences
On July 19, the UK Department for International Trade launched a consultation on the Developing Countries Trading Scheme (UK preferences scheme) to know opinions about proposed changes. The consultation will be open for eight weeks to businesses, the public, civil society groups, consumers, associations, partner governments, and any other interested stakeholders.
In particular, they are asking views on:
In particular, they are asking views on:
- rules of origin requirements for least developed countries (LDCs)
- reducing tariffs for low income and lower-middle-income countries
- the approach to goods graduation, which suspends reduced rates on some goods
- the conditions and reporting requirements for low or lower-middle-income countries
The new UK preferences scheme will take effect in 2022.
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