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STTAS EU Trade Weekly: Explanatory Notes, Import Rules, Russia, FTAs

Tuesday, March 10, 2015
Sandler, Travis & Rosenberg Trade Report

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European Union

EU revises Explanatory Notes to Common Nomenclature

These explanatory notes are used in conjunction with the Harmonized System Explanatory Notes and replace those published in the Official Journal up to 16 September 2014.

[Official Journal of the EU]

European Parliament publishes draft regulation on common rules for imports from certain third countries

This regulation would allow imports of covered products from Azerbaijan, Belarus, Kazakhstan, North Korea, Turkmenistan and Uzbekistan free of quantitative restrictions but also specifies measures for import surveillance and safeguard measures.

[European Parliament]

Italy simplifies VAT Intrastat forms

Effective 1 January 2015, data required on these forms has been reduced to the VAT number of the trading counterparty, the total value of the transactions, the code identifying the type of good and the country of payment. These forms are required from VAT-registered businesses engaged in cross-border trade in goods in the EU.

[Tax News]

Europe

Russia might loosen food embargo on certain EU nations

Russian officials said they cannot selectively lift sanctions on individual EU countries but that raw material imports by companies with an investment in Russian food processing facilities may not be subject to those sanctions.

[Food Processing Technology]

EFTA and Turkey continue talks on expansion of free trade agreement

The two sides aim to update and expand the agreement with respect to trade in goods, trade in services, intellectual property rights, and trade and sustainable development.

[EFTA]

Global

India doubles tariff on imported vehicles

The tariff rate on imported vehicles has been increased from 10 percent to 20 percent in an effort to encourage domestic manufacturing.

[Manorama]

Turkey and South Korea expand FTA

The agreement covers only trade in goods but the two sides have agreed to expand it to cover services and investment as well.

[Turkey Investment Support and Promotion Agency]

Korea pushes resumption of FTA negotiations with Gulf Cooperation Council

The talks were halted in 2009 due to the global financial crisis, but a researcher with the Korea International Trade Association said now is the time for Korea to target markets in the Middle East.

[Business Korea]

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