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Following a Jan. 5 meeting with Korean officials in Washington, U.S. Trade Representative Robert Lighthizer said there is “much work to do to reach an agreement” on updating the U.S.-Korea free trade agreement “that serves the economic interests of the American people.”
Changes made by this rule include eliminating the paper in-bond application (CBP Form 7512) and requiring the application to be filed electronically, mandating additional data elements on the application (including the six-digit HTSUS number), specifying a 30-day window for in-bond goods to be transported between U.S. ports, and revising the timeframe for reporting or updating in-bond records.
The Food and Drug Administration expects to begin accepting applications early this year for the Voluntary Qualified Importer Program, which will provide for expedited review and importation of human and animal food by participating importers who achieve and maintain a high level of control over the safety and security of their supply chains.
Importers, customs brokers, and supply chain service providers are likely to see important changes affecting customs and trade policy in 2018. Tighter regulation of e-commerce, tougher enforcement of laws, and new developments in trade preferences, supply chain security, and other areas will all pose challenges to even the most experienced operators.
On Jan. 6 the Automated Commercial Environment will become the system of record for all statements with the exception of reconciliation statements, which will be deployed to ACE on Feb. 24.
The U.S. and South Korea will hold their first talks on updating their bilateral free trade agreement Jan. 5 in Washington, D.C., and could hold subsequent rounds every three to four weeks, according to press reports. Korea’s trade ministry said earlier this month that the domestic procedures necessary to consider amending the KORUS agreement, including consultations with lawmakers and stakeholders, have been completed.
President Trump has issued a proclamation modifying the Harmonized Tariff Schedule of the U.S. to make changes to U.S. free trade agreements and trade preference programs.
President Trump has issued a proclamation restoring or suspending trade preferences under the Generalized System of Preferences and the African Growth and Opportunity Act. The GSP changes will have little immediate practical effect because GSP itself expires Dec. 31, 2017.
A Singapore-based company and its wholly owned U.S. subsidiary have agreed to pay a combined total penalty of more than $422 million to resolve charges with authorities in the U.S., Brazil, and Singapore arising out of a decade-long scheme to bribe officials in Brazil.
Reducing imports is among the primary objectives of a Dec. 20 executive order that seeks to ease U.S. vulnerabilities to the supply of critical minerals. The EO also aims to boost domestic production of these minerals as well as the search for viable alternatives.
Promoting U.S. prosperity, including by encouraging free, fair, and reciprocal trade relationships, is one of the four pillars of a national security strategy announced this week by President Trump.
New rules on a trusted trader program, routed export transactions, and antidumping and countervailing duty proceedings are among the items listed on the Department of Commerce’s most recent semiannual regulatory agenda.
The departments of Homeland Security and the Treasury have issued their semiannual regulatory agendas, which list the following regulations affecting international trade that could be issued within the next year as well as rulemaking proceedings that have been in process for some time and are not as likely to see further progress in the near term.
The WTO’s 11th ministerial meeting concluded Dec. 13 with a commitment from members to secure a deal by the end of 2019 on comprehensive and effective disciplines that prohibit certain forms of fisheries subsidies that contribute to overcapacity and overfishing and eliminate subsidies that contribute to illegal, unreported, and unregulated fishing. However, no agreement was possible in a number of substantive issues, including public stockholding for food security purposes.
According to a joint statement, the ministers will seek to eliminate practices by third countries that exacerbate this problem, including government-financed and -supported capacity expansion, unfair competitive conditions caused by large market-distorting subsidies and state-owned enterprises, forced technology transfer, and local content requirements and preferences.