Revised Korea-U.S. FTA effective Jan. 1
“Under the agreement, the two countries have made edits to the investor-state dispute settlement clause and have improved the trade remedy chapter that had weighed on Korean export companies. … The revised pact also allows the U.S. to double the number of vehicle exports to Korea with its own safety standards. Under the revised accord, a U.S. automaker will be able to ship up to 50,000 vehicles per year to Korea should it comply with U.S. industry regulations, up from current 25,000 units. But it limits Korea’s auto exports to the U.S by extending a tariff on imports of Korean pickup trucks to the U.S. to 2040 from initial 2021.”
Trans-Pacific Partnership takes effect without U.S.
“The free trade pact was signed by Australia, Canada, Japan, Mexico, New Zealand, Singapore and Vietnam. Four other countries, Brunei, Chili, Malaysia and Peru, are expected to sign-on soon.”
China's draft foreign investment law bans forced tech transfer, emphasizes reciprocity
“The final draft law, with 39 articles, was far shorter than a version released in 2015, but took a notably stronger line on IP protection. … Once adopted, the law will replace three existing ones that regulate joint ventures and wholly foreign-owned enterprises, although it will likely go through several readings before being submitted for formal approval, which could take another year or more.”
China allows first-ever U.S. rice imports ahead of trade talks
“As of Dec. 27, imports of brown rice, polished rice and crushed rice from the United States are now permitted, as long as cargoes meet China’s inspection standards and are registered with the U.S. Department of Agriculture.”
Abu Dhabi announces fees for import, export of strategic goods
“As per the resolution, No 51 of 2018, the executive office committee will levy a fee of Dh150 on each request to obtain a permit to import, export, re-export or transit shipments, or to obtain a licence of commercial brokerage concerning strategic goods and chemical materials. The committee will also collect a fee of Dh50 for the issuance of a new permit in replacement of a lost or damaged one or for the modification of the permit’s information. It will also charge a fee of Dh150 for each application submitted to participate in an exhibition of armoured vehicles. The resolution also stipulates that a fee of Dh150 will be levied on each application for the obtaining of a permit to import, export or re-export armoured vehicles spare parts.”
Copyright © 2021 Sandler, Travis & Rosenberg, P.A.; WorldTrade Interactive, Inc. All rights reserved.