EU trade defense rule update enters into force

The changes “enable the EU to impose higher duties in some cases by changing the ‘lesser duty rule;’ shorten the investigation period to accelerate the procedure; increase transparency and predictability of the system for EU firms; and reflect the high environmental and social standards applied in the EU. They conclude a major overhaul of the EU’s trade defense instruments, including also a new anti-dumping methodology put in place in December of last year.”

[European Commission]

Russia to end WTO-incompatible auto investment programs on July 1

“These investment programs allowed auto investors to import auto parts free of duty on condition of local content requirements.”

[World Trade Organization]

Singapore, Australia sign AEO mutual recognition arrangement

“Through this arrangement, Singapore companies certified as having lower risks will enjoy faster customs clearance with reduced documentary and cargo inspections with respect to their goods exported to Australia. Likewise, Australian companies that are certified by Australian Border Force will enjoy similar facilitation for their goods exported to Singapore.”

[World Customs Organization]

Korea Customs Service to pilot blockchain-based import customs platform

“A full pivot to implement a blockchain solution would prevent forgery and tampering of information related to e-commerce transactions and help customs clearance authorities with real-time, transparent information sharing, the authority claimed. As reported previously, the blockchain pilot could involve as many as 50 domestic companies on the exporting side and 10 more based in Vietnam and Singapore.”


India, China fail to resolve differences on trade tariffs

“Ahead of the July RCEP ministerial in Tokyo, China demanded tariff elimination in more than 90% of traded goods for granting non-reciprocal market access to India. India’s current offer is of tariff elimination in 73% of traded goods to China.”


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