New foreign trade regulations in January

 

Overview

 

my country will adjust import and export tariffs on some commodities from January 1
Suspension of tariff concessions on some products under the Cross-Strait Economic Cooperation Framework Agreement
Notice on Several Measures to Accelerate the Development of Domestic and Foreign Trade Integration
The revised Catalogue of Technologies Prohibited and Restricted from Export from China has been released
Singapore to suspend remittances to China through non-bank and non-card channels
China and Australia implement mutual recognition of “Authorized Economic Operators” (AEO)
China-Nicaragua Free Trade Agreement takes effect and implements tariff reductions
UAE bans import of single-use plastics
South Korea cuts tariffs on 76 products
South Korea amends the implementation rules of the special law on imported food safety management
Australia bans import of disposable e-cigarettes
Iraq imposes tariffs on imports, including gold
Armenia extends import duty-free policy for electric vehicles
Brazil resumes import tax on new energy vehicles
Mexico raises import tariffs on some products
Argentina updates import payment system
Argentina makes preliminary anti-dumping ruling on Chinese zippers and their parts

 

 

my country will adjust import and export tariffs on some commodities from January 1

According to the Ministry of Finance, in order to continue to play the supporting role of imports and exports to the economy and better perform the important function of tariffs in coordinating the two markets and two resources of domestic and international, the first plenary meeting of the Eighth State Council Tariff Committee was reviewed and approved, and reported to the State Council for approval. The State Council Tariff Committee issued an announcement that the import and export tariffs of some commodities will be adjusted in 2024.

 

Full text of the Announcement:

https://www.gov.cn/zhengce/zhengceku/202312/content_6921686.htm

 

Suspension of tariff concessions on some products under the Cross-Strait Economic Cooperation Framework Agreement

On December 21, 2023, according to the Ministry of Finance website, the State Council Tariff Commission issued an announcement that Taiwan's unilateral adoption of discriminatory prohibitions and restrictions on mainland products' exports violated the provisions of the Cross-Strait Economic Cooperation Framework Agreement. In accordance with the Cross-Strait Economic Cooperation Framework Agreement, the State Council Tariff Commission decided in accordance with regulations and procedures to suspend tariff concessions on some products in the Cross-Strait Economic Cooperation Framework Agreement. It is hoped that Taiwan will take effective measures to lift trade restrictions on the mainland.

 

Original announcement and product list:

http://gss.mof.gov.cn/gzdt/zhengcefabu/202312/t20231221_3923283.htm

 

 

Notice on Several Measures to Accelerate the Development of Domestic and Foreign Trade Integration

On December 11, 2023, the General Office of the State Council issued the "Several Measures on Accelerating the Integrated Development of Domestic and Foreign Trade" (hereinafter referred to as the "Several Measures"), which proposed 18 measures in five aspects to accelerate the integrated development of domestic and foreign trade, including promoting the connection and integration of domestic and foreign trade rules and systems, promoting the connection of domestic and foreign trade market channels, optimizing the development environment of domestic and foreign trade integration, accelerating the integrated development of domestic and foreign trade in key areas, and increasing fiscal and financial support.

 

Full text of the Announcement:

https://www.gov.cn/zhengce/zhengceku/202312/content_6919597.htm

 

 

The revised Catalogue of Technologies Prohibited and Restricted from Export from China has been released

 

On December 21, 2023, the Ministry of Commerce and the Ministry of Science and Technology revised and issued the "Catalogue of Technologies Prohibited and Restricted from Export from China" (Announcement No. 57 of the Ministry of Commerce and the Ministry of Science and Technology in 2023, hereinafter referred to as the "Catalogue").

 

This revision of the Catalog deleted 34 technical items, added 4 items, and modified the control points and technical parameters of 37 technical items. After the revision, the Catalog was reduced from 164 items to 134 items, including 24 prohibited items and 110 restricted items.

 

The full text of the revised catalogue:

images.mofcom.gov.cn/fms/202312/20231221153855374.pdf

 

 

Singapore to suspend remittances to China through non-bank and non-card channels

 

The Monetary Authority of Singapore issued a statement on December 18, 2023, stating that from January 1, 2024, local licensed cross-border remittance companies will suspend the use of non-bank and non-card channels to remit money to individuals in China. They can only remit money to China for customers through banks, bank card network operators or licensed financial institutions, and are not allowed to remit money through overseas third-party agents. This regulation will last for 3 months, until March 31, 2024.

 

China and Australia implement mutual recognition of “Authorized Economic Operators” (AEO)

 

The mutual recognition of "Authorized Economic Operators" (AEO) between China and Australia will be officially implemented from December 14, 2023. After the implementation of mutual recognition, China and Australia will recognize each other's AEO and provide customs clearance convenience for goods imported from each other's AEO enterprises.

 

The announcement pointed out that the customs clearance facilitation measures granted to each other's AEO enterprises include: speeding up customs clearance by reducing document review and physical inspection; giving priority to inspection of goods that require physical inspection; taking into account the qualifications of AEO enterprises when conducting risk assessments; designating customs liaison officers to communicate and handle problems encountered by AEO enterprises in customs clearance; and striving to provide fast customs clearance after the interruption and resumption of international trade.

 

 

China-Nicaragua Free Trade Agreement takes effect and implements tariff reductions

 

China and Nepal signed a free trade agreement on August 31, 2023, which will officially come into effect on January 1, 2024. The two countries will achieve a high level of mutual openness in areas such as trade in goods, trade in services and investment market access.

 

In terms of tariff concessions on trade in goods, the two sides have reached a mutually beneficial and win-win result on a high level. The final zero-tariff products of China and Nepal account for more than 95% of the total tariff items. Among them, the immediate zero-tariff products of both sides account for about 60% of the total tariff items. In terms of specific products, the products implemented by China with zero tariffs will fully cover the main export products of Nepal. After the entry into force of the agreement, the tariffs of beef, shrimp, coffee, cocoa, jam, peanuts, frozen conch, ethanol and other products produced in Nepal will gradually drop to zero when entering the Chinese market. In addition, China will grant Nepal a tariff quota of 50,000 tons of sugar every year. At the same time, Nepal will also implement zero tariffs on China's main export products. After the entry into force of the agreement, the tariffs of most products such as automobiles (including new energy vehicles), motorcycles, batteries, photovoltaic modules, clothing and textiles, shoes and boots, aquatic products, vegetables, etc. produced in China will be gradually reduced and cancelled when entering the Nepalese market.

 

Agreement Query:

http://fta.mofcom.gov.cn/nicaragua/nicaragua_special.shtml

 

 

 

UAE bans import of single-use plastics

Pursuant to Ministerial Resolution No. 380 of 2022, issued on January 10, 2023, the United Arab Emirates (UAE) will ban the import, production or circulation of single-use plastic (including biodegradable plastic) shopping bags from January 1, 2024.

The import, production or circulation of most other single-use plastic products will also be banned from January 1, 2026. Items such as soft drink cups and lids, spoons, forks, knives, chopsticks, plates, straws, stirrers, food containers and boxes made of foamed plastic are affected. The resolution also urges businesses and consumers to adopt practices that reduce the production and consumption of single-use plastics, such as plastic packaging, during this period.
The ban exempts the following products: rolls of thin paper bags that meet the specifications of the Ministry of Climate Change and Environment (MCCE); products clearly marked as being for export or re-export only; single-use bags and items made from materials recycled in the UAE; and any goods or materials exempted by government agencies.

 

South Korea cuts tariffs on 76 products

 

According to Yonhap News Agency, South Korea has lowered tariffs on 76 commodities in order to enhance industrial competitiveness and reduce the burden of prices. The Ministry of Strategy and Finance has released a legislative notice for the "2024 Regular Flexible Tariff Plan" containing the above content, which will be implemented from January 1 after going through relevant procedures.

 

In terms of strengthening industrial competitiveness, the main commodities involved include quartz glass substrates, lithium nickel cobalt manganese oxide, aluminum alloys, nickel ingots, disperse dyes, corn for feed, etc.

 

In terms of price stabilization, quota tariffs are applied to food products such as modified potato starch, sugar, peanuts, chicken, and egg products, as well as LNG, LPG and crude oil.

 

Adjustment tariffs will be applied to 13 types of goods. The adjustment tariff system refers to a system that raises the basic tariff rate to 100% when an increase in imports of specific items may disrupt the domestic market or cause the collapse of the industrial base.

 

In addition, the scale of special emergency tariffs applicable to agricultural, forestry and livestock products has increased. Taking grain as an example, it will be increased from 464,422 tons to 654,995 million tons.

 

 

South Korea amends the implementation rules of the special law on imported food safety management

The website of the National Legal Information Center of South Korea recently released Prime Minister's Order No. 1918, which amended the implementation rules of the Special Law on Imported Food Safety Management. It will come into effect on December 14, 2023. Main contents:

 

(1) The basis for extending the registration validity period of foreign manufacturers and excellent importers has been established. The application must be submitted 60 days before the expiration of the registration validity period of the enterprise; the suspension of imports is allowed to be lifted based on the results of on-site inspections of foreign enterprises; the original registration renewal validity period of foreign manufacturers and excellent importers is changed to an extension;

 

(2) Imported food that does not require import declaration is defined as imported food carried by passengers or sent for personal use via international mail or international express delivery. To prevent the damage, loss, or forgery of commercial documents for imported food, the original copy of the commercial registration certificate must be submitted, but the commercial registration certificate must be issued in electronic form.

 

For more details, see:

https://www.law.go.kr/lsSc.do?menuId=1&subMenuId=23&tabMenuId=121&query=#Eundefined

Australia bans import of disposable e-cigarettes

 

The Australian government said it would ban the import of disposable e-cigarettes from January 1, 2024 to prevent more children from becoming addicted to nicotine.

 

 

Iraq imposes tariffs on imports, including gold

 

The Iraqi Border Crossings Authority announced that, in accordance with Cabinet Resolution No. 23672 of 2023, tariffs will be imposed on imported goods, including gold, from December 1, 2023 to support business development and standardize import processes.

 

1. The fixed tariff for a 20-foot container is 2 million Iraqi dinars, and the fixed tariff for a 40-foot container is 3 million Iraqi dinars.

 

2. Adjust the additional tariff on tobacco and cigarettes from 20% to 10%.

 

3. A one-month transition period will be given to importers of mobile phones, cigarettes and cars. The General Administration of Customs will compare the HS codes of the above three commodities with the HS codes of the Iraqi Central Bank's remittance platform. The relevant authorities will set up a joint committee to inspect warehouses. If there are contraband, they will be dealt with according to customs and anti-money laundering laws.

 

Fourth, regarding the import of gold, the Cabinet meeting issued Resolution No. 23671 of 2023, which clarified that gold importers must be companies officially registered with the Company Registry of the Ministry of Trade and are allowed to transfer money to foreign countries through the banking system. Gold imports are only allowed to be transported by air, and random inspections are carried out by the General Administration of Customs and the Central Bureau of Standardization and Quality Control.

 

 

Armenia extends import duty-free policy for electric vehicles

In 2019, Armenia approved the exemption of VAT on imported electric vehicles until January 1, 2022, which was then extended to January 1, 2024, and will be extended again to January 1, 2026. Thanks to the exemption of VAT and tariffs, the import volume of electric vehicles in Armenia has increased significantly.

 

 

Brazil resumes import tax on new energy vehicles

 

 

The Foreign Trade Committee of the Brazilian Ministry of Industry and Trade announced that it will resume collecting import taxes on new energy vehicles such as pure electric, plug-in and hybrid vehicles from January 2024, and will gradually increase the tax rate. It is expected that by July 2026, the relevant tax rate will rise to 35%.

 

The measure aims to promote the development of the national auto industry, accelerate the decarbonization process of the industrial chain and contribute to the country's new industrialization, the ministry said.

 

 

 

Mexico raises import tariffs on some products

On August 15, 2023, the President of Mexico signed the Administrative Law on Amending the General Import and Export Tariff Law.The Decree will adjust the import tariffs on 392 customs codes such as steel, rubber, glass, textiles, and ceramics to 5%-25%. The decree will take effect on August 16, 2023 and will be valid until July 31, 2025.

 

 

For imported goods classified under tariff items 7210.70.02 and 7212.40.04, a 10% tariff rate will apply from the entry into force of the decree to December 31, 2023; from January 1, 2024 to July 31, 2025, a 25% tariff rate will apply.

 

 

Argentina updates import payment system

 

On December 13, 2023, the Central Bank of Argentina issued Notice No. 7917:

 

For import payments of goods, from December 13, it will no longer be necessary to have a SIRA with the "Export" status as a requirement for access to the foreign exchange market, nor will it be necessary to verify operations in the "Foreign Trade Unified Settlement Account" electronic system.

 

From December 13, for installment payments of newly imported goods with customs registration, banks can access the foreign exchange market without the prior consent of the Central Bank, provided that the payments follow a predetermined schedule for the type of goods. The schedule is as follows:

 

1. a) The FOB value of fuel and electricity is payable immediately from the date of customs registration at entry.

 

1. b) Within 30 calendar days from the date of customs registration of entry, payment can be made for medicines and/or raw materials for local pharmaceutical production, as well as other goods related to health care. In addition, payment can be made for fertilizers, plant protection products and/or raw materials for local production.

 

1. c) The maximum payment period for finished vehicles and other final goods is 180 days.

 

1. d) For other goods, payment of the FOB value may be made within the following time periods calculated from the date of entry customs registration: 25% from the 30th calendar day; an additional 25% from the 60th calendar day; an additional 25% from the 90th calendar day; and the remaining 25% from the 120th calendar day.

 

Freight and insurance costs agreed with the seller can be fully paid from the time the importer receives the goods.

 

 

 

Argentina makes preliminary anti-dumping ruling on Chinese zippers and their parts

 

On December 4, 2023, the Argentine Ministry of Economy issued Announcement No. 1672 of 2023, making a preliminary anti-dumping ruling on zippers and their parts (Spanish: Cierres de cremallera y cintas, con dientes de metal común, de monofilamento de nailon o poliéster y de plástico inyectado) originating in China, Brazil, India, Indonesia and Peru. It was preliminarily determined that there was dumping of the products involved in the case from China, India, Indonesia and Peru, and that the dumping had caused substantial damage to the domestic industry of Argentina; it was determined that there was dumping of the products involved in the case from Brazil, but that the dumping had not caused substantial damage or threat of damage to the Argentine industry.

 

Therefore, it was decided to impose temporary anti-dumping duties of 117.83%, 314.29%, 279.89% and 104% on the products involved in the case from China, India, Indonesia and Peru respectively. The measures for the products involved in the case from China, India and Indonesia will be valid for four months, and for the products involved in the case from Peru will be valid for six months. At the same time, the anti-dumping investigation on the products involved in the case from Brazil will be terminated and no anti-dumping measures will be implemented. The measures will take effect from the date of the announcement. The products involved in the case are zippers and fabric tapes with ordinary metal, nylon or polyester fiber teeth and injection molded chain teeth. The Mercosur tariff numbers of the products are 9607.11.00, 9607.19.00 and 9607.20.00.

 

 

 

Source: Focus Vision
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