The latest edition of Trade Watch is attached below. Trade Watch is a regular communication from EY Global Trade that outlines key legislative and administrative developments for customs and trade around the world. Highlights of this edition include:

Global

• How companies should think about their supply chains and geopolitical risks: implications for the trade function
• WCO: Major changes to the Harmonized System for 1 January 2022
• Trade as a lever for value creation
• Understanding whether business can trade tomorrow on today’s strategies: international trade capability and capacity in 2021
• Insights from EY.com
• Our Global Trade webcasts and podcasts

Americas

• Colombia: Origin audits carried out by the customs administration
• US: Court of Appeals invalidates Customs regulation restricting excise tax drawback
• US: Technical Committee on Customs Valuation approves new advisory opinion on a combined royalty

Asia-Pacific

• Australia and UK Free Trade Agreement
• Japan: Additional guidance on RCEP origin application process

Europe, Middle East and Africa

• EU: Trade policy developments
• EU: Customs valuation developments – statistical values and new guidance
• EU: Modernized PEM rules entered into force on 1 September 2021 in the majority of PEM countries
• EU: Emissions – Europe’s new frontier
• India: faceless assessment of imported goods by Indian Customs
• Kenya: Customs valuation – the transfer pricing nexus
• Switzerland: Elimination of import customs duties on industrial goods may enter into force on 1 January 2024
• UK: New deadlines for importers into GB from EU
• Focus on Middle East and North Africa
  • Key international trade and customs developments
  • Key developments by customs authorities across the region
  • Egypt: Government issues customs regulations and makes Advance Cargo Information System mandatory as of 1 October 2021
  • Saudi Arabia: national rules of origin for GCC manufactured goods
  • Saudi Arabia: Guidelines on the VAT e-invoicing regulations
  • Saudi Arabia: General Secretariats of the Customs and Tax Committees merge
  • Saudi Arabia: Challenge to the EU’s provisional anti-dumping duty on monoethylene glycol at the WTO
  • Saudi Arabia and UAE: Third-party rights to participate in WTO panel proceedings
  • UAE: Federal Tax Authority implements new design for digital tax stamps for tobacco products
  • UAE: WTO panel recommends Pakistan withdraw anti-dumping duties imposed on certain imports from the UAE

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ATTACHMENT

Trade Watch | Issue 3 2021