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EY's TradeWatch, Issue 3, 2022 outlines key legislative and administrative developments for customs and trade featuring insights and tax alerts from our network of Global Trade professionals trade around the world. It comes in an interactive and easy to share format, with links to articles on ey.com and other EY resources.

In this final edition of the year, TradeWatch reflects on what we have seen in trade in 2022 (including trade disruption, legislative change, customs valuation, and sustainability), examine some of the current trade trends and look forward to the trade outlook for 2023.

In this issue we see the key trends for 2022 reflected in a number of articles including "Thailand: Five-year extension of Thai Customs' One-Stop Service voluntary disclosure process" "Poland: Transfer pricing adjustments and their impact on VAT, excise and customs duties" and "Technical Committee on Customs Valuation approves new advisory opinions on ancillary charges".

Regulations, often connected to geopolitical events, continue to add to the workload of the trade function, including monitoring and complying with trade security programs, sanctions and export controls — "US implements new technology export controls on China" and "Japan: Updates on sanction measures". On the positive side, we consider opportunities and trade facilitation measures, such as those offered by the Authorized Economic Operator (AEO) program in Vietnam, the new India-Australia free trade agreement, investment opportunities in Costa Rica and freeports in the United Kingdom.

The authors also consider how advanced technologies and the use of trade data solutions are becoming more important in the domain of trade. See "Blockchain and its potential role in the future of global trade" and "Going with the data flow: things every business should know".

Global

• Technical Committee on Customs Valuation approves new advisory opinions on ancillary charges
• The India-Australia Economic Cooperation and Trade Agreement — a long-awaited pathbreaker
• Blockchain and its potential role in the future of global trade
• Going with the data flow: things every business should know
• Insights from ey.com
• Our Global trade webcasts and podcasts

Americas

• Canada: Assessment and Revenue Management — Release 2 expected in October 2023
• Colombia: Constitutional Court invalidates the customs sanctioning and confiscation regime contained in the Customs Code
• Costa Rica: Business landscape, trade facilitation and amendments to General Customs Law
• US: Uyghur Forced Labor Prevention Act goes into force
• US: Implements new technology export controls on China

Asia-Pacific

• China: Customs updates for September 2022
• Japan: Updates on sanction measures
• Thailand: Five-year extension of Thai Customs' One-Stop Service voluntary disclosure process
• Thailand: Incentives to promote the development of the battery electric vehicle sector
• Vietnam: Authorized Economic Operator regime

Europe, Middle East, India and Africa (EMEIA)

• Eastern Europe: Definition of exporter — VAT consequences
• Germany: Hamamatsu — a long journey about to end?
• Poland: Transfer pricing adjustments and their impact on VAT, excise and customs duties
• UK: Freeports — moving toward delivery

Why TradeWatch?

In today's global economy, moving goods internationally can be a complex and costly activity. TradeWatch provides timely information about customs and international trade developments to help you develop strategies to manage duty costs and the risks of global trade, to improve trade compliance and to increase the operational effectiveness of international supply chains.

Access the latest issue in the form of an interactive PDF, or please find the file attached below.

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TradeWatch 2022 | Issue 3