The latest issue of our regular TradeWatch publication is now available on our Global Trade ey.com page.

In this final issue of the year, we look at some key trends and themes that are impacting trade now, including trade protection measures, trade technology and trade controversy. We also focus on the life sciences sector and briefly look ahead to identify themes that are likely to continue to dominate the trade agenda in 2025.

For the life sciences sector, we address important topics including the impact of trends on the global trade function and the impact of trade protection measures for this key industry.

The potential impact of the US presidential election results on global trade are also discussed. The US plays a pivotal role in shaping international trade dynamics and the outcome of this election is set to have a significant impact on trade policies, global partnerships, tariff structures and the overall economic landscape, both in the US and abroad.

The increase in sanctions and export controls, and the adoption of an increasing number of trade protection measures to protect specific industries is dealt with in this edition with articles on this topic from Canada, the EU and Asia Pacific.

Trade controversy continues to be an important topic for the trade function to manage, including preparing for customs audits and dealing with disputes, as covered in articles from the EU, Korea, Mexico and New Zealand.

Technology, including the increasing role of artificial intelligence (AI) continues to facilitate customs obligations and to provide opportunities for trade functions and customs administrations to operate more effectively as outlined in our article on electronic customs filing and on developments in the Australian defines environment. These developments may also increase scrutiny for businesses, making it more important than ever for businesses to prepare as outlined in the article from Mexico. And as cross border e-commerce sales proliferate, countries, such as Türkiye are adopting new rules for cross border sales to final consumers.

Sustainability remains important as countries continue to tackle the issue of climate change. In this edition, we look at issues related to the EU Carbon Border Adjustment Mechanism (CBAM), measures preventing deforestation in the EU, and recent legislation related to sustainability and circular trade.

Looking ahead to 2025, it is hard to predict all the challenges that global trade functions may face. The Trump presidency will almost certainly bring crucial trade developments, that may in turn influence the trade policies of many other jurisdictions. High levels of legislative change are anticipated including the EU customs legislation reforms as well as a continued focus on ESG measures globally.

Keeping up to date with developments in trade

We hope you enjoy this edition of TradeWatch. We aim to reflect the key trends affecting international businesses and provide news and insights you can use to inform your trade strategy and improve your trade operations.

You can also keep up to date with developments in global trade by subscribing to EY Tax Alerts and to future editions of our TradeWatch and TradeFlash publications by visiting ey.com/global trade. You can subscribe to future webcasts and access replays of past webcasts via the EY webcasts page on ey.com.

If you would like more information on any of the topics covered in this issue or how they may impact your business, please reach out to the authors listed with the articles or any of the EY Global Trade professionals listed in the Contacts section of the magazine. We also welcome your feedback and suggestions for future editions.

Why TradeWatch? In today's global economy, moving goods internationally can be a complex and costly activity. TradeWatch provides 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.