As we approach the end of 2025, the pace of change in global trade remains relentless. Trade professionals are navigating a landscape shaped by ongoing geopolitical shifts, regulatory transformation, and the increasing integration of sustainability and technology into every aspect of trade operations. In this edition of TradeWatch, we bring together insights and analysis from around the globe to help you anticipate challenges and seize new opportunities.

This issue features a special focus on the relationship between customs valuation and transfer pricing, with global case studies and the latest guidance from the World Customs Organization. You'll also find practical guidance on customs value declaration reforms, updates on climate-related trade measures such as carbon taxes and fee proposals, and coverage of significant regulatory developments — including the EU's evolving steel safeguard measures, the transformative EU-Singapore Digital Trade Agreement, and the European Council's position on EU customs reform.

We provide updates on the EU Deforestation Regulation and the latest European Court of Justice ruling on customs valuation treatment of post-entry price adjustments. Across all regions, a common thread emerges: the need for trade functions to be agile, informed, and proactive. Whether it's adapting to new carbon regimes, responding to digitalization in customs, or managing the complexities of transfer pricing, trade professionals are increasingly called upon to serve as strategic partners within their organizations.

Keeping Up to Date with Developments in Trade

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 publication. 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.