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December 11, 2023
2023-5724

EY TradeWatch | Issue 3, 2023 edition now available

The latest issue of our regular TradeWatch publication is now available.

As we approach the end of 2023, we continue to explore many of the themes that we have dealt with in previous issues of TradeWatch including supply chain disruption, the changing trade function, customs reforms, trade facilitation and sustainability and ESG.

Supply chain disruption continues to become the new normal.  Trade functions must continue to keep abreast of changing developments and closely monitor their effects. Brexit continues to affect trade in Great Britain, Northern Ireland and the EU - our update on the UK-EU Windsor Framework looks at the current situation and upcoming measures.

Sustainability and ESG continue to be hot topics for trade. In this edition, we focus on carbon measures that have been recently introduced in the EU and are being considered in Australia, and also look at waste reduction measures and the need for a more circular economy.  We also consider specifically how trade functions are responding and adapting to the challenge posed by new obligations and priorities related to sustainability.

Customs authorities are being challenged to keep pace with how goods and services are being traded internationally in the digital age. In this edition, we look at the status of customs reforms including WTO harmonized classifications, and the proposed changes to the EU’s Union Customs Code that respond to these challenges.

The interplay between customs valuation and transfer pricing continues to be of interest – in this edition, we look at the different approaches and practices adopted by customs authorities in Asia Pacific and outline possible strategies for businesses. We also consider trade facilitation measures, specifically in Latin America and enhancements to the AEO program in Brazil.

From the regions, this issue includes the following insights:

Global

  • Harmonized System review cycle extended to 2028
  • How disruption is shaping opportunities for global trade
  • How trade functions are transforming the ‘new normal’

Americas

  • The LATAM advantage: A looks at the region’s thriving Free Trade Zones

  • Brazil: A step toward continuous improvement with enhancement of the Authorized Economic operator program

  • Colombia: Crypto assets cannot be used as a means of payment for foreign trade operations

Asia-Pacific

  • Asia-Pacific: Interplay between transfer pricing and customs valuation
  • Japan: New definition of Importer of Record
  • Vietnam: Draft proposal to abolish some on-the-spot export-import transactions
  • Vietnam: Trends in customs valuation for imported goods

Europe, Middle East, India and Africa (EMEIA)

  • EU: Proposed customs reform — a modern approach to e-commerce
  • UAE: Navigating the GCC Common Customs Law — complying with the new tax landscape
  • UK: An overview of the Electronic Trade Documents Act
  • Update on the UK-EU Windsor Framework

Sustainability

  • How tax departments should prepare for CBAM
  • The role of customs and trade functions in the ESG era
  • Australia considers CBAM to address carbon leakage
  • EU: CBAM in force
  • EU: Commission and Council take steps as part of the Circular Economy Action Plan with new rules on textiles and batteries
  • UK: Reducing waste
  • US: Uyghur Forced Labor Prevention Act in action: updated guidance and trends

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.

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

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TradeWatch 2023 | Issue 3

 
 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

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