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April 24, 2024

EY TradeWatch | Issue 1, 2024

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

In this first issue of the year, we set out Top seven trade trends that, in our view, will have a significant impact on international trade over the course of 2024. We assess the outcomes from the recent World Trade Organization's 13th Ministerial Conference (MC13), and we explore some key themes impacting global trade, including hot topics that we have dealt with in previous issues of this publication.

High levels of supply chain disruption continue, requiring trade functions to closely monitor any sanctions or export controls that may be imposed. In this issue, we recap measures taken by the European Union (EU) and the United States (US) in 2023.

The interplay between customs valuation and transfer pricing continues to be a hot topic around the world. In this issue, we link to the recent EY Transfer Pricing Survey and feature the first part of a three-part article looking at this topic on a global scale. We also look at valuation matters in New Zealand and outline proposed transfer pricing adjustment rules in South Africa.

Sustainability also continues to be an important theme for global trade executives. In this issue, we feature updates on the Carbon Border Adjustment Mechanisms (CBAMs)in the EU and United Kingdom (UK). We also report on incentives in Thailand for production of battery-powered electric vehicles and excise tax developments related to packaging and meat products in Germany.

Tax and customs reform is dealt with in this issue where we look at significant legislative reforms in Brazil and Japan and their impact on customs and international trade. We also report on the first vote on the EU customs reform.

Finally, we explore how global trade executives can benefit from new technologies to achieve steep changes in productivity and control.

From the regions, this issue includes the following insights:


  • Top seven trade trends in 2024
  • Transforming customs and trade functions: how trade technologies and automation can release potential
  • World Trade Organization's 13th Ministerial Conference — assessing the outcomes
  • EU and US: Export control and sanctions 2023 year in review
  • EY International Tax and Transfer Pricing Survey 2024


  • Brazil: Implications of the tax reform on global trade
  • Mexico: IMMEX Program - the competitive edge for global trade and nearshoring dynamics
  • US: Latest CBP ruling addresses limitations surrounding customs business


  • Australia accelerates its transition towards paperless trade
  • Japan: 2024 tax reform changes to the customs law
  • New Zealand: Customs agency loses valuation case on the treatment of royalties for valuation purposes

Europe, Middle East, India and Africa

  • European Union: First vote on EU customs reform
  • India: Bureau of Indian Standards- An emerging compliance for trade
  • South Africa: Proposed transfer pricing adjustment rules
  • Türkiye: Impact of removal of right to deduct import VAT


  • CBAM: EU update on the Carbon Border Adjustment Mechanism
  • CBAM: UK Government announces Carbon Border Adjustment Mechanism
  • Germany: Update on excise tax legislative developments related to packaging and meat products
  • Thailand: Incentives for production of battery-powered electric vehicles

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.

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Trade Watch 2024 | Issue 1


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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