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August 12, 2024
2024-1533

EY TradeWatch | Issue 2, 2024

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

In this edition, we look at strategies for the effective outsourcing of global trade functions, including the criteria for selecting third-party vendors and best practices to ensure regulatory compliance and operational efficiency. We also explore paperless trade solutions, a move towards trade digitalization — essential for modernizing trade frameworks and minimizing environmental. The second in our three part series also tackles the ongoing tension between transfer pricing (TP) and customs valuation, presenting diverse global perspectives.

Regional spotlight articles help to keep clients abreast of significant changes affecting trade in key areas, including Brazil's new import process, Colombia's customs regime amendments, and Mexico's launch of the Istmo de Tehuantepec Interoceanic Corridor Initiative and China's latest developments in imports and international trade.

Europe's regulatory environment receives considerable attention, with updates on the EU customs valuation Compendium for 2024, insights into court rulings on post-clearance customs valuation, and the impact of the EU's Comprehensive Economic Partnership Agreements on trade relations.

Sustainability remains a focal point, with the EU taking legislative measures to prohibit forced labor products, implementing a Supply Chain Due Diligence Directive, and progressing towards the Carbon Border Adjustment Mechanism (CBAM). In this context, EY's Green Tax Tracker remains an invaluable resource for companies navigating the complex terrain of environmental taxes and incentives worldwide.

Finally, this issue includes a list of EY Global trade specialists around the world. recent trade-related news and alerts and information about webcasts and podcasts on topics of general interest to trade professionals, including supply chain optimization, anti-greenwashing strategies, e-invoicing, and the evolving role of sustainability in business operations.

From the regions, this issue includes the following insights:

Global

  • Effective outsourcing for global trade functions — strategies and considerations
  • The journey to digitalization requires mapping paperless trade solutions and navigating adoption hurdles
  • Transfer pricing and customs valuation — a conflict for eternity? An attempt to view this conflict on a global scale. Part II

Americas

  • Brazil: New import process set to go live
  • Colombia: Recent amendments to customs regime
  • Mexico: The Istmo de Tehuantepec Interoceanic Corridor Initiative
  • US: Navigating CBP’s statute of limitations waivers

Asia-Pacific

  • China: Recent developments related to imports and international trade

Europe, Middle East, India and Africa

  • EU: 2024 update of the compendium on customs valuation released
  • EU: How recent and pending court rulings affect post-clearance price adjustments on customs valuation
  • United Arab Emirates: Boosting trade through Comprehensive Economic Partnership Agreements

Sustainability

  • EU: Recent sustainability regulatory developments
  • EU: European Parliament approves legislation to ban forced labor products
  • New EU Supply Chain Due Diligence Directive
  • EU CBAM: impact on ASEAN businesses
  • As EU CBAM reporting progresses to actual emissions data, what should companies do next?
  • UK government consultation on the CBAM introduction: the current EY thinking
  • EY’s Green Tax Tracker

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 2

 
 

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