The new foreign trade regulations implemented in November: foreign trade people are most concerned about things

As the global trade pattern continues to change, the policies and regulations on international trade and investment are also evolving. Recently, a series of new regulations have been issued at home and abroad involving import licensing, customs clearance facilitation, trade relief, product quarantine, foreign investment, etc. The implementation of these new regulations has undoubtedly brought new challenges and opportunities to foreign trade companies and those involved in international trade. This article will list these new regulations from both domestic and foreign aspects and analyze their impact on international trade and investment.

Domestically:

Cancellation of the record-keeping of enterprises at the place of origin of exported goods

According to the announcement of the General Administration of Customs, from November 1, 2023, the customs will cancel the registration of enterprises of origin of exported goods. Applicants for certificates of origin can directly apply for certificates of origin through the international trade "single window", Internet + Customs, China Council for the Promotion of International Trade declaration system, etc.

The tax policy for cross-border e-commerce export returns will continue to be implemented

To support the development of new business forms and models, the Ministry of Finance, the General Administration of Customs and the State Administration of Taxation jointly issued an announcement to continue to implement the tax policy for cross-border e-commerce export return goods. Goods returned to the country within 6 months due to unsalable goods or returns are exempt from import tariffs and import value-added tax and consumption tax.

The Ministry of Foreign Affairs optimizes the visa application form for foreigners coming to China

To further facilitate foreigners to apply for visas to China, the Ministry of Foreign Affairs of China has optimized the visa application form for foreigners to China. The optimized application form involves 7 major items and 15 sub-items, mainly involving the applicant's educational background, family information, travel experience, etc., and reduces the text content. The applicant's form filling time will be greatly shortened, and it will be more convenient to apply for a visa to China.

No additional tariffs will be imposed on 124 categories of US goods

The State Council Tariff Commission issued an announcement that China will continue to refrain from imposing additional tariffs on 124 categories of US goods in response to the US 301 measures. This has had a certain impact on importers and related industries.

Hainan Free Trade Port strengthens dynamic supervision of ships sailing on the island

The General Office of the People's Government of Hainan Province issued the "Measures for Dynamic Supervision of Ships Navigating within the Hainan Free Trade Port Island (Trial)" (hereinafter referred to as the "Measures") to prevent the risk of smuggling using ships, which will come into effect on November 18, 2023.

Canton Fair's foreign trade structure continues to improve

One very obvious positive phenomenon at this Canton Fair is that the participation of countries in the “Belt and Road” initiative has increased significantly, and many Chinese companies have begun to obtain new orders in emerging markets such as Southeast Asia, the Middle East, Africa, and Latin America. This also means that the structure of China's foreign trade market is gradually being optimized. With the stability of traditional markets, emerging markets have brought stronger growth momentum.

New regulations and policies abroad

Europe

Start of transition period for imposing “carbon tariffs”

The European Commission has announced the implementation details of the EU Carbon Border Adjustment Mechanism (CBAM) transition period. It will last until the end of 2025, officially start in 2026, and be fully implemented before 2034.

Including shipping in the carbon emissions trading system

Legislation for the inclusion of the shipping industry in the European Union (EU) Emissions Trading Scheme (ETS) has come into force, with enforcement set to begin on 1 January 2024.

USA

Final rules for chip restriction "guardrails" announced

The United States has issued a final rule that prohibits chip companies applying for U.S. federal funding from significantly expanding semiconductor production and conducting certain joint research projects in "foreign countries of concern" - defined as China, Iran, Russia and North Korea - for 10 years, or providing technology licenses to the above-mentioned countries that may raise so-called "national security" concerns.

Extending tariff exemptions for certain goods

The Office of the United States Trade Representative announced that it will further extend the 301 tariff exemption period for 352 Chinese imported products that have been restored to exemption and 77 Chinese imported products related to the prevention and control of the new coronavirus, until December 31 this year.

13 Chinese companies were included in the Entity List

On October 17, 2023, the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce issued an announcement to include 13 Chinese companies in the Entity List. The reason for inclusion was that they were allegedly involved in the development of advanced computing integrated circuits, which can be used to provide artificial intelligence capabilities, and there are risks of developing weapons of mass destruction, advanced weapon systems and high-tech surveillance applications, and there are so-called national security issues. According to the U.S. Export Administration Regulations, these 13 companies are marked with footnote 4 and are subject to foreign direct product rules. The restrictions on obtaining U.S. products and technologies involve a total of 18 ECCN codes, and they need to apply for a license, but the U.S. licensing policy is a presumption of denial.

Asia

India issues quality control order for cables and cast iron products

The Indian Ministry of Commerce and Industry has issued two quality control orders, which will come into effect in six months, requiring products subject to quality control to comply with relevant Indian standards.

Indonesia will strengthen customs supervision on imports of 3C and other categories

Indonesia plans to strengthen customs monitoring of some imported goods, including cosmetics, shoes and clothing, toys and electronic products, the president's office said.

Vietnam releases regulations on technical quality inspection and certification of imported automobiles

The Vietnamese government issued Decree No. 60/2023/ND-CP, which clearly stipulates the quality, technical safety and environmental protection inspection and certification of imported automobiles and imported parts.

Azerbaijan exempts some imported raw materials for automobile production from VAT

Azerbaijani President Aliyev signed a decree approving the exemption of import value-added tax on some raw materials and materials for passenger car production before January 1, 2031.

Egypt

Suspending tariffs on some essential goods for six months

Al-Ahram Online reported that Egyptian Prime Minister Madbouly recently announced that the government will suspend tariffs on a variety of basic commodities for six months to reduce the prices of related commodities by 15% to 25%. The above commodities include beans, dairy products, white cheese, mixed oil, pasta, sugar, lentils, poultry products, eggs and rice. Madbouly said that this move will have a positive impact on the supply of necessities and market stability, and curb inflation, especially the rise in food prices. Minister of Trade and Industry Samir said that the government will further simplify the procedures for releasing imported goods at ports.

Australia

Final import requirements for shrimp and shrimp products issued

Recently, the Australian Department of Agriculture, Fisheries and Forestry released Notice No. 2023-A10 on its website, announcing the final import requirements for shrimp and shrimp products for human consumption. The main contents are: all imported shrimp and shrimp products must be frozen; all imported cooked shrimp and shrimp products must be frozen, and the minimum core temperature of the product should reach 65°C during the cooking process; only countries or regions that have been officially assessed by Australia to be free of 10 pathogens such as decapod iridovirus are allowed to export whole uncooked (frozen) shrimp to Australia. This requirement will be implemented from October 30, 2023, when the new version of the health certificate for imported shrimp and shrimp products will be used simultaneously.

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In short, facing the implementation of new regulations in the field of international trade and investment, foreign trade enterprises and relevant personnel need to pay close attention to policy trends and respond proactively. Yiyingbao website building system will also continue to optimize service content and functional support to help enterprises better adapt to the challenges and opportunities brought by the new regulations and jointly promote the development and prosperity of international trade and investment.

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