New foreign trade regulations in July
The central bank supports cross-border RMB settlement of new foreign trade formats
The quarantine time at entry has been shortened, and subsidy policies for “exhibitors on behalf of” various regions have been sorted out
List of enterprise-friendly policies of Ningbo Port and Tianjin Port
U.S. exempts Southeast Asian solar panels from import tariffs
US FDA changes food import procedures
Iran reduces VAT rate on imports of some basic commodities
Brazil further reduces import tax burden
South Korea applies 0% quota tariff to some imported goods
Algeria suspends trade in goods and services with Spain
Changes in these certification standards
Shipping lines levy fines for incorrect declarations
The central bank supports cross-border RMB settlement of new foreign trade formats
The People’s Bank of China recently issued the “Notice on Supporting Cross-border RMB Settlement of New Foreign Trade Formats” (hereinafter referred to as the “Notice”) to support banks and payment institutions to better serve the development of new foreign trade forms. The notice will be implemented from July 21.
The notice improves policies related to cross-border RMB business in new foreign trade formats such as cross-border e-commerce, and also expands the scope of cross-border business of payment institutions from trade in goods and trade in services to current account.
The notice clarifies that domestic banks can cooperate with non-bank payment institutions and legally qualified clearing institutions that have obtained Internet payment business licenses in accordance with the law to provide current cross-border RMB settlement services for market trading entities and individuals.
The quarantine time at entry has been shortened, and subsidy policies for “exhibitors on behalf of” various regions have been sorted out
At the regular policy briefing held by the State Council in early June, in terms of helping foreign trade companies grab orders and expand markets, it specifically mentioned “supporting small, medium and micro enterprises to participate in overseas activities through ‘domestic online face-to-face talks, overseas offline product exhibitions’ and other methods” Exhibition” policy orientation.
Recently, the Joint Prevention and Control Mechanism of the State Council issued the “Novel Coronavirus Pneumonia Prevention and Control Plan (Ninth Edition)” (hereinafter referred to as the “Ninth Edition Prevention and Control Plan”). The isolation and control time for close contacts and immigrants has been adjusted from “14 days of centralized isolation medical observation + 7 days of home health monitoring” to “7 days of centralized isolation medical observation + 3 days of home health monitoring”, and the close control measures for close contacts have been adjusted from “7 days of centralized isolation medical observation + 7 days of home health monitoring” “Centralized isolation and medical observation for 7 days” was adjusted to “home isolation for 7 days”.
Many places in Zhejiang, Guangdong, Shandong, and Henan have introduced subsidy policies for “exhibitors on behalf of others”, encouraging us to go all out to compete for orders and ensure the basic foreign trade. Please see the detailed policy summary here: It is an important benefit for foreign trade companies to expand the market! Compilation of subsidy policies for “exhibitors on behalf of” various regions!
List of enterprise-friendly policies of Ningbo Port and Tianjin Port
Ningbo Zhoushan Port issued the “Announcement of Ningbo Zhoushan Port on the Implementation of Relief Measures to Assist Enterprises” to help foreign trade enterprises to bail out. The implementation time is tentatively scheduled from June 20, 2022 to September 30, 2022, as follows:
1. Extend the period of exemption from stacking of heavy containers for foreign trade imports;
2. The ship supply service fee (refrigeration container refrigeration) for the cargo side is exempted from the shipping fee during the storage-free period for imported reefer containers for foreign trade;
3. Waiver of short-distance barge fees for foreign trade import inspection reefer containers from the port to the inspection site;
4. Waiver of short-distance barge fees from the LCL port for foreign trade imports to the unpacking warehouse;
5. Waiver of usage fees for some multimodal export container depots (transfer);
6. Open a green channel for foreign trade export LCL;
7. The temporary fee for off-port storage yards affiliated to the joint-stock company is halved;
Tianjin Port Group will also implement ten measures to relieve difficulties and benefit enterprises, and the implementation period will be from July 1 to September 30. Ten preferential service measures include:
1. Exemption from the “daily shift” port operation lump sum fee for the Bohai Rim public internal branch line;
2. Free of charge for the use of transfer container warehouses;
3. Exemption from warehouse usage fees for imported empty containers lasting more than 30 days;
4. Free of charge for the use of transit empty container distribution warehouse;
5. Reduction and exemption of refrigeration supervision fees for imported refrigerated containers;
6. Reduce or reduce export fees for inland enterprises;
7. Waiver of inspection-related fees;
8. Open a “green channel” for sea-rail combined transportation.
U.S. exempts Southeast Asian solar panels from import tariffs
In early June, the United States announced that it would grant a 24-month import tariff exemption for solar modules purchased from four Southeast Asian countries, including Thailand, Malaysia, Cambodia, and Vietnam, and authorized the use of the Defense Production Act to accelerate domestic manufacturing of solar modules.
Currently, 80% of U.S. solar panels and components originate from four Southeast Asian countries. In 2021, solar panels from four Southeast Asian countries accounted for 85% of the imported solar installed capacity in the United States, and in the first two months of 2022, this proportion once rose to 99%.
Since the photovoltaic module companies in the above-mentioned Southeast Asian countries are mainly Chinese-funded enterprises, from the perspective of division of labor, China is responsible for the design and development of photovoltaic modules, and Southeast Asian countries are responsible for the production and export of photovoltaic modules.
Analysis by CITIC Securities believes that the new measures of phased tariff exemptions will enable a large number of Chinese-funded companies in Southeast Asia to accelerate the resumption of exports of photovoltaic modules to the United States, and there may also be some retaliatory buying and warehousing demand within two years.
US FDA changes food import procedures
The U.S. Food and Drug Administration recently announced that starting from July 24, 2022, U.S. food importers will be required to fill out…The entity identification code “UNK” (unknown) will no longer be accepted when entering the entity identification code on the U.S. Customs and Border Protection forms.
Under the New Foreign Supplier Verification Program, importers must provide a valid Data Universal Number System number for foreign food suppliers to enter into the form.
DUNS number is a unique and universal 9-digit identification number used to verify business information. For businesses with multiple DUNS numbers, the number applicable to the location of the FSVP (Foreign Supplier Verification Programs) record will be used.
All foreign food supply companies that do not have a DUNS number can apply for a new number through D&B’s Import Security Inquiry Network (httpsimportregistration.dnb). The website also allows businesses to look up DUNS numbers and request updates to existing numbers.
Iran reduces VAT rate on imports of some basic commodities
According to reports, according to a letter from Iran’s Vice President for Economic Affairs Razai to the Minister of Finance and Economy and the Minister of Agriculture, with the approval of the Supreme Leader, the country will import wheat, rice, oilseeds, raw materials from the effective date of the Value-Added Tax Law until the end of 1401 AH. The VAT rate for edible oils, beans, sugar, chicken, red meat and tea is reduced to 1%.
According to reports, Iran’s Minister of Industry, Mines and Trade Amin said that the government has proposed 10-article automobile import regulations, which stipulate that the import of automobiles can begin within two to three months after approval. Amin said that the country attaches great importance to the import of economical cars under US$10,000 and plans to import them from China and Europe. Negotiations have now begun.
Brazil further reduces import tax burden
The Brazilian government will further reduce the burden of import taxes and fees to expand the openness of the Brazilian economy.
A new tax reduction decree is in the final stages of preparation, which will remove the cost of dock duties, a charge for the handling of cargo at ports, from import tax collections.
This measure will actually represent a 10% reduction in import taxes. This tax cost reduction is equivalent to the third round of trade opening. This equates to a drop in import tariffs of about 1.5 percentage points, with Brazil’s current average tariff at 11.6%. Unlike other Mercosur countries, Brazil imposes all import taxes and duties, including calculating terminal taxes. Therefore, the government will now reduce this expense, which is very high in Brazil.
Recently, the Brazilian government announced that it will reduce the import tax rate on beans, meat, pasta, biscuits, rice, building materials and other products by 10%, which will be effective until December 31, 2023. In November last year, the Ministry of Economy and Foreign Affairs announced that they would reduce the 87% commercial tariff rate by 10%, excluding goods such as cars, sugar, and wine.
In addition, the Management Executive Committee of the Foreign Trade Commission of the Brazilian Ministry of Economy issued Resolution No. 351 of 2022, deciding to extend the ban on products originating in China with a capacity of 1 ml, 3 ml, 5 ml, 10 ml or 20 ml, starting from June 22. The tax suspension period for disposable syringes with or without needles is up to 1 year and terminates upon expiration. The Mercosur tax numbers of the products involved are 9018.31.11 and 9018.31.19.
South Korea applies 0% quota tariff to some imported goods
In response to soaring prices, the South Korean government announced a series of countermeasures. Major imported foods such as pork, edible oil, flour, and coffee beans will be subject to 0% quota tariffs.
The South Korean government estimates that this will reduce the cost of imported pork by up to 20%. In addition, value-added tax on simply processed foods such as kimchi and chili sauce will be exempted.
Algeria suspends trade in goods and services with Spain
In early June, the Algerian government suspended its 20-year-old friendship and cooperation treaty with Spain and suspended trade in goods and services with Spain.
Currently, Arab importers are looking for alternatives to Spanish products. The most important alternatives that importers need to look for are paper, cartons and various chemicals, the most important of which are citric acid, colorants, preservatives, etc.
In addition, there are packaging materials, iron products, vegetable and animal oils, dyes, plastics and meat. The amount of ceramics imported from Spain has dropped significantly. Afghanistan is exporting ceramics to Spain through many factories. In addition, it also exports iron, salt, seeds, fish, sugar, dates and fertilizers. Fuel exports to Spain account for 90% of its total exports. .
Changes in these certification standards
The China Quality Certification Center has issued relevant requirements for compulsory product certification of electronic products and safety accessories (080916) to implement the new version of the standard GBT 9254.1-2021, revised automotive safety glass certification rules, and voluntary certification of lighting electrical products to implement the relevant requirements of the new version of the standard GBT 17743-2021. notify.
Shipping lines levy fines for incorrect declarations
Shipping company ONE has issued a notice on the implementation of container weight difference surcharge (WDS). This fee will be implemented on the Asia-Europe route and is limited to the westbound route. ONE said fines will be levied if cargo details are incorrectly declared when booking.
Penalties apply to situations including but not limited to the following: incorrect declaration of cargo details is discovered when submitting a booking, specifically, including but not limited to cargo weight, and the final bill of lading shows details that deviate from the verified gross mass (VGM) information by more than + /- 3TON/TEU.
In addition, for VGM revisions and misstatements after the cut-off, the revision and misstatement fees are also applicable to such related goods. Starting from July 1, 2022 (booking acceptance date), a weight difference fee of USD 2,000 per container will be levied.
3TON/TEU.
In addition, for VGM revisions and misstatements after the cut-off, the revision and misstatement fees are also applicable to such related goods. Starting from July 1, 2022 (booking acceptance date), a weight difference fee of USD 2,000 per container will be levied.
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