Stay ahead in global trade with The Customs Watch—your go-to source for the latest updates, insights, and compliance tips in customs and trade
Edition No: 31 -2024
Critical updates for customs and trade professionals are highlighted in the latest edition of The Customs Watch.
The Authorised Economic Operator (AEO) programme aims to enhance global trade security and streamline customs processes. Companies considering AEO status should assess its benefits, such as improved customs facilitation and reduced inspections. A decision-making guide is available to help businesses determine the appropriate AEO type and training options, including e-learning and discounted in-house sessions for PREMIUM members.
Updates on anti-dumping duties include definitive duties on tungsten carbide imports from China, as per Commission Implementing Regulation (EU) 2024/2461. Additionally, measures on woven and stitched glass fibre fabrics are approaching expiration, with deadlines to be monitored.
Accurate customs classification is crucial, especially with upcoming UK and EU trade tariff structure changes effective January 1, 2025. Notable commodity codes will be phased out, emphasising the need for compliance vigilance.
The Customs Declaration Service (CDS) has been updated with new examples and data elements. A planned downtime is scheduled for September 28-29, requiring customs agents to prepare accordingly.
The European Union Deforestation Regulation (EUDR) is critical, with a free webinar on October 10 to guide businesses in compliance.
Lastly, updates signal delays in implementing the Windsor Framework, which significantly affected customs operations. Updated guidance on moving goods between Great Britain and Northern Ireland is now available.
Stay informed and compliant!
In addition to these updates, the European Commission has initiated a review of exemptions under Regulation (EC) No 88/97 and has made imports from the exempted party subject to registration. This review, alongside the termination of partial interim reviews of anti-subsidy and anti-dumping measures on certain pneumatic tyres from China, highlights the ongoing adjustments in trade policies to address evolving market conditions.
The week also brought updates in the Carbon Border Adjustment Mechanism (CBAM) area, with a revised user manual for declarants and updates to the CBAM Quarterly Report structure. These changes are part of the broader efforts to streamline and enhance the transparency of CBAM processes.
On the free trade agreements front, the Agreement establishing an Association between the European Union and Central America has officially entered into force as of 1 May 2024. The Enhanced Partnership and Cooperation Agreement between the European Union and the Kyrgyz Republic has been signed and is set for provisional application. These agreements signify important strides in strengthening trade relations and economic cooperation.
Finally, we have notable developments in customs valuation, including a high-profile tax dispute involving Nike, which underscores the importance of accurate valuation in international trade. Additionally, updates to transfer pricing guidance and a whistleblower revelation about customs valuation fraud highlight the critical need for vigilance and compliance in valuation practices.
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