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06 August, 2020 Legal Update

Latest Trade News and Agreements: August

Latest Trade News and Agreements: August


Read the latest trade news and agreements from EU-Vietnam, USA-Mexico-Canada and WCO.

EU-Vietnam: Free Trade Agreement

The EU-Vietnam Free Trade Agreement (FTA) enters into force on August 1, 2020.
 
This FTA will eliminate nearly all customs duties on goods traded between the two parties in a progressive way. The Agreement also contains specific provisions to remove technical obstacles to trade.
 
It was signed on June 30, 2019, and on March 30, 2020, the EU adopted a decision on its conclusion (see previous post).

USA-Mexico-Canada: Free Trade Agreement

The United States-Mexico-Canada Agreement (USMCA) entered into force on July 1, 2020, replacing the decades-old NAFTA.
 
The USMCA is expected to enable food and agriculture to trade more fairly, and to expand exports of agricultural products. Some of the key achievements are:
 
  • Tariffs for most agricultural products will remain at zero.
  • Setting unprecedented standards for agricultural biotechnology.
  • Significant commitments to reduce trade distorting policies, improve transparency and ensure non-discriminatory treatment for agricultural product standards.
  • Enhanced rules for science-based sanitary and phytosanitary measures.

WCO: Amendments to HS 2022

The World Customs Organization (WCO) published the amendments to the Harmonized System (HS) Nomenclature accepted during the HS Convention.
 
Among the 351 sets of amendments, the following HS codes have been set for pine nuts:
 
0802.91 - Pine nuts, in shell
0802.92 - Pine nuts, shelled
 
These accepted amendments shall enter into force for all Contracting Parties on January 1, 2022.
 
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