TradeLane

Trade Agreement Update: The European Union and Mercosur

EU-Mercosur-topimage

The EU and Mercosur (Brazil, Argentina, Paraguay, and Uruguay) agreed recently on a draft-free trade agreement that, if implemented, will create the largest free trade area in the world, connecting over 770 million people. The agreement has been agreed in principle and will now move to legal revision. This will lead to a final text of the agreement being sent to the member states of both blocs for approval.

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Topics: Europe, Free Trade Agreements

3 Takeaways from the Budget and Authorised Economic Operator Status

The Budget and Authorised Economic Operator Status

The presentation of the government’s budget before Parliament has always been an interesting affair. The perfunctory annual photo of the Chancellor of the Exchequer standing in front of Number 11 Downing Street with the red briefcase containing the Government’s budget for the year always seems to make a dull affair more interesting.

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Topics: Europe, Brexit

UCC Intermediate Evaluation

UCC Intermediate Evaluation

In December 1999, as we approached the year 2000, there was intense speculation no computer would be able to cope with the programming disaster known as Y2K. Experts predicted a blackout on computer-operated systems not configured for a four-digit year code, and software engineers worked frantically to fix the problem. Many believed that blackouts would disrupt our lives as we began the first day of the new millennium.

However, nothing happened, and all our systems kept on running as intended.

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Topics: Europe

The EU’s Dual-Use Catch-All Clause

The EU’s Dual-Use Catch All Clause2-1

Dual-use goods are defined as goods, equipment, technology, and knowledge that may have either civilian or military use or may contribute to the proliferation of weapons of mass destruction.

As part of their global strategy, most countries have regulations in place to control the export of dual-use goods. National authorities issue the lists of products for which they want to control the exports and for which a license is required.

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Topics: Europe

Churchillian Thoughts on European Customs Valuation

Churchillian Thoughts on European Customs Valuation.jpg

At present, there seems to be a renewed interest in the venerable Winston Churchill in popular culture. Between John Lithgow’s portrayal in The Crown and Gary Oldman’s version in The Darkest Hour, we are presented with a reintroduction to some of Mr. Churchill’s more memorable quotes. One of my favourites is, “There is nothing wrong with change, if it is in the right direction.”

Unfortunately, this quote does not accurately reflect customs duty adjustments based on retroactive changes in transfer pricing agreements.

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Topics: Europe