Importers, exporters, and producers trading within North America have been rapidly preparing for the July 1st implementation of the US Mexico Canada Agreement (USMCA).
Further to our recent post on the key implications of the U.S. revoking Hong Kong’s ‘special trade status’, the Bureau of Industry and Security (BIS) announced on June 30, 2020, that it is suspending license exceptions for goods that were previously subject to differential treatment than license exceptions available to Mainland China.
Topics: Hong Kong
Objective of the AEO Program
Apart from revenue collection, Trade Security and Trade Facilitation are important areas for customs agencies around the world. In order to secure and facilitate the trade, the World Customs Organisation (WCO) has adopted the SAFE framework of standards in 2005, which includes the Authorized Economic Operator Program (AEO Program) as one of three key pillars. India, as a member of the WCO, has adopted the AEO Program through the Customs Act, 1962.
At the end of May, the US Department of State and the White House announced that the US would begin the process of revoking Hong Kong’s preferential treatment as a separate customs territory from Mainland China.
The Covid-19 pandemic has produced disruption around the globe, causing governments to enforce lockdowns and place controls on essential equipment to protect vital medical supply chains. In the EU, the regulations surrounding the import and export of personal protective equipment (PPE) have forced industry professionals to pay attention to regulations that evolve in step with the crisis.
