In a report to the Chinese legislature on March 8, Chinese National People's Congress Standing Committee Chairman Li Zhanshu declared his intention to pursue an expanded toolkit to combat U.S. sanctions, Bloomberg reported. Beijing pledged to speed up legislation intended to combat penalties imposed on China by former President Donald Trump. “We will upgrade our legal tool kit for meeting challenges and guarding against risks in order to oppose foreign sanctions, interference and long-arm jurisdiction,” Li said. At a news conference March 7, Foreign Minister Wang Yi had told the U.S. to not interfere in China's internal affairs, Bloomberg reported.
Singapore Customs on March 3 issued a range of updated trade statistics covering monthly numbers from January 2021 and yearly data from 2015 to 2019. The statistics outline yearly and monthly duty collections, the number of yearly permits and licenses issued by the agency, and annual enforcement figures for customs violations.
India on Feb. 27 began using an online module to adjudicate, appeal and review proceedings under the Foreign Trade Development & Regulation Act of 1992 and Foreign Trade Regulation Rules of 1993. The Office of the Directorate General of Foreign Trade announced the move in a March 1 release. It said exporters shall submit all relevant documents on the DGFT website, dgft.gov.in.
China's Ministry of Finance extended until Sept. 16 tariff exemptions for 65 U.S. and Canadian products that were to expire Feb. 27, it said in a news release Feb. 26, according to an unofficial translation. The exempted products include logs, aircraft parts and pumps.
India recently raised its import duty on denatured ethanol, from 2.5% to 5%, the U.S. Department of Agriculture Foreign Agricultural Service said in a report released Feb. 24. The move was designed to aid the domestic ethanol production industry, FAS said. The import tax hike, coupled with a recently announced $595.15 million government-allocated budget for the domestic sugar industry, will likely raise demand for domestic molasses and alcohol from grain-based distilleries, USDA said.
KPMG issued a guide Feb. 26 on China’s value-added tax system, detailing challenges faced by foreign companies and the “myriad exceptions” that may apply in certain situations. The guide also dives into recent VAT developments in China, including the country’s alignment of its VAT system with the “common usage” of VAT and other tax systems globally, KPMG said. The firm also said China plans to move to electronic invoicing as it looks to “accelerate the shift” away from paper-based documents.
West Virginia signed an economic memorandum of understanding with Vietnam's Ministry of Industry and Trade to bolster trade between the two parties. The MOU will establish a working group to promote economic ties and provide a framework to deepen industry ties on energy and other sectors.
The Singapore Customs TradeNet will undergo system maintenance March 14, from 4 a.m. to noon local time, it said Feb. 8. The agency advised users to avoid submitting applications during this time. This is in addition to the usual 4 a.m. to 8 a.m. Sunday maintenance.
Hapag-Lloyd suspended cargo bookings into Myanmar following the country’s military-led coup earlier this month (see 2102110020). The German shipping company said the situation in the country is becoming “more and more tense,” its terminals are “close to full capacity” and road transportation is restricted. “With that, Hapag-Lloyd have taken the decision to temporarily suspend any Import bookings into Myanmar with immediate effect,” the company said Feb. 19. The company plans to deliver shipments that were “already on the water” but said traders should expect delays.
China banned the importation of poultry and related products directly or indirectly from Algeria following the identification of H5N8 avian influenza in poultry in the North African country. China declared the ban in a Feb. 19 customs announcement and also stipulated that customs officials will destroy all illegally imported poultry and poultry products from Algeria, according to an unofficial translation.