In March , there are some new rules happened through out the world. Let’s see what they are :
1. RCEP officially takes effect for Malaysia
The certificate of The Regional Comprehensive Economic Partnership will come into force for Malaysia on March 18, 2022. Certificates of origin exported to South Korea and Malaysia under the Agreement are self-printable certificates, which will be implemented from the date when the Agreement takes effect for the member.
2. Some Russian banks excluded from SWIFT payment system
The United States and the European Commission, Germany, France, the United Kingdom, Italy, and Canada issued a joint statement deciding to exclude some Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system and to impose restrictions on the Russian central bank to prevent its deployment International reserves weaken the impact of sanctions.
The latest sanctions will ensure that Russian banks are cut off from the international financial system, "damaging their ability to operate globally," according to a joint statement issued by several countries. This means that Russian banks will not be able to communicate securely and efficiently with foreign banks.
3. Adjustment of Bangladesh L/C Import Policy
According to the new "Import Policy Regulations (2021-24)" of the Bangladesh Congress. The regulation stipulates that Bangladeshi retailers importing goods not exceeding US$500,000 will be exempted from issuing letters of credit and settle settlements in accordance with contracts and wire transfers.
The new rules are an increase of $300,000 from the previous limit. The secretary of the Congress said at a press conference that after the implementation of the new policy, the development of Bangladesh's import trade will be more in line with the needs of the times and more competitive.
The new policy stipulates that exporting products or importing machinery should be completed within 24 months from the date of signing the contract, replacing the original 17 months. Under the new policy, individuals without an import registration can import products up to $10,000, and if the value of the goods exceeds $10,000, a permit is required.
In addition, in the bonded warehouse system part of the new policy, Bangladesh's 100% export-oriented enterprises import raw materials and goods required for six months without any back-to-back letters of credit, and the original import quota is four months of inventory preparation.
4. Egypt imports comprehensive requirements for letter of credit payment
Egyptian importers can only import goods using letters of credit and instruct banks to stop processing exporter collection documents. Even Egyptian customers have requested that the order is being shipped, and the bill of lading date should be changed to before 2.12, otherwise the shipping company needs to issue a certificate.
It is reported that the move is to facilitate the Egyptian government to strengthen import supervision and reduce its dependence on foreign exchange supply.
On February 17, Egypt's central bank eased some of the restrictions again, excluding essential goods such as wheat, corn, beans, poultry, milk powder, chemicals and medicines from the list of imported goods to which the new payment rules apply.
5. Algeria drastically adjusts import and export rules
Algeria signed the 2022 Finance Law (LALOIDEFINANCEPOUR2022) on December 30, 2021. Traders should pay special attention to the fact that this adjustment shows Algeria's policy orientation of encouraging domestic production and restraining imports.
On January 26, 2022, the French financial media "International Trade Observatory" (LeMOCI) quoted Akram Hamouda, director of legal compliance of the French Chamber of Commerce and Industry in Algeria (CCIAF), stating that the adjustments include:
Afghan import payment rules;
Product identification requirements.
6. China, Russia/UAE implement mutual recognition of AEO system
According to the announcement issued by the General Administration of Customs of China, China, Russia and the United Arab Emirates have officially implemented the "Accredited Operator" (AEO) system for mutual recognition of each other's customs, providing customs clearance convenience for goods imported from each other's AEO enterprises.
When Chinese AEO enterprises export goods to the UAE/Russia, they need to inform the UAE/Russia importer of the AEO code (AEOCN + 10-digit enterprise code registered and filed with the Chinese customs, such as AEOCN1234567890), which will be declared according to the UAE/Russia customs regulations. The UAE/Russian Customs confirms the identity of the Chinese Customs AEO enterprise and provides relevant facilitation measures.
New rulses changes all the time , as foreign trade representative we should pay more focus on the news to win the trading game.
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