Home > Uncategorized > STTAS EMEA Trade Report 12 November 2018

STTAS EMEA Trade Report 12 November 2018

 

12 November 2018

Europe
EU publishes 2019 version of combined nomenclature
“The Combined Nomenclature forms the basis for the declaration of goods (a) at importation or exportation or (b) when subject to intra-Union trade statistics. This determines which rate of customs duty applies and how the goods are treated for statistical purposes.”
Kosovo imposes 10 percent tariff on Serbia and Bosnia
The tariff responds to “Serbia’s hostile approach towards Kosovo” and Bosnia’s blocking of goods from Kosovo.
France to lead EU drive to defy Iran sanctions
“Le Maire’s remarks came after a new batch of sanctions on Iran’s oil trade as well as shipping and banking came into force on Monday, with the US Treasury Department adding more than 700 Iranian individuals and organizations, including 14 of the country’s largest banks, to the sanctions list. At the same time, Washington exempted eight nations from the sanctions on importing oil from Iran: China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey.”
EU nears deal for tougher screening of foreign investments
“Under the plan, being developed following a flurry of Chinese investments, the Commission would investigate foreign investments in critical sectors to protect Europe’s strategic interests in some fields of technology.”
Middle East
Iran, South Korea to use national currencies in trade exchanges
“In response to US sanctions, Iran and its trade partners have been negotiating the reduction of the US dollar’s share in mutual trade. Russia, Turkey, India, Iraq, Qatar, China and others have been actively making steps to switch to national currencies in settlements in order to bypass Washington’s pressure.”
Turkey granted 25 percent waiver on U.S. Iran oil sanctions
“Washington has pledged to eventually halt all purchases of crude oil from Iran globally but for now it said eight countries – China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey – can continue imports without penalty for at least another six months.”
Africa
Uganda, UAE sign deal to start agricultural free trade zone
“The free zone, which is expected to occupy 2,500 hectares, will attract investment from companies, especially from UAE, in agricultural processing and packaging for export.”
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