A month after the end of the Brexit transition period, the Port of Dover in Great Britain reports freight traffic is nearly at the same level as a year ago. In a Feb. 8 news release, the nearest British port to France gave a post-Brexit update, saying that more than 90% of the freight volumes typically recorded this time of year are flowing through the port. The Port of Dover said that if a hauler shows up to the Kent County border with all paperwork ready and a negative COVID-19 test, then it's quickly off to France on a ferry. “I’m really encouraged to see such a positive start to the New Year as we adapt to the new systems and processes involved in a new, post-Brexit transition era,” Port of Dover Chief Operations Officer Sarah West said.
The European Council renewed the European Union terrorist list Feb. 5 for another six months, freezing the funds and other financial assets in the EU of 14 persons and 21 groups and entities. The list also prohibits EU operators from making funds and economic resources available to the blocked parties. The terrorist list has been in place since the attacks of Sept. 11, 2001. Renewal is required every six months.
South Korea and Cambodia announced in a joint statement that negotiations have concluded on a bilateral free trade agreement. Cambodian Commerce Minister Pan Sorasak and South Korean Trade Minister Yoo Myung-hee revealed the finished FTA talks at a joint Feb. 4 videoconference, The Korea Herald reported. The FTA is intended to boost both countries' exports and comes after six months of negotiations. When combined with the Regional Comprehensive Economic Partnership, Cambodia will lift tariffs on 93.8% of all South Korean products, while South Korea will lift duties on 95.6% of Cambodian goods, The Korea Herald said. “The FTA will pave the way for the two countries to overcome challenges from the COVID-19 pandemic, and seek sustainable economic growth,” Yoo said on the videoconference.
After taking charge of its own financial sanctions regime after leaving the European Union, the United Kingdom will look to deepen engagement with the U.S., the EU and other close allies to bolster the effectiveness of its now-autonomous sanctions authorities. In a Feb. 4 blog post, the new head of the Office of Financial Sanctions Implementation, Giles Thomson, discussed how greater collaboration with key stakeholders in the public and private sectors will be key to ensure improved compliance. In the spirit of this renewed sense of public-private camaraderie, Thomson announced a targeted outreach on licensing in the spring to focus on the additions and applications OFSI is making.
Following meetings with various European leaders, Indian Minister for Commerce and Industry Piyush Goyal announced high-level India-U.K. and India-EU dialogues on trade and investment. In a joint U.K.-India statement Feb. 8, Goyal and Britain's Trade Secretary Liz Truss announced the launch of an Enhanced Trade Partnership between the two countries. The two met Feb. 6. The move formalizes a deal announced July 24 at the 14th meeting of the India-U.K. Joint Economic and Trade Committee, at which the respective ministers agreed on a road map on trade that would lead to a free trade agreement. The Feb. 8 announcement will serve as a springboard to future negotiations.
South Korea Trade Minister Yoo Myung-hee dropped her candidacy for World Trade Organization director-general, clearing a path for Nigeria's Finance Minister Ngozi Okonjo-Iweala to be elected. Announcing her decision at a Feb. 5 briefing in Seoul, Yoo said it was made in coordination with the U.S. as a way to reach a consensus among WTO members on the one candidate who will lead the organization, according to a report in The Korea Herald.
The importance and size of the Mexico-U.S. trading relationship does not receive enough recognition in the U.S., Mexico's outgoing ambassador to the U.S., Martha Barcena, said Feb. 5 during an event hosted by the Center for Strategic and International Studies. Mexico is the U.S.'s no. 1 trading partner, she said, and the economies are inexorably linked, with the automobile supply chain as just one example of it. One piece of a car will cross the border an average of seven times before final assembly, she said.
Firearms trade expert Michael Andersen is the new director of regulatory services for Orchid, a federal firearms license business and compliance software company. Andersen will lead Orchid's international trade practice related to import/export licensing, alcohol, tobacco and firearms compliance, and firearms e-commerce regulations, the company said in a news release. Previously, Andersen was the director of compliance at Brownells, working on federal firearms compliance and international trade programs.
As part of an information technology revamping effort, the Indian government introduced an online e-filing system for those looking to import products under the subcontinent's tariff-rate quota system. The new online module, the e-TRQ System, must be used effective Feb. 8 by all importers to submit their TRQ applications on the Directorate General of Foreign Trade's website. Requests for changes or amendments to the TRQ licenses also must be submitted online through the e-TRQ system and no paper copies of the licenses will be provided. Any TRQ applications already submitted for fiscal year 2021-22 yet to be processed will be migrated to the new system with no additional action required of the filing party.
One of the largest impacts felt from the drastic change in mandate and reach of the Committee on Foreign Investment in the U.S. in the last few years is how lawyers, business people and investors are viewing the committee. Speaking at a Capitol Forum webinar on Feb. 4, three CFIUS industry experts highlighted how far more resources are being exerted on CFIUS compliance measures than at any time since its inception. This is largely due to the Foreign Investment Risk Review Modernization Act of 2018, which greatly overhauled CFIUS's responsibilities, including introducing certain mandatory filings for certain foreign transactions (see 1910310053).