PSA International agreed to acquire BDP International from private equity firm Greenbriar Equity Group, the companies said Nov. 30. PSA is based in Singapore and describes itself as "a leading global port group and trusted partner to cargo stakeholders." Tan Chong Meng, CEO of PSA, said "BDP will be PSA’s first major acquisition of this nature -- a global integrated supply chain and transportation solutions provider with end-to-end logistics capabilities." BDP's services include "air and ground transportation; origin management, export freight forwarding; import customs clearance and regulatory compliance; trade compliance, analytics and optimization solutions." The deal's financial terms weren't released.
European Union officials are seeing a steady uptick in notified transactions under its new foreign direct investment screening regime and expect the trend to continue into next year, said Denis Redonnet, the European Commission’s chief trade enforcement official. As more member states continue to screen FDI, Redonnet said the EC plans to issue a set of common guidelines for reviewing investments and will work closer with the U.S., Japan and others to share best practices.
The ports of Los Angeles and Long Beach again postponed a new surcharge meant to incentivize the movement of dwelling containers, the two ports announced Nov. 29. The ports originally said they would begin imposing the fee Nov. 15 (see 2111030027) but have postponed it several times (see 2111150054). The fee will now "not be considered prior" to Dec. 6, the ports said.
The Southern African Development Community recently extended its Trade Facilitation Program, which aims to improve intraregional trade flows between the SADC member states, the Hong Kong Trade Development Council reported Nov. 23. The program, which was extended through 2030, helps ease some trade challenges between some African states, including supply‑side constraints, restrictive practices, the high cost of trading between member states because of poor infrastructure, delays in import and export clearances, inefficient transit traffic, “complicated” rules of origin, and the rise in non-tariff trade barriers, HKTDC said.
India alloted an extra 303 metric tons of raw sugar for export to the United States under its tariff rate quota for fiscal year 2021, India's Directorate General of Foreign Trade said Nov. 23. The move brings the total sugar allotment up to 8,727 metric tons under the TRQ. If a certificate of origin is needed for any would-be exporter, the Additional Director General of Foreign Trade in Mumbai will issue the certificate. FY21 ends Dec. 31, the DGFT said.
The Bureau of Industry and Security added 27 entities to the Entity List for illegally selling technology to China, North Korea and other sanctioned countries, for supporting China’s military modernization efforts or for contributing to Pakistan’s nuclear and missile programs, the agency said Nov. 24. The Entity List additions include a range of laboratories and companies operating in the semiconductor, microelectronics and machinery sectors in China, Japan, Pakistan and Singapore, including several major Chinese chip companies.
The Tien Giang provincial government in Vietnam fined Xin Dong Ya Vietnam Handicraft for importing goods with fake Vietnamese origin and falsely declaring nontaxable imports, the state-run CustomsNews reported. The company was fined over $4,400 for importing nearly 200,000 bags falsely labeled as being of Vietnamese origin and over $200 for the false declarations of nontaxable imports. The Long An Customs Department seized the bags after an inspection of a container found "suspicious" differences between the actual goods in the shipment and the company's declaration.
The European Commission this week proposed new rules that would restrict imports to “deforestation-free” goods in a bid to combat global deforestation, global warming and biodiversity loss. The rules would set “mandatory” due diligence requirements and add to the compliance responsibilities for importers of goods associated with deforestation, such as soy, beef, palm oil, wood, cocoa, coffee and leather.
Chambers of commerce in Canada, Mexico and the U.S. collectively are asking each country's leaders to hold each other accountable to fully implement USMCA. In a joint letter Nov. 16, they said, "The Canadian and Mexican private sectors share apprehension over differing interpretations of USMCA’s rules of origin and how the U.S. interpretation of these provisions poses risks to our integrated supply chains." They also said that the Canadian and U.S. private sectors are deeply concerned about Mexico's actions restricting investment in its energy sector. "Attempts to favor state-owned enterprises at the expense of renewable and other private energy providers only undermine investment certainty, put at risk ambitious shared goals to address climate change, and promise both added cost and diminished opportunity for our countries’ workers," they wrote, and said they hope government will engage the private sector in meaningful dialogue in both arenas. They also said in future emergencies like the pandemic, "there should also be greater cooperation on border management to ensure the flow of commercial traffic and cargo."
The United Kingdom’s new foreign investment screening law may draw more industry filings than first expected, Baker McKenzie lawyer Sunny Mann said. Although the U.K.’s new National Security and Investment Act doesn’t officially take effect until Jan. 4, Mann said many companies are already showing signs they plan to be careful and notify the U.K. before closing investment deals, rather than waiting for the government to intervene.