Trade forms the backbone of the world’s economies, spurring investment, job creation, economic growth, and raising standards of living.
Global trade is being increasingly disrupted as tariff tensions, political unpredictability, protectionist policies and regulatory uncertainty challenge established business models and trade relationships.
The resulting inefficiencies were challenging when the trade environment was stable. But in our increasingly volatile times with COVID-19, Brexit as well as trade and political tensions at both local and global levels, the stakes are far higher.
Now should be a breakthrough era for international trade, as technological advances are making new forms of business possible, built on a foundation of data and insight. EY professionals can help you build an integrated approach by:
- Shaping responses to changing global tariffs and trading relationships
- Reducing cost, risk and delays from your trade network
- Driving better insights through data
- Reimagining your supply chain operating model
- Leveraging technologies
EY Global Trade Updates
Refocusing on the global trade functional organization
As a result of multiple years of trade disruption and geopolitical tensions, companies are recalibrating, refocusing and re-establishing their interest in their global trade function’s organizational design. Consequently, as a “new norm” is established, clients have been raising topics, such as:
- Where should global trade sit within the company?
- What should be the scope of the global trade function?
- Should operational activities be separated from advisory and compliance activities?
- Should export be owned by legal?
These are a few of the key questions our EY tax professionals have contemplated with global trade executives and agree should be further examined.
TradeFlash June 2023
Staying on top of global trade developments and the latest thinking can be challenging. The latest edition of EY TradeFlash features a roundup of the latest developments in global trade, covering key trade topics such as the treatment of royalties, sustainable trade, the impact of supply chain disruption on trade compliance, trade technology and UK free trade agreements.
In this first edition of the year, we see several of the trade trends that we identified in 2022 —supply chain disruption; a focus on environmental, social and governance (ESG) matters; and ongoing uncertainty around customs valuation — are still high on the agenda, and they are still presenting challenges and opportunities for businesses.
TradeWatch Americas Insights
Under our Americas chapter, focus is on:
- Brazil: New transfer pricing rules and their impact on customs valuation
- Canada releases guidance on Select Luxury Items and proposes new reporting obligations on modern slavery in supply chains in 2024
- Colombia: Government increases customs tariff for apparel and footwear imports, and examines the impact of tax reform on free trade zones
- US: WTO rules against the US in cases involving Section 232 tariffs, China origin-marking
TradeWatch Asia-Pacific Insights
The Asia-Pacific chapter focuses on key issues, with the following articles:
- Japan: 2023 tax reform changes to the customs law
- Japan/Indonesia: Economic Partnership Agreement — introducing electronic certificates of origin
- Indonesia: New customs procedures for importing software and digital goods electronically
- Philippines: Customs audits and the Prior Disclosure Program as well as Strategic trade management update
TradeWatch EMEIA Insights
Under the EMEIA chapter, authors discuss the impact on business of some key court rulings, including:
- EU: European Commission publishes draft legislation for binding valuation information
- EU: Russia sanctions pose challenges for companies
- EU: Updated CBAM regulation published
- Kingdom of Saudi Arabia: Clearance within two hours initiative
- UK: Customs valuation policy shift — Method 1 under threat for multinationals
- UK: Top seven trade trends in 2023
Our latest thinking
On the agenda (4)Skip
Global tax reform
Tax leaders’ agenda
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