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
TradeFlash February 2023
Welcome to the newest edition of the TradeFlash newsletter, a roundup of the latest developments in global trade around the world.
Global Trade trends — including trade disruption, customs valuation, transfer pricing, and the interplay between trade policy and the ESG agenda — will continue to influence the trade policies of governments and the trade strategies of corporations into 2023 and beyond.
TradeWatch Global Insights
The Global Insights section of our latest TradeWatch publication covers a wide range of trade topics and developments from around the world. On the agenda of this Issue 3:
- Technical Committee on Customs Valuation approves new advisory opinions on ancillary charges
- The India-Australia Economic Cooperation and Trade Agreement — a long-awaited pathbreaker
- Blockchain and its potential role in the future of global trade
- Going with the data flow: things every business should know
TradeWatch Americas Insights
Under our Americas chapter, focus is on:
- Canada: Assessment and Revenue Management — Release 2 expected in October 2023
- Colombia: Constitutional Court invalidates the customs sanctioning and confiscation regime contained in the Customs Code
- Costa Rica: Business landscape, trade facilitation and amendments to General Customs Law
- US: Uyghur Forced Labor Prevention Act goes into force
- US: Implements new technology export controls on China
TradeWatch Asia-Pacific Insights
The Asia-Pacific chapter focuses on key issues, with the following articles:
- China: Customs updates for September 2022
- Japan: Updates on sanction measures
- Thailand: Five-year extension of Thai Customs’ One-Stop Service voluntary disclosure process
- Thailand: Incentives to promote the development of the battery electric vehicle sector
- Vietnam: Authorized Economic Operator regime
TradeWatch EMEIA Insights
Under the EMEIA chapter, authors discuss the impact on business of some key court rulings, including:
- Eastern Europe: Definition of exporter – VAT consequences
- Hamamatsu — a long journey about to end?
- Poland: Transfer pricing adjustments and their impact on VAT, excise and customs duties
- UK: Freeports — moving toward delivery
Previous TradeWatch and TradeFlash editions
How can you spend less time on tactical/transactional activities and more on strategic and focused activities that create value? One way is to turn to EY Trade Connect — a modular technology platform that links EY clients to a broad spectrum of managed services that can adapt and evolve with the changing needs of the business.
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