What is new in March?

I
Cross-border e-commerce retail imports change

There are 29 commodities with strong consumer demand in recent years (ski appliances, dishwashers, and tomato juice) listed in the new adjustments to the list of cross-border e-commerce retail imports (2019 Edition). The new adjustments also changed the tariff number for some commodities.

II
Increasing export credit insurance to support foreign trade

On February 23, the Ministry of Commerce and China Export Credit Insurance Corporation issued a work notice on increasing the support of export credit insurance.

The notice said that local competent commercial departments should actively implement the high-quality development plan of foreign trade in the 14th five-year plan. They should speed up the development of new models of foreign trade and other documents.

Also, local commercial departments should improve credit insurance support policies in combination with local conditions, encourage greater support for new forms of foreign trade such as cross-border E-commerce, overseas warehouses, and foreign trade comprehensive service enterprises, and take targeted measures to promote the development of service trade.

The notice proposed that local competent commercial departments should carry out in-depth investigation and research, and understand the problems and demands of enterprises.

III
RCEP officially came into force in Malaysia

On January 28, 2022, the General Administration of Customs issued Announcement No. 13 of 2022: the regional comprehensive economic partnership agreement will come into force for Malaysia on March 18, 2022. The certificate of origin exported to South Korea and Malaysia under the agreement is a self-printable certificate, implemented from the date of entry into force of the agreement for the member party.

IV
Russian swift

On February 27, the United States, the European Commission, Germany, France, the United Kingdom, Italy, and Canada issued a joint statement, deciding to exclude some Russian banks from the global banking financial Telecommunications Association (Swift) payment system and impose restrictive measures on the Russian central bank.

This means that Russian banks cannot communicate safely and effectively with foreign banks.

V
Bangladesh import policy change

On February 8, the Bangladesh parliament approved the new import policy regulations (2021-24). According to the regulation, Bangladesh retailers who import goods not exceeding 500.000 US dollars are exempted from issuing letters of credit and settled under the contract and telegraphic transfer.

The new regulation is $300.000 higher than the previous ceiling.

The new policy stipulates that the export products or imported machinery shall be completed within 24 months from the date of signing the contract, replacing the original 17 months. According to the new policy, individuals without import registration can import products for US $10.000. If the value of the goods exceeds the USA $10000, they need to get a license first.

In addition, in the bonded warehouse system of the new policy, 100% of Bangladesh’s export-oriented enterprises import raw materials and goods required for six months with no back-to-back letter of credit, and the original import quota is four months of inventory preparation.

VI
China and UAE implement AEO system mutual recognition

The General Administration of Customs of China announced that since February 14, China and the United Arab Emirates have officially implemented the “certified operator” (AEO) system of mutual recognition of each other’s customs, providing customs clearance convenience for goods imported from each other’s AEO enterprises.

VII
Japan eases entry restrictions for foreigners

From March 1, the Japanese government will allow foreigners to enter Japan. Foreigners entering Japan (except re-entry) need to have a reception person in charge of Japan. The specific visa application procedures will be announced later, but foreigners for tourism still cannot enter the country. Concerning the current measures of isolation for 7 days after entry, if foreigners have been vaccinated with three doses of vaccine and come from countries with stable epidemic situations, they will be exempted from isolation, or the isolation period is 3 days.

Source: SFBC Shanghai