@Foreign trade people, come and have a look! New foreign trade regulations for June are here!

2024

 June

A quick overview of new foreign trade regulations and policies

-Three departments implement export controls on five types of characteristic items;

-Administrative enforcement discretion criteria for the management of the "shortage and overage interval" of processing trade goods;

-Enterprises can directly register for foreign exchange at banks;

-Suspension of tariff concessions on 134 products from Taiwan;

-Proposed exclusion of 301 tariff products from 301 investigation on China;

-Signed the Agreement on Mutual Promotion and Protection of Investment with Venezuela;

-Russian beef is allowed to be exported to China;

- The visa-free policy for 12 countries is extended to the end of 2025;

- Sri Lanka intends to lift the ban on automobile imports;

- Brazil releases a new version of the rules of origin manual for imported products;

- Cuba implements visa-free entry for Chinese citizens;

- Uzbekistan implements the electronic waybill system;

- Argentina launches an investigation into Chinese microwave ovens;

-Maldives announces the introduction of WeChat Pay;

1. Three departments implement export controls on five types of characteristic items

On May 30, the Ministry of Commerce, the General Administration of Customs, and the Equipment Development Department of the Central Military Commission issued an export control on the following items, which shall not be exported without permission:

(I) Aerospace structural parts and engine manufacturing related equipment, software and technology.

Tools, dies, fixtures and other process equipment specially designed for superplastic forming/diffusion bonding of titanium, aluminum and their alloys for the manufacture of any of the following items (reference customs commodity numbers: 8203200010, 8204110010, 8204120010, 8205400010, 8205900010, 8206000010, 8480419010, 7326901910).

(II) Equipment, software and technology related to gas turbine engine/gas turbine manufacturing.

(III) Space suit window-related equipment, software and technology.

(IV) High molecular weight polyethylene fiber-related items.

The announcement will be officially implemented from July 1, 2024.

2. Administrative enforcement of the “shortage and overage interval” management of processing trade goods

Discretion benchmark

From June 1, the “Administrative Enforcement Discretion Benchmark for the “Shortage and Overage Interval” Management of Processing Trade Goods” issued by the General Administration of Customs will be implemented.

Calculated in units of the item number registered in the processing trade account book, if the shortage and overage of a single item or multiple items of processing trade goods in this write-off cycle are between [-1%, 1%], this discretion benchmark shall apply.

3. Enterprises can directly register for foreign exchange lists at banks

The State Administration of Foreign Exchange issued the "Notice of the State Administration of Foreign Exchange on Further Optimizing the Management of Trade Foreign Exchange Business" (Huifa [2024] No. 11). From June 1, the requirement for the approval of the "Trade Foreign Exchange Receipts and Disbursements Enterprise List" by the branches of the State Administration of Foreign Exchange will be cancelled, and the registration of the list will be handled directly at domestic banks.

The "Notice" mainly includes three aspects: first, optimizing the registration management of foreign trade enterprise lists; second, facilitating the settlement of cross-border trade foreign exchange receipts and payments for enterprises; third, cleaning up and integrating the foreign exchange management regulations for goods trade.

The implementation of the new policy facilitates enterprises to handle relevant procedures nearby, and the "foot cost" of enterprises will also be greatly reduced.

4. Suspension of tariff concessions on 134 products from Taiwan

On May 30, the State Council Tariff Commission issued an announcement. According to the "Cross-Strait Economic Cooperation Framework Agreement", the State Council Tariff Commission decided in accordance with regulations and procedures that from June 15, the application of the "Cross-Strait Economic Cooperation Framework Agreement" agreement tariff rate will be suspended for 134 tariff items of imported products such as lubricant base oil listed in the annex originating from Taiwan, and the current relevant regulations will be implemented.

5. Proposed exclusion list of 301 tariff products from China's 301 investigation

Washington, May 22—USTR said that the United States has significantly increased tariffs on a range of Chinese imports, including electric vehicles, lithium batteries, photovoltaic cells, key minerals, semiconductors, steel and aluminum, and ship-to-shore cranes, some of which will take effect on August 1, 2024.

6. Signed with Venezuela

"Agreement on Mutual Promotion and Protection of Investments"

On May 22, the governments of China and Venezuela signed the "Agreement on Mutual Promotion and Protection of Investments between the Government of the People's Republic of China and the Government of the Bolivarian Republic of Venezuela". The agreement will further promote and protect two-way investment between the two countries, better safeguard the rights and interests of investors on both sides, and thus better promote the economic and social development of both countries.

7. Russian beef is allowed to be imported into China

On May 28, the General Administration of Customs issued Announcement No. 65 of 2024 (Announcement on the Inspection, Quarantine and Hygiene Requirements for Imported Russian Beef). From now on, Russian beef (including edible beef by-products) that meets the relevant requirements will be allowed to be imported.

8. The visa-free policy for 12 countries will be extended to the end of 2025

In order to further promote personnel exchanges between China and foreign countries, China has decided to extend the visa-free policy for 12 countries including France, Germany, Italy, the Netherlands, Spain, Malaysia, Switzerland, Ireland, Hungary, Austria, Belgium and Luxembourg to December 31, 2025. People holding ordinary passports from the above countries who come to China for business, tourism, visiting relatives and friends, and transit for no more than 15 days can enter without a visa.

9. Sri Lanka plans to lift the ban on car imports

The Sri Lankan Sunday Times recently reported that the Sri Lankan Ministry of Finance Committee recommended lifting the ban on motor vehicle imports. If the proposal is accepted by the government, it will be implemented early next year. It is said that if the ban on car imports is lifted, Sri Lanka may receive 340 billion rupees (equivalent to 1.13 billion US dollars) in tax revenue each year, which will help achieve local revenue targets.

10. Brazil releases new version of rules of origin manual for imported products

Recently, the Brazilian Ministry of Industry and Trade released a new version of the rules of origin manual applicable to imported products under different trade agreement frameworks. The manual makes relatively detailed provisions on the origin and treatment of products, aiming to enhance the transparency and convenience of the country's international trade rules.

11. Cuba implements visa-free entry for Chinese citizens

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