The US Treasury Department’s Office of Foreign Assets Control, the US State Department, and the US Commerce Department have issued rules adjusting maximum civil monetary penalties under the Federal Civil Penalties Inflation Adjustment Act – Improvements Act of 2015.
On February 2, 2022, the Department of State published a proposed rule that, most significantly, would amend provisions of the International Traffic in Arms Regulations affecting how the nationality of foreign persons is determined for purposes of deemed exports/reexports.
Baker McKenzie is pleased to launch the fifth in their Biden Supply Chain Policy video series focused on the pharmaceuticals and active pharmaceutical ingredients supply chain, which is another of the critical supply chains that has been a particular focus of the Biden Administration. The Biden Administration has been pursuing policies aimed at increasing resilience in this supply chain by addressing shortages and minimizing disruption through a range of measures, including efforts to on-shore and near-shore production to reduce reliance on foreign countries.
On 26 January 2022, the US Departments of State, Treasury, Commerce, Labor, Homeland Security and the Office of the US Trade Representative issued a joint advisory that highlights certain supply chain-related risks for companies whose business and supply chains may touch Burma/Myanmar.
On 24 January 2022, the Department of Homeland Security published in the Federal Register a request for public comments on the Uyghur Forced Labor Prevention Act. US importers and other interested parties should consider submitting comments that will both inform the Forced Labor Enforcement Task Force of the challenges companies face vetting their supply chains across industries, as well as provide insight into the effectiveness of various compliance-focused measures.
The US Trade Representative announced that it is seeking comments concerning the operation of the United States-Mexico-Canada Agreement with respect to automotive goods, including the implementation and enforcement of the USMCA rules of origin for automotive goods.
The African Continental Free Trade Area agreement is gathering momentum on streamlining intra-African trade across the continent, thereby providing exciting opportunities for pandemic recovery and growth.
On 2 February 2022, the Madrid Regional Council passed the Draft Open Market Bill, which is currently undergoing a parliamentary procedure at the Madrid Assembly and is expected to be passed by June 2022. Once it is passed, it will become enforceable three months after it is published in Madrid’s Official Regional Gazette. The approval of this Draft Bill takes place in a context in which the European Union has urged the Member States to adopt measures to eliminate obstacles to the free movement of goods and services, particularly after the economic and social crisis caused by the COVID-19.
By Decrees No. 234/2021 and No. 836/2021, the Executive Power established in Argentina an Investment Promotion Regime for Exports, granting benefits to those who make a direct investment in foreign currency of no less than USD 100 million, either for: (i) new investments; or (ii) to expand an existing business unit in industrial forestry, mining, hydrocarbon, manufacturing and agro-industrial activities.
Join us for a brief webinar on 1 March 2022 to hear from our experts on the latest sanctions measures introduced against Russia and certain parts of Ukraine. We are well-positioned in all relevant jurisdictions to help you understand and respond to the various sanctions measures. Our panel will comprise of Baker McKenzie trade and sanctions attorneys from Ukraine, Russia, the United States, the United Kingdom, the European Union, Canada, Japan, Australia and Switzerland. The panel will summarise the key measures and propose key practical take-aways for businesses to focus on.