Baker McKenzie’s Sanctions Blog published the alert titled Switzerland implements eighth EU sanctions package and adds UK to certain carve-outs on 28 November 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Across sectors and industries, from start-ups to multinationals, companies everywhere are talking about their sustainability credentials — and in particular, their intention to reach net-zero. Businesses have recognized that a net-zero pledge can be a powerful public message, in the face of growing pressure to tackle the climate crisis and an expectation that business be part of the solution. But amidst all the rhetoric, how much progress are we really making? Are we on course to reach net-zero by 2050, or are businesses simply jumping on the bandwagon on the road to net nowhere? We surveyed 1,000 business leaders to find out more.
On 9 November 2022, the US Department of Commerce revoked Russia’s market economy status for the purpose of US antidumping law. Russia’s re-designation as a non-market economy – an economy where prices are set by the government rather than through supply and demand – means that, in future antidumping cases, the DOC can use special dumping calculation methods that make it easier to impose antidumping duties, and to impose significantly higher duty rates, on imports from Russia.
The European Union is on the verge of adopting the Corporate Sustainability Reporting Directive (CSRD) following a vote in the European Parliament on 10 November 2022. Compared to its predecessor, the CSRD expands the scope of companies required to disclose more detailed information regarding the impact of their activities on sustainability matters in their management report. The goal of the CSRD is to provide more transparency to the public on companies’ sustainability motives and efforts and to help investors and other stakeholders evaluate the non-financial performance of companies.
Welcome to our Virtual Year-End Review of Import/Export and Trade Compliance Developments Conference resource center. Baker McKenzie’s international trade compliance lawyers from around the world discussed the major global legislative, judicial and administrative activities and trends in export controls, trade sanctions, customs compliance, and import requirements in nine 75 minute sessions which took place from 15 to 17 November 2022.
On November 18, 2022, the US Department of Commerce (DOC) published a notice of a proposed change to its particular market situation (PMS) methodology.
Since the 2015 expansion of the DOC’s PMS authority, the DOC has been using the PMS methodology in the calculation of antidumping duty rates when it considers that there is a market distortion in the exporting country under investigation, such as the availability of low-priced energy, which reduces exporters’ costs of production.
On 14 November, the UK Government confirmed that it would continue to recognize the CE marking in Great Britain for another two years (until 31 December 2024) giving businesses extra time to prepare for the mandatory introduction of the UK Conformity Assessed (UKCA) marking. Businesses can continue to use the new UKCA marking voluntarily until then, giving them flexibility to choose which marking to apply.
The African Continental Free Trade Area Agreement (AfCFTA) recently launched the Guided Trade Initiative to test meaningful, continuous trade under AfCFTA and to assist in the development of shorter, regional value chains that will allow for more climate-resilient, sustainable trade across the continent. But for Africa to make the most of free trade, it is essential that large gaps in continent-wide infrastructure and manufacturing be developed in a sustainable way.
On 25 October 2022, Supreme Decree No. 015-2022-PRODUCE was enacted, approving a new regulation of the law on labeling and verification of technical regulations.
On 10 November 2022, following a 3-1 vote, the Federal Trade Commission issued a policy statement expanding its interpretation of the scope of unfair methods of competition under section 5 of the Federal Trade Commission Act. Section 5 of the FTC Act prohibits “unfair methods of competition,” which covers conduct that violates antitrust laws or section 5 itself.