Trade & TTIP Related

Chapter News, Trade & TTIP Related

European Parliament | MEPs adopt new trade tool to defend EU from economic blackmail

The main goal is to deter foreign powers from bullying the EU or its member states. Restrictions to trade, direct investment and access to the EU procurement market are among possible countermeasures. This new tool should serve as a shield protecting EU’s sovereignty. The new trade instrument is primarily meant as a deterrent, but it will allow the EU to fight economic coercion and respond with its own countermeasures. With 578 votes to 24 and 19 abstentions. Parliament approved on Tuesday...

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Member News, Trade & TTIP Related

Thompson Hine | U.S., UK and EU Announce Updated List of Controlled “High-Priority” Items Restricted for Export to Russia

On September 19, 2023, the Department of Commerce’s Bureau of Industry and Security (BIS) announced additional items considered significant to Russian weaponry and are now restricted for export to both Russia and Belarus. In coordination with the United Kingdom and European Union, BIS continues to identify “high-priority items” by their six-digit Harmonized System (HS) codes that Russia seeks to procure for its weapons programs. Items described by these HS codes have been found in multiple Russian weapons systems used against Ukraine. In the September 2023 notice, BIS...

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Member News, Trade & TTIP Related

GDLSK | Uyguhr Forced Labor Prevention Act – Three More Parties Added to the UFLPA Entity Lists

The U.S. Department of Homeland Security (DHS) has today, 9/26/2023, added three more entities to those designated under the UFLPA, bringing the total number of designated entities to 27. As per the DHS announcement, the newly added entities are: Xinjiang Zhongtai Group Co. Ltd. (headquartered in Xinjiang and produces and sells polyvinyl chloride (PVC), iconic membrane caustic soda, industrial salt, calcium carbide, viscose fiber, viscose yarn, and other textile, chemical, and building materials). Xinjiang Tianshan Wool Textile Co. Ltd. (headquartered...

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Member News, Trade & TTIP Related

Fenwick & West | U.S. Government Intensifies Focus on Russian Sanctions Evasion

The U.S. government is turning up the dial on its efforts to combat evasion of export controls and sanctions against Russia. The severe trade restrictions against Russia (and Belarus) have seen continuous escalation since February 2022. In the latest round of measures, multiple U.S. government agencies took aim at companies that enable the circumvention of trade controls, with an increased focus on evasion tactics in third countries and by non-restricted entities that operate as fronts for sanctioned parties.Anti–money laundering...

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Chapter News, Trade & TTIP Related

Trade with the United States: EU Council authorises negotiations on EU-US Critical Minerals Agreement

The Council today adopted a decision authorising the Commission to open negotiations, on behalf of the EU, with the United States on a Critical Minerals Agreement (CMA) and the related negotiating directives. This agreement seeks to strengthen critical minerals supply chains and mitigate some of the negative repercussions of the US Inflation Reduction Act (IRA) on EU industry. The Critical Minerals Agreement will be key in diversifying international supply chains of critical minerals. It will also help to strengthen our cooperation...

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Chapter News, Trade & TTIP Related

IMF | Trade and Technology’s Intersecting Paths

Advances in technology affect trade and vice versa Technological change is exciting and scary, empowering us to do more with less work while fueling fears of being replaced. Although it drives economic growth and progress, those who fall behind risk losing their livelihoods. International trade has a similar impact but generates even greater anxiety. That’s because its benefits are less obvious to people than the gains from innovation, and the domestic workers dealt setbacks by trade associate their losses directly with...

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Chapter News, Trade & TTIP Related

EU extends trade benefits for Ukraine

The suspension of import duties, quotas and trade defence measures on Ukrainian exports to the European Union – known as the Autonomous Trade Measures (ATMs) – are in place for another year. This strong testament to the EU's unwavering support for Ukraine will help alleviate the difficult situation faced by Ukrainian producers and exporters because of Russia's unprovoked and unjustified military aggression. The EU is phasing out by 15 September 2023 the exceptional and temporary preventive measures adopted on 2...

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Chapter News, Trade & TTIP Related

U.S.-EU Joint Statement of the Trade and Technology Council

I. Introduction The fourth Ministerial meeting of the Trade and Technology Council (“TTC”) took place in Luleå, Sweden, on 31 May 2023. It was co-chaired by European Commission Executive Vice President Margrethe Vestager, European Commission Executive Vice President Valdis Dombrovskis, United States Secretary of State Antony Blinken, United States Secretary of Commerce Gina Raimondo, and United States Trade Representative Katherine Tai, joined by European Commissioner Thierry Breton, and hosted by the Swedish Presidency of the Council of the European Union. On...

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Chapter News, Trade & TTIP Related

OECD | Supply of critical raw materials risks jeopardising the green transition

A significant scaling up of both production and international trade of critical raw materials is needed to meet projected demand for the green transition and achieve global net zero CO2 emissions targets. A new policy paper on Raw Materials for the Green Transition: Production, International Trade and Export Restrictions, shows the price of many materials  – including aluminum and copper – have reached record highs, driven by the repercussions of the COVID-19 pandemic, trade tensions and the continuing consequences of...

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Chapter News, Trade & TTIP Related

ECB | A year of international trade diversion shaped by war, sanctions, and boycotts

Sanctions and voluntary boycotts have forced Russia to change its international trade since its invasion of Ukraine. The country has reoriented towards the east, away from Europe. This ECB Blog post sheds light on these shifts. It is the third entry in a series about the economic effects of the war. Russia’s invasion of Ukraine prompted the EU and its partners to impose wide-ranging sanctions on Russia, including banning exports of certain types of machinery and transport equipment to the...

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