Trade Policy Updates (From 30th Apr to 5th May 2018)
1) EU member states have approved a European Commission proposal to restrict the use of carcinogenic, mutagenic and reprotoxic (CMR) substances in clothing, textiles and footwear.
The new law will apply 24 months after publication in the EU Official Journal but first will be scrutinized by the European Parliament and Council. The draft annex to the Regulation includes exemptions.
2) The US has renewed GSP for Cambodia. This allows Cambodian exporters access to duty-free privileges.
The renewal is retroactive, allowing exporters from beneficiary nations to claim refunds for transactions made after the GSP scheme expired last year.
Eligible GSP merchandise entering the US between December 31, 2017, and the effective date of the extension, April 22, will be eligible for refunds of duty.
3) The US Department of Commerce will impose preliminary antidumping duties on polyethylene terephthalate imports from Brazil, Indonesia, South Korea, Pakistan and Taiwan, before making a final determination on the duties on September 17.
4) Pakistan wants to increase trade and economic cooperation with Kenya as it is the gateway to many African counties, where there is big demand for Pakistani goods.
5) The office of the India Directorate General of Foreign Trade (DGFT) has increased the rate of incentive under MEIS to 7% from 5% for a number of handicraft items.