Archive for category Restrictions, Sanctions & Embargos

More Trade News in Brief – Week 50 (10 – 16 December 2012)

* Austria & Chile Signed DTA
A bilateral double taxation agreement (DTA) has been signed between Austria and Chile.
Kindly read more here.
* Nordic Nations Extended Their Network of TIEAs
The Nordic group of territories (Sweden, Denmark, Norway, Finland, Iceland, Greenland, and the Faroe Islands) has extended their network of TIEAs to 40 after signed a new tax cooperation agreement with Jamaica.
More details following the link.
* EU approved New FTAs
11 December 2012
The EU’s Parliament approved two landmark pacts trade with Colombia, Peru and six countries in Central America (Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama).
Please check here for further details.
* EU-Russia Relations
13 December 2012
“EU-Russia relations are still suffering from Russia’s failure to embrace democratic values fully and strengthen the rule of law” state the Members of the European Parliament (MEPs).
Kindly read more here.
* UN Extends Sanctions on Liberia
12 December 2012
The UN Security Council  extended the sanctions imposed on Liberia for another year.
Follow the link for more information.

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More Trade News in Brief – Week 47 (19 – 25 November 2012)

 * The World Factbook has Been Updated
15 November 2012
All the Economy fields have been revised and/or updated.
Check here.
* U.S. to Extend Permanent Normal Trade Relations to Russia and Moldova
16 November 2012
United States Trade Representative vote to extend Permanent Normal Trade Relations with Russian Federation and Moldova.
Kindly follow up the link.
* Iraq Joined GECF as Observer Member
21 November 2012, Malabo (Republic of Equatorial Guinea)
The Ministers of The Gas Exporting Countries Forum (GECF) accepted the application of the Republic of Iraq as an Observer Member.
Read more here.

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OECD Launched The ‘Global Recalls Portal’

19 October 2012
OECD launched a international portal to exchange information about unsafe products that have been taken off the market in Australia, Canada, Europe and the United States.
The portal,, will contribute to boosting consumer safety across the world.
For more information kindly check here.

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OLAF Annual Report for 2011

3 July 2012, Brussels
The European Anti-Fraud Office (OLAF) published the Annual Report 2011 include samples of cases investigated by OLAF into suspected crimes against different sectors of the EU budget.
The report can be downloaded from here.
OLAF Report 2011 - Trade News in Brief
For further details click here.

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Launch of the Revised KLRCA Arbitration Rules

On 2 July 2012, the latest version of the KLRCA Arbitration Rules (the “Rules”) will come into force. The Rules update the KLRCA Arbitration Rules 2010 and follow on the heels of the Arbitration Amendment Act 2011 which sought to enhance and emphasise the Malaysian courts’ non-interventionist and pro-enforcement stance in international arbitration.
In particular section 8 of the Act was specifically amended to explicitly state that the courts are entitled to intervene only in situations expressly provided for by the Act. Previously, it had been worded more vaguely as “[u]nless otherwise provided, no court shall intervene in any of the matters governed by this Act“.
A copy of the Rules can be found here. Some of the more pertinent revisions are as follows.
  1. A new Rule 2 now specifies the information, documents and fee required to register an arbitration with the KLRCA. Previously, the Rules only required that the party commencing the arbitration copy the notice of arbitration to KLRCA. It was then left to the KLRCA to follow-up and request further information.
    The aim of this revision is to reduce the time usually taken by the initiating party in submitting the necessary documentation for the KLRCA’s verification.
  2. The time for the appointment of arbitrators has been reduced to 30 days in line with the requirements under the Malaysian Arbitration Act 2005.
  3. A new Rule 5 now provide for challenges to arbitrators. Such challenges will be administered by the KLRCA and the Director will determine those challenges.
  4. Parties and the arbitral tribunal have 30 days to agree on a schedule of fees from the time of the appointment of the tribunal and to inform the KLRCA of such, failing which the KLRCA Schedule of Fees shall apply.
The Rules will automatically apply to all arbitrations commenced under the KLRCA after 2 July 2012 unless parties stipulate otherwise.

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ICC – Economic Sanctions in the Global Economy

The National Law Forum

The National Law Review is pleased to bring you information regarding the upcoming ICC Institute’s Economic Sanctions in the Global Economy Conference:

At a time when the global financial crisis has severely impacted trade flows and hampered world growth, what is the effect and the justification for the extraterritorial application of economic sanctions?

The long arm reach of law enforcement agencies sets global companies unprecedented challenges in terms of conflict of laws and regulatory jurisdiction. Dozens of criminal, administrative or regulatory investigations on both sides of the Atlantic are currently targeting billions of dollars worth of commercial transactions and cross-border payments. Penalties in the hundred of millions of dollars are regularly disclosed sanctioning global companies and banks for their past cross-border dealings . What is the right balance between the governments’ objective of moving to a safer world and the business reality? How are judges and arbitrators expected to…

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EU Sanctions Regarding Luxury and Dual Use Goods to Syria

15 June 2012, Luxembourg
The Council of the European Union approved implementing rules on certain EU sanctions against Syria to apply from 17 June:
–      ban on exports of luxury goods
–      ban on additional dual use goods
More here.

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More Trade News in Brief – Week 25 (11–17 June 2012)

* South Africa-Seychelles DTA Protocol Comes Into Effect
The double taxation agreement (DTA) between South Africa and the Seychelles has been ratified and went into effect on May 15, 2012.
More here.
* US To Establish Normal Trade With Russia
13 June 2012, Washington
United States establish permanent normal trade relations (PNTR) with Russia and repeal the 1974 Jackson-Vanik amendment.
For further details, please check here.
* IFRS’s 2011 Annual Report Published
12 June 2012
The International Financial Reporting Standards (IFRS) Foundation published the complete 2011 Annual Report.
The Annual Report, divided in three sections Trustees of the IFRS Foundation, Standard-setting activities, and Financials is available here.

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More Trade News in Brief – Week 24 (4–10 June 2012)

* EU Starts Free Trade Talks with Armenia
1 June 2012, Brussels
The European Union (EU) and Armenia have agreed to begin negotiations for a comprehensive Free Trade Area.
* Report on G20’s Trade & Investment
31 May 2012
WTO, OECD & UNCTAD published a report showing the negative impact of protectionist and discriminatory trade measures.
The seventh WTO-OECD-UNCTAD report for the G-20 on trade and investment reveals that government-imposed trade and investment restrictions continue to be an obstacle for global growth and development.
Please consult the report here.
* Hong Kong-Portugal DTA Comes Into Force
On June 3rd come into force the agreement for the avoidance of double taxation (DTA) signed between Hong Kong and Portugal.
* Canada Starts Investment Talks With Benin and Burkina Faso
The Canadian government has launched negotiations on foreign investment promotion and protection agreements (FIPAs) with Benin and Burkina Faso.
* India and Bahrain Sign TIEA
The governments of India and Bahrain have signed a tax information exchange agreement (TIEA).
* Annual Asset Management Report: Facts & Figures in Europe – EFAMA
31 May 2012, Brussels
EFAMA published the Fifth Annual Review Asset Management in Europe: Facts & Figures (using data as at end 2010).
This report take a tour of european the industry looking at its overall size, general structure, asset allocation and client base.
Please see the Report.

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SWIFT Excludes the EU-sanctioned Iranian Banks

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, cuts the EU-sanctioned Iranian banks out of the system following an EU Council decision. The measure will come into force at 1600 GMT on Saturday, March 17th.
Lázaro Campos, CEO of SWIFT: “Disconnecting banks is an extraordinary and unprecedented step for SWIFT. It is a direct result of international and multilateral action to intensify financial sanctions against Iran.”
SWIFT is a member-owned association that provides the communications platform, products and services to connect more than 10,000 financial institutions and corporations in 210 countries.
For more information, please refer to SWIFT and Council of the European Union.

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