From today, the RCEP takes effect on this great Southeast Asian power!This week’s foreign trade event see inside

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The RCEP takes effect for Malaysia

After entering into effect for six ASEAN countries and four non-ASEAN countries on January 1 and South Korea on February 1, the Regional Comprehensive Economic Partnership (RCEP) will add a new ——, and the RCEP will come into effect for Malaysia from March 18.Terminal block, connector and reflex reflector should be noted.

After the RCEP takes effect, China and Malaysia have added market opening commitments to the ASEAN FTA, such as processed aquatic products, cocoa, cotton yarn and fabrics, chemical fiber, stainless steel and some industrial machinery and parts, which will be further reduced as canned pineapple, pineapple juice, coconut juice, pepper and some chemicals and paper products to China, to further promote the development of bilateral trade.

Malaysia's competitive manufacturing industry includes electronics, oil, machinery, steel, chemical and automobile manufacturing. The effective implementation of RCEP, especially the introduction of regional cumulative rules of origin, will create better conditions for Chinese and Malaysian enterprises to deepen industrial chain and supply chain cooperation in these areas.


Import tariffs were significantly adjusted

On February 1,2022, Indian Finance Minister Nirmala Sitharaman proposed the federal budget (Union Budget) for the new fiscal year (2022-23), which rationalized the tariff structure of many products and cancelled import tariff waivers for as many as 350 products to promote manufacturing policy in India (Make in India) and promote the development of the domestic manufacturing industry.

Higher tariffs will be imposed on everyday items such as umbrellas, headphones, headphones, speakers, smart meters and imitation jewelry.Please note that most of these products are imported from China.


Establish an online trading platform for the "import alternative exchange"

On March 13, Russian Deputy Prime Minister Chernetenko said that the Ministry of Industry and Trade, together with the Ministry of Digital Development, Communications and Mass Communication, has created an online import substitution exchange for direct interaction between manufacturing companies and customers in Russia.Companies joining the platform can issue procurement applications for industrial products and accessories, and suppliers can also submit quotations without additional fees and agency fees.

Mr Cherneshenko said Russia had enough parts manufacturers willing to offer their products to their own markets and repair supply chains disrupted by sanctions.

The Import Alternative Exchange will ensure direct interaction between Russian companies and customers, and the platform will gradually improve and expand the companies to include Russian companies and foreign suppliers willing to cooperate with Russia.


Release new import rules

The Ministry of Algiers's Ministry of Trade and Export Promotion recently notified that importers of raw materials and goods used for resale must be added to import documents from March 13,2022.

In addition to the documents that constitute import documents and must be submitted for customs inspection, a copy of the qualification certificate of the raw materials and the origin invoice of the products and goods must be provided from March 13. If the imported goods and the original export type change, the invoice other than the original packing list must be issued.

These measures apply to the provisions of Article 30 of Law 09-03 for the protection of consumers and stopping fraud, and Article 03 of Administrative Order 05-467 for border tariff conditions and methods to control the compliance of imported products for the purpose of monitoring imports and removing illegal acts in foreign trade activities.


Inflation is at a record high in nearly 40 years

The U. S. Consumer price index (CPI) rose 7.9 percent year on year in the past 12 months to February, the highest in nearly 40 years, the Labor Department data released on March 10.The gasoline index rose 6.6 per cent in February month-on-month, contributing almost a third of the total growth. The household food index rose 1.4 percent, the biggest month-on-month increase since April 2020.

The rising cost of living is hitting the wallets of American consumers, leading to lower consumer confidence and tight family budgets.For burdened low-income American families, they spend most of their budget on the necessities that are now becoming more expensive.With prices rising rapidly, some Americans began to adjust their lifestyles.

In Russia, a major global exporter of oil and gas, and economists expect U. S. inflation to soar further in March as oil prices soar.

sea transportation

MSC increases false alarm charges

Mediterranean shipping (MSC) website announcement, since April 1,2022, from Cambodia, China, Hong Kong, China, Indonesia, Japan, Korea, Malaysia, all goods, Myanmar, Philippines, Singapore, Taiwan, China, Thailand and Vietnam to all destinations adjusted export false alarm charges (CMD) to $3500 / container.

This fee applies to:

Any change to the specified customer name (Named Account) after the MSC booking confirmation, so that the freight rate is lower than the original rate;

Any abuse of the contract (including product name, port, and / or customer information different from the original contract).

On March 19,2021, MSC announced the implementation of an error declaration fee (CMD), which was charging $1,000 / container.

Chang Rong and card boat

Remember the evergreen's long gift wheel, which got stuck on the Suez Canal last year?The latest news, Evergreen shipping and the container ship stranded.On March 14, a container ship on its Asia-US East Coast route ran aground while departing from Baltimore, it said.

The Hong Kong-mounted EVER FORWARD wheel (EVER FORWARD) is stuck near Washington.The executive director of the Maryland State Authority said in a statement: " The grounding of this container vessel will not prevent other vessels from crossing into Baltimore port.Other ships were required to enter and leave BaltimoreHarbor at a lower speed.”

The ship was on voyage 1133-007W at the time of the incident.In addition to evergreen, there include COSCO, CMA, OOCL, APL, CNC and ANL, a total of seven shipping companies.The domestic affiliated ports include Xiamen, Shenzhen, Hong Kong and Kaohsiung in Taiwan, passing the Panama Canal to four major ports in the eastern US: Savannah (Savannah), Baltimore (BALTIMORE), Norfolk (Norfolk) and New York (NEW York).

If there are goods on this ship, please contact the forwarder to understand the delay!


Post time: Mar-21-2022