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"The world’s largest business organization, the International Chamber of Commerce has welcomed Brazil’s ratification of the World Trade Organization’s Trade Facilitation Agreement (TFA)—an agreement which was forged under the leadership of the Brazilian head of the WTO Roberto Azevedo," stated an article by the ICC.
Brazil will become the 72nd country to affirm this landmark agreement, which will speed global commerce by cutting red-tape at borders-and third country in South America after Guyana and Paraguay.
A study by the Getulio Vargas Foundation for CNI offers that Brazilian GDP could increase by US $24 billion with the addition of trade facilitation measures. "Globally the WTO estimates that the TFA will reduce trade costs by more than 14% globally-creating an estimated 20 million jobs globally," stated the article.
"The ratification of the Trade Facilitation Agreement and the recently launched National Export Plan send a strong signal of Brazil's commitment to put international trade at the heart of its economic recovery," said Daniel Feffer, Chair of ICC Brazil.
Applauding this breakthrough development for trade facilitation, ICC Secretary General John Danilovich said: "Implementing the TFA gives Brazil, once one of the world's fastest growing emerging market, an opportunity to reboot its economy by creating significant export diversification gains and reducing trade costs."
"The Agreement will enter into force global when two-thirds of the WTO's [110] members ratify the deal," the article stated.
A multinational organization based in Bangkok, Thailand, has agreed to pay $20,000,000 to settle potential civil liability for 467 apparent violations of OFAC sanctions on Iran. Between 2017 and 2018, the company facilitated $291 million in wire transfers through U.S. financial institutions for the sale of Iranian-origin high-density polyethylene resin (HDPE), manufactured by a joint venture involving the parent company in Iran. HDPE is a robust resin used in various plastic products such as food and beverage containers, shampoo bottles, and industrial items. Concurrently, the company initiated U.S. dollar wire transfer transactions to settle the joint venture’s debts to third-party vendors.
BIS has released the newest iteration of their guidance on export enforcement. The “Don’t Let This Happen to You” guidance document is dated March 2024 and is 76 pages of important guidance for the export community. The opening letter states “Export controls have never been more important to our collective security interests than they are today.” Follow the link below to check out more details!
The U.S. Customs and Border Protection (CBP) has issued a Withhold Release Order (WRO) against work gloves manufactured in a Chinese company and its subsidiaries, based on evidence suggesting the use of convict labor. This action is part of the U.S. government's efforts to combat forced labor globally. With nearly 28 million workers suffering under such conditions worldwide, WROs are a means to deter companies from exploiting labor and to protect vulnerable populations. By enforcing laws prohibiting the importation of goods produced by forced labor, CBP aims to safeguard American workers, businesses, and consumers. Currently overseeing and enforcing numerous WROs and Findings, CBP emphasizes its commitment to eliminating forced labor from U.S. supply chains and encourages reporting of suspected violations.
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