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Most folks in the trade community have heard of the TPP aka Trans-Pacific Partnership. Most can agree this massive piece of “pending” legislation has caused significant discussion and confusion from many sectors and political positions. Why so much hype? This discussion endeavors to only highlight key points about TPP as they relate to the trade community. It is well recognized that there are clear pros and cons to most all of the components of this legislation.
The TPP involves 12 countries, including the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru.
Some key points:
We have noted “may” in each of these key points mainly because at this point it is unclear about what is going to happen with the TPP. With the election looming, it is certainly not likely to see any movement positive or negative on this until after the New Year. Even then, it is still very unclear what support there is at this time in the current format.
Being informed is the first step toward action. JAS Forwarding USA Inc. Compliance Team is committed to bring more and more relevant topics to our blogs and monthly newsletter. Contact us today and tell us what you think about the TPP and any other key topics. We are ready to help!
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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