EU: Update on transatlantic trade partnership, other trade items
EU: Update on trade partnership, other trade items
The 10th round of negotiations between the European Union and the United States for a Transatlantic Trade and Investment Partnership (TTIP) started this week. The TTIP aims at improving market access, reducing (non-)tariff barriers through regulatory cooperation, and developing a common framework to address challenges and opportunities.
The European Parliament, a key player in the ratification process of a potential TTIP, on 8 July 2015 approved a non-binding resolution calling for a complete overhaul of the current Investor-State Dispute Settlement (ISDS) system and to continue with the talks in order to conclude an ambitious, comprehensive and balanced deal.
Currently, it is not clear whether (and when) the TTIP negotiations would come to an end. If a TTIP is concluded between the EU and the United States, it would likely take two to three years before the TTIP will actually take effect.
Read a July 2015 report prepared by the KPMG member firms in the Netherlands and Belgium: Trade & Customs News
Other topics discussed in this KPMG report include:
- WCO’s new guide to customs valuation and transfer pricing
- Update on the Union Customs Code
- Classification of electronic book reader (e-reader)
- Draft classification regulations
- Sanctions on Iran to be lifted
- EU and China - joint statement on Authorized Economic Operators
- Introduction of flexible rules in Belgium with regard to the competent customs office of export
- Future reduction of excise duties on natural gas in Belgium
- Dutch Supreme Court - principle of respect for the rights of the defense
- Reimbursement of interest in the Netherlands