New foreign trade regulations coming into force in October
New freight rate increases for shipping companies take effect.
New import regulations for ACID in Egypt come into force.
An important new regulation for imports into Egypt, the "Advanced Cargo Information (ACI) declaration", came into force on 1 October. Information (ACI) declaration" requires that for all imports into Egypt, the consignee must first forecast the cargo information in the local system in order to obtain an ACID number to provide to the consignor.
The ACID number is a 19 digit number that should appear on all documents relating to the shipment in question (including invoices, bills of lading, manifests, etc.). Failure to provide the ACID number will result in the mandatory return of the shipment to the port of shipment and the imposition of fines.
Indonesia and China Local Currency Settlement Facility Launched.
Bank Indonesia ("Bank Indonesia") announced on 6 September that, pursuant to the Memorandum of Understanding signed between the Bank and the People's Bank of China on 30 September 2020, the Local Currency Settlement Facility between Indonesia and China ("LCS") will be officially launched from 6 September 2021. ("LCS"). This is an important milestone for the two central banks to deepen monetary and financial cooperation, which will help form a direct quotation between the Indonesian Rupee and the Chinese Yuan, expand the use of local currency in economic and trade exchanges between the two countries, and promote trade and investment facilitation.
According to the introduction, starting from 6 September 2021, commercial banks such as Industrial and Commercial Bank of China (ICBC) and Bank Central Asia Indonesia (BCI), as licensed cross-currency market makers (ACCD), can handle RMB/INR related transactions under the framework of China-Indonesia local currency settlement cooperation in accordance with relevant regulations.
BOC Hong Kong Jakarta Branch and Bank of China have been selected as Chartered Cross Currency Market Makers (ACCMs) respectively to conduct RMB and INR settlement for current account and cross-border investment, and to conduct direct quotation transactions between RMB and INR.
Suspension of GSP Certificate of Origin for Eurasian Economic Union
On 23 September 2021, the General Administration of Customs issued Circular No. 73 of 2021: Starting from 12 October 2021, Customs will no longer issue GSP Certificates of Origin for goods exported to Eurasian Economic Union (EAEU) member countries. If the consignor of goods to Eurasian Economic Union member countries needs the certificate of origin, he can apply for the issuance of non-preferential certificate of origin.
China - Chile Customs AEO Mutual Recognition
In March 2021, the Customs Administrations of the People's Republic of China and the Republic of Chile signed the Arrangement on Mutual Recognition of China's Customs Enterprise Credit Management System and Chile's Customs "Certified Operator" System (hereinafter referred to as the "Mutual Recognition Arrangement"), and decided to implement it from October 8, 2021. The Arrangement will be formally implemented on 8 October 2021.