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ICC Banking Commission the best nonbank trade sevices provider

11th July 2014

By: Callie Lombard

  

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On June 26, the International Chamber of Commerce (ICC) Banking Commission was announced the winner of the Trade and Forfaiting Review’s (TFR’s) 2014 Excellence Award for Best Nonbank Trade Services Provider for the second consecutive year. The award follows the commission’s recent launch in New York of the expanded ICC Trade Register Report 2014, which provides empirical evidence that trade and export finance, in all forms, is a low-risk bank financing technique.

The Society for Worldwide Interbank Financial Telecommunication (Swift), the financial messaging provider and key long-term institutional partner of the ICC Banking Commission, was awarded the 2014 silver medal for Best Nonbank Trade Services Provider. On July 1, 2013, the ICC Uniform Rules for Bank Payment Obligation was launched worldwide. The joint initiative between the ICC and Swift produced a twenty- first-century standard in supply chain finance to facilitate international trade.

The TFR is a leading trade and supply chain finance information resource providing essential updates to professionals around the globe. Through an independent, third-party assessment based on testimonial comments and marketplace feedback of 500 voters, the TFR award goes a long way towards helping the banking commission in benchmarking the success of its dynamic strategy and projects.

According to Tan Kah Chye, chairperson of the ICC Banking Commission, this recognition marks the shifts taking place in the banking commission as it strives to keep pace with the changes taking place in world markets. The commission will continue to build on its wealth of experience while expanding areas such as standards writing, policymaking, market intelligence and education.

According to the commission, it strives to be the most reputable and reliable provider of market intelligence for the banking industry. The commission’s most prominent publications, the ICC Trade Register Report 2014 – presenting data and analysis from the ICC trade register – and the annual global survey series entitled Rethinking Trade and Finance, provide timely, accurate and comprehensive data that contributes to a true portrayal of the trade and export finance sector. On July 2, the commission launched the 2014 ICC global survey titled Rethinking Trade and Finance – An ICC Private Sector Development Perspective.

Sugar Duty Reduction
On June 27, the South African Revenue Service (Sars) informed of the reduction in the rates of customs duty (all rates of duty) on sugar (beet, cane and other) in Schedule No 1, Part 1, of the Customs and Excise Act, classifiable under tariff subheadings 1701.12, 1701.13, 1701.14, 1701.91 and 1701.99, from 132c/kg to 92.6c/kg in terms of the variable tariff formula.

Liquor Tariff Amendment
On June 20, Sars published, for comment by July 11, four draft tariff amendment notices proposing changes to Schedule No 6 of the Customs and Excise Act, namely the insertion of Note 4 in Part 1B as a condition that manufacturers will have to register with Sars in terms of Rebate Item 619.07; the insertion of rebate item 619.07/104.10.20/01.01 in Part 1B to provide for a rebate of the excise duty on beer made from malt to be used in the manufacture of nonalcoholic beverages; the insertion of rebate items in Part 1C to provide for a rebate of the excise duty on other fermented beverages to be used in the manufacture of nonalcoholic beverages; and the insertion of new rebate items in Part 1D to provide for a rebate of excise duty on spirits to be used in the manufacture of other mixtures of fermented fruit beverages or mead beverages and nonalcoholic beverages, fortified (excluding wine), and the substitution of rebate item 621.11 in Part 1D to include other mixtures of fermented fruit beverages, mead beverages and nonalcoholic beverages.

Wheelbarrow Antidumping Investigation
The International Trade and Administration Commission of South Africa (Itac) has informed of the initiation of an investigation into the alleged dumping of wheelbarrows, classifiable under tariff subheading 8716.80.10, originating in or imported from the People’s Republic of China. The application was lodged by Lasher Tools. Comment is due by July 28.

Feed Products Export Control
On June 27, the executive officer: agricultural product standards of the Department of Agriculture, Forestry and Fisheries (DAFF) informed of the intention to request the Minister of Agriculture, Forestry and Fisheries to amend the regulations regarding control of the export of feed products. Comment is due by July 31.

Fresh Vegetables Export Control
On June 27, the executive officer: agricultural product standards of the DAFF informed of the intention to request the Minister of Agriculture, Forestry and Fisheries to amend the regulations regarding control of the export of fresh vegetables. Comment is due by July 31.

Yemen a WTO Member
On June 26, Yemen became the 160th World Trade Organisation (WTO) member, closing a 13-year-long chapter of negotiating its accession terms with WTO member countries. On May 27, Yemen deposited the instrument of acceptance with WTO director-general Roberto Azevêdo confirming its membership terms, and activated the 30-day countdown to its WTO membership, which became effective on June 26. Trade Ministers of WTO member countries officially approved Yemen’s accession on December 4, 2013, during the ninth Ministerial Conference, in Bali, Indonesia. The protocol of accession was signed by the Yemeni Minister of Trade and Industry and the WTO director-general. With Yemen’s accession, 97.1% of the global economy now falls under the rules-based multilateral trading system.

Increase in Rate of Duty
On June 20, Itac extended an invitation for comment on the proposed increase in the ‘general’ rate of customs duty on helical springs, classifiable under tariff subheading 7320.20, from 5% ad valorem to 30% ad valorem by way of creating an additional eight-digit tariff subheading under 7320.20 for “helical springs with a wire diameter of more than 1.32 mm but not exceeding 2.43 mm”. Comment is due by July 18.

Dumping Lapse
Itac has notified interested parties that, unless a duly substantiated request is made by or on behalf of the Southern African Customs Union (Sacu) industry, indicating that the expiry of the antidumping duty would likely to lead to the continuation or recurrence of dumping and injury, the following antidumping duties will expire during 2015: garlic imported from or originating in China; float and flat glass imported from or originating in China; polyester staple fibre imported from or originating in China; and float and flat glass originating in or imported from India. Manufacturers of the products in the Sacu region who intend to submit a request for the antidumping duties to be reviewed prior to their expiry are requested to do so by the following dates: garlic (September 25); float and flat glass (September 25); polyester staple fibre (November 27); and float and flat glass (September 25). In instances where no replies are received from the Sacu manufacturers by these dates, Itac will recommend the termination of the duties on the date of expiry. Sacu manufacturers who wish to submit a request for the antidumping duties to be reviewed prior to their expiry must to do so by July 28.

Draft Rules – Customs Control Act
Sars published draft customs control rules for chapters 1 and 3 to 10 of the proposed Customs Control Act. Comments are due by July 29.

Edited by Creamer Media Reporter

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