The free trade agreement between China and Nicaragua was scheduled to take effect Jan. 1, China's Ministry of Commerce announced, according to an unofficial translation (see 2308310020). The ministry released the FTA's schedule of preferential tax rates, which includes zero percent tariff rates for Nicaragua's main exports, such as beef, shrimp, coffee and cocoa. The deal also sets out tariff quotas of 50,000 tons of sugar each year, with a duty rate of 15% beyond the 50,000 ton limit, while tariffs on Chinese exports to Nicaragua will be "gradually reduced and eliminated."
Japan sanctioned three members of Hamas on Dec. 26, the Ministry of Finance announced, according to an unofficial translation. They are Yahya Sinwar, Mohammed Deif and Marwan Issa.
India's Directorate General of Foreign Trade this week extended until Dec. 31, 2024, the date for the mandatory electronic filing of non-preferential certificates of origin through the common digital platform. Until then, the existing mechanism used to process non-preferential COO applications in "manual/paper mode is permitted," the DGFT said.
China objected to the EU’s launch of an antidumping investigation on Chinese biodiesel last week (see 2312200029), saying it “firmly opposes protectionist behavior that abuses trade remedy measures.” The country’s Ministry of Commerce said past EU trade remedy measures “have been repeatedly criticized" by trading partners, according to an unofficial translation of a Dec. 21 press conference transcript. The ministry said it “will pay close attention to the EU's follow-up actions.”
China’s Ministry of Commerce criticized the Biden administration's decision this week to add 13 Chinese companies to the Unverified List (see 2312190022), saying the move will “destroy the market rules and the international business order,” according to an unofficial translation. “China will firmly oppose this,” the ministry said, adding that the U.S. should “stop its unreasonable suppression of Chinese companies.” Companies on the UVL are ineligible for U.S export license exceptions and are subject to additional reporting requirements.
China issued new export restrictions on four products this week, according to an unofficial translation of a Ministry of Commerce announcement. The four items are cell cloning and gene editing technology for human use, crop hybrid advantage utilization technology, "bulk material handling and transportation technology," and lidar systems.
China criticized a resolution passed by the European Parliament last week that urged the EU to sanction Chinese officials involved in the forced assimilation of Tibetan children into Chinese government-run boarding schools (see 2312150060), saying the resolution contained “disinformation.” Human rights conditions in Tibet “are better than ever,” a Chinese Foreign Ministry spokesperson said during a Dec. 19 press conference, adding that it’s “entirely up to the students and their parents whether to go to boarding schools or not.”
U.S. Ambassador to China Nicholas Burns said he hears a lot from farmers, ranchers and those in the fishing industry, and reminded those listening to a talk he gave at the Brookings Institution last week that about 20% of agricultural exports are sent to China.
After consecutive record-setting years, USDA said expectations for 2023 U.S. food exports to South Korea should be “tempered” because the country’s “modest” economic growth, declining exports and weakened technology sector have reduced consumer spending. But the December report also said the 2024 outlook is “more positive,” adding that it expects a combination of low tariffs, rising South Korean consumer income and Korea’s “well-established knowledge of American products” will help the U.S. remain the “top agricultural supplier into the market for many years to come.” The agency said U.S. food exporters should “regularly monitor South Korea’s economic situation and food trends and, where possible, improve on price offerings to counter product competition.”
Japan levied a host of new sanctions on Russia, including a ban on the import of non-industrial Russian diamonds, the Ministry of Finance announced Dec. 15, according to an unofficial translation. The ministry said the import ban will be rolled out "at a later date."