International Law Bulletin - Vol. 16, No. 6
INTERNATIONAL BUSINESS AND TRADE
Customs:
US:
The Customs and Border Protection Bureau (CBP) added a new section to its audit questionnaire containing 18 questions on valuation some of which request a transfer pricing study and support for conclusion that its transfer prices for goods are at "arm's length" showing that the sales price between the parties was unaffected by their relationship (27 ITR 888; 6/17/10).
Dumping:
US:
The International Trade Commission determined that US industry is materially injured by imports of pre-stressed concrete steel wire strand (PC strand) from China which was determined by the Commerce Department as subsidized and sold in the US at less than fair value (Prestressed Concrete Steel Wire Strand From China ITC) (27 ITR 913; 6/17/10).
INTERNATIONAL AGREEMENTS AND INVESTMENTS
Foreign Investment:
Russia:
A decree was signed that reduced the list of strategic companies from 208 to 41 to spur investment of foreign capital into Russian industry (27 ITR 936; 6/24/10).
Saudi Arabia:
Foreigners will be allowed to own property in King Abdullah Economic City under construction in Saudi Arabia (27 ITR 918; 6/17/10).
US:
Slower growth is anticipated in the second half of the year since global inventory restocking is expected to end by mid 2010 and is coupled with weak demand in the US and the European Union which account for 50% of world trade imports (27 ITR 855; 6/10/10).
LEGISLATIVE AND LEGAL DEVELOPMENTS
Anti-Boycott Compliance:
US:
Messina, Inc. agreed to pay at $10,800 civil penalty to settle charges that it violated the Export Administration Regulations (EAR) anti-boycott provisions by furnishing false certificates to a U.S. bank regarding the eligibility of a vessel to call at a port of a boycotted country (27 ITR 918; 6/17/10).
Dumping:
US:
The Federal Circuit Court of Appeals affirmed the imposition of a 122.88% rate in the anti-dumping case involving polyethylene retail carrier bags (KY, Inc. v. US, Fed. Cir., No. 2009-1366, 52810) (27 ITR 870; 6/10/10).
Exports:
US:
The Export Promotion Act of 2010 (S3084) would help small and medium size businesses promote their products overseas by expanding the scope of programs run by the National Institute of Standards and Technology (27 ITR 891; 6/17/10).
Foreign Products:
US:
The Foreign Manufacturers Legal Accountability Act of 2010 would require foreign manufacturers and producers of several kinds of products to establish registered agents for service of process and to consent to jurisdiction as a condition of introducing products into U.S. Commerce. (HR 4678; S 1606) (27 ITR 932; 6/24/10).
Government Procurement:
US:
The China Fair Trade Act would prevent U.S. taxpayer dollars from buying Chinese products and services in requiring China to sign the Government Procurement Agreement (GPA) of the World Trade Organization (WTO) (27 ITR 941; 6/24/10).
US:
The Buy American Act (BAA) amendments are added to the Department of Defense (DoD) Authorization bill (HR5136) which were passed by the House to require DOD to solicit bids from domestic suppliers when procuring articles, materials or supplies for use outside the US; to include a yearly assessment of waivers granted under the BAA with an analysis; and to consider the impact on U.S. jobs with granting waivers) (27 ITR 845; 6/10/10).
US:
HR 5136 Amends the National Defense Authorization Act to authorize the consideration of any "unfair competitive advantage" a bidder may receive from the department as making sole selection for the KC-X aerial refueling aircraft program (27 ITR 820; 6/3/10).
Intellectual Property:
Canada:
Bill C-32 modernizes Canada's Copyright Act to guarantee creators, performers and artists with access to a full range of rights and protections in the World Intellectual Property Organization (WIPO) Internet Treaties (27 ITR 865; 6/10/10).
Sanctions:
US:
The Senate Banking Committee and the House Foreign Affairs Committee have reached agreement on a draft joint text on the Comprehensive Iran Sanctions Accountability and Divestment Act of 2010 (HR 2194) (27 ITR 926; 6/24/10).
US:
HR 5136 National Defense Authorization Act amendment will require companies that are applying for Department of Defense contracts to certify that they do not conduct business in Iran as defined by the Iran Sanctions Act (27 ITR 835; 6/3/10).
PROTECTION AGAINST TERRORISM
Sanctions:
EU:
The leaders of the European Union (EU) will implement new sanctions according to UN Security Council Resolution 1929 to prevent development of sensitive technologies in support of nuclear and missile programs in Iran (27 ITR 961; 6/24/10).
US:
The Treasury Department announced new sanctions on Iran to target its nuclear and missile programs through designations of certain entities and individuals who are helping Iran to finance nuclear and missile programs and to evade international sanctions (27 ITR 961; 6/24/10).
Sources:BLR- Bloomberg Law Reports Antitrust & Trade; BNA - BNA, Inc.Highlights: International Trade Daily (ITD), International Trade Reporter (ITR), International Trade Reporter Decisions (ITRD), TMIJ-Tax Management International Journal; IL - International Lawyer, SMU School of Law; FT- Financial Times; TE - The Economist Magazine; GATM - German American Trade Magazine of the German American Chamber of Commerce; WSJ - Wall Street Journal; ILN/ABA-International Law News, American Bar Association; International Law News, ILN (American Bar Association); Nishith Desai Associates FEMA Hotline(nda@ndalaw.com); LB- LehmanBrown China Business Insights International Accountants.
The articles published in this newsletter are intended only to provide general information on the subjects covered. The contents should not be construed as legal advice or a legal opinion. Readers should consult with legal counsel to obtain specific legal advice based on particular situations.