In Hanoi, Vietnam, Trade Ministers of the Asia-Pacific Economic Cooperation (APEC) Forum issued an actions statement reflecting the outcomes of their 23rd Meeting. Listed below are the subjects covered.
Tariffs, quotas and other traditional trade barriers are gradually declining with the growth in free trade agreements. As the regional market gains strength in this sector, the Asia Pacific Food Law Guide offers key insights on food laws in 11 jurisdictions across Asia Pacific.
On 27 October 2016, the WTO announced that the Philippines has ratified the Trade Facilitation Agreement (TFA), becoming the 95th member of the WTO to do so. The Philippines’ instrument of acceptance was submitted to the WTO on 27 October 2016. The TFA will enter into force once two-thirds of the WTO membership has formally accepted the Agreement. The Philippines’ acceptance means over 86 per cent of the ratifications needed for entry into force have…
Republic Act (RA) No. 10863, otherwise known as the Customs Modernization and Tariff Act (CMTA), was signed into law on 30 May 2016
The CMTA amended the Tariff and Customs Code of the Philippines (TCCP) with the aim of modernizing Customs rules and procedures for faster trade, reduce opportunities for corruption, improve Customs service delivery and improve supply chain.
On October 11, 2016 the Bureau of Customs (BOC) announced that the first Customs Administrative Order (CAO) that will implement a salient feature of the Customs Modernization and Tariff Act (CMTA, Republic Act (RA) No. 10863) has already been signed and approved.
On November 13, 2015, President Aquino approved Republic Act № 10697, “An Act Preventing the Proliferation of Weapons of Mass Destruction by Managing the Trade in Strategic Goods, the Provisions of Related Services, and for Other Purposes.” The legislation requires the State to manage the trade of strategic goods and provision of related services in accordance with international standards and best practices. The Act applies to any person operating within the Philippines who engages or intends…
On November 21, 2015, the President’s Press Secretary released a Joint Statement on the ASEAN-U.S. Strategic Partnership. At the 3rd ASEAN-U.S. Summit in Kuala Lumpur, Member States of the Association of Southeast Asian Nations (ASEAN) and the United States elevated their relationship to the ASEAN-U.S. Strategic Partnership to strengthen the role their relationship plays in realizing a common vision of a peaceful, prosperous Asia-Pacific region that offers security, opportunity and dignity to all its…
On March 10, 2014, for the first time in recent history, the Bureau of Customs has suspended the accreditation of a number of importers (70) and brokers (45) for repeatedly failing to describe their imports. Customs Administrative Order № 8-2007 and Customs Memorandum Order № 28-2007 require that imported articles must be described in sufficient detail for proper valuation and tariff classification. Customs Memorandum Order № 04-2014, section 3.5 permits imports or broker accreditation to…
On April 14, 2014, the Bureau of Customs (BOC) announced that it was intensifying its drive against smuggled and substandard steel with the filing of charges before the Department of Justice (DOJ) against the owners and customs brokers of two firms that attempted to illegally import steel products worth close to P31 million. Two smuggling-related cases were filed against one of the Philippines’ largest importers of steel and iron products, and the firm’s customs brokers.…