Xinhuanet.com reports on August 3, 2010, that China has scrapped tariffs and value-added taxes on core equipment, components, and raw materials imported and used in civilian high-tech projects since July 15, according to a circular of the Ministry of Finance and other departments.The move seeks to encourage research and development in the nation' s major strategic products, core technologies and major projects, said the circular.The projects that have been exempted from taxation include core electronics, high-end universal chips, basic software, integrated circuit-manufacturing equipment, new generation wireless mobile communication networks, and new drugs for prevention and treatment of some infectious diseases such as AIDS and hepatitis.
The World Trade Organization has posted a communication from the European Union, which states that the U.S., Canada, the EU, Norway, Japan, Switzerland, China, and Macao have agreed that 718 new substances, used for the production and manufacture of finished pharmaceuticals, should be added to the list of pharmaceutical products eligible for duty-free treatment. The Members concerned will notify the WTO of the appropriate changes to be made to their schedules. It has been agreed that duty-free treatment for these substances would be implemented as soon as possible, bearing in mind the need for each Member to fulfill its domestic procedural requirements. (May have to click on source document twice for proper viewing.)
In June 2010, Turkey, Lebanon, Jordan and Syria agreed to set up a free trade zone which will be based on existing bilateral agreements and practices on free trade and visa exemption between the parties. However, Turkey and Lebanon will need to complete a bilateral arrangement before the four-way process can go ahead.
According to the Office of Textiles and Apparel, Ecuador has removed its “Balance of Payments” (BOP) safeguard measures for all textile, apparel, footwear and travel products, as it has instead imposed a system of mixed tariffs on similar products. The BOP measures were removed effective July 23, 2010.
On July 30, 2010, the U.S. and India signed an agreement on arrangements and procedures under the Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy. These procedures will facilitate participation by U.S. firms in India’s expanding civil nuclear energy sector by enabling India's reprocessing of U.S.-obligated nuclear material at a new national reprocessing facility in India. According to the U.S. embassy in India, increased civil nuclear trade with this country will create thousands of new jobs for the U.S. economy.
The Congressional Research Service has issued a summary of Brazil's World Trade Organization case against the U.S. cotton program. The summary describes the phases of the dispute through the June 17, 2010 "Framework Agreement, " including a discussion of provisions of the 2008 Farm Bill which may still make the U.S. vulnerable to WTO challenges.
India's Minister of State for Commerce and Industry has issued a statement on India's negotiating strategy and aims for the World Trade Organization Doha Round. Its principal goals are to protect the interests of India's farmers and to protect sensitive industrial sectors from the impact of tariff reductions or bindings.
India's Ministry of Commerce and Industry has announced that in addition to seven Central Government Special Economic Zones (SEZs) and 12 State/Private Sector SEZs set up prior to the enactment of SEZ Act, 2005, formal approval has been accorded to 576 new proposals. A total of 114 SEZs are already exporting. Among other things, SEZs are intended to promote investment from domestic and foreign sources and promote exports of goods and services. Further details about SEZs are available here.