Sen. Tim Kaine, D-Va., is asking the Biden administration to strengthen the Americas Partnership for Economic Prosperity (APEP), concerned that the aim has moved from an on-paper agreement to a mere forum.
A large group of House members, including some of the most powerful Republicans in the chamber, are asking the U.S. trade representative to tell the EU to designate the U.S. as a "low-risk" country under its new deforestation-free regulation. Exporters of wood products must be in compliance with the law beginning Jan. 1, 2025.
World Trade Organization members, meeting Sept. 27-28, swapped views on how to ramp up transparency on other members' agricultural measures. Members of the Committee on Agriculture suggested "streamlining and simplifying the current export subsidy notification requirements" and mulled over a proposal from the committee chair to specifically address transparency, WTO said.
The World Trade Organization will host a virtual event Oct. 11 at 7 a.m. EDT covering trade-facilitating measures pertaining to product rules of origin. Tanzania's Elia Mtweve, current chair of the Committee on Rules of Origin, will open the event, which will discuss "initiatives being implemented to simplify rules of origin and facilitate compliance with origin requirements," WTO announced. Also speaking will be WTO member government representatives, international organization officials and academics.
The European Parliament on Oct. 3 voted to pass the bloc's proposed Anti-Coercion Instrument, which will allow EU to impose countermeasures, including tariffs and other trade and investment restrictions, on third countries for economic coercion (see 2306060019).
The Biden administration should sanction former Ecuador President Rafael Correa for his involvement in corruption and human rights violations, Republicans on the Senate Foreign Relations Committee said in a Oct. 2 letter to the White House. They said Congress is “pursuing bipartisan legislative efforts to deepen bilateral relations with Ecuador, and Biden “should reinforce these bipartisan measures by immediately holding [Correa] accountable.” The lawmakers, led by Sen. Jim Risch of Idaho, the committee’s top Republican, also said Correa makes “frequent trips to meet with U.S.-sanctioned officials of the narco-terrorist regime in Venezuela.” The White House didn’t comment.
Two semiconductor companies said they have filed for approval from the Committee on Foreign Investment in the U.S. for a merger, Squire Patton said in a Sept. 28 blog post. Renesas Electronics Corporation has offered to acquire all outstanding ordinary and American Depositary Shares of Sequans, and "Completion of the Offer is conditioned on the receipt of ‘CFIUS Approval,’” according to a recent SEC filing.
LONDON -- The U.K. is having “deep” conversations with the U.S. about aligning the two countries’ defense export regulations in an effort to slash technology sharing restrictions as part of the Australia-U.K.-U.S. (AUKUS) agreement, said Rosemary Pratt, director of the U.K.’s Export Control Joint Unit. Pratt said she believes the U.K. eventually will update its controls enough to benefit from a new potential defense-related license exemption being considered by Congress.
Sen. Ben Cardin, D-Md., replaced Sen. Bob Menendez, D-N.J., as chair of the Senate Foreign Relations Committee after Menendez stepped down from the role last week amid a federal bribery indictment. Menendez earlier this week pleaded not guilty to charges that he directed federal aid and weapons sales to Egypt in exchange for money and other benefits.
Dealmakers are hoping for more certainty when the Treasury Department finalizes regulations for its August executive order on outbound investment restrictions, which may force companies to make difficult investment decisions without assurances that their deals won’t be later unwound.