The common perception is that nothing gets accomplished in gridlocked Washington, D.C. Not so when it the subject is international trade. It has been a remarkably productive couple of weeks for trade legislation. The activity has even attracted the attention of the mainstream news media. In case you missed the news let me recap for you.
The highlight of events was the passage of three free trade agreements. On October 12, Congress passed, and on October 21, the president signed trade agreements with South Korea, Colombia and Panama. The three agreements are similar to the structure of the other contemporary free trade agreements such as the DR-CAFTA agreements. While similar to their predecessors, each agreement incorporates a few of its own unique qualities. The details of the implementing legislation can be found at the U.S. Government Printing Office: South Korea, Panama and Columbia.
The full text of each agreement can be found at the U.S. Trade Representative's website: South Korea, Panama and Colombia.
Each of the agreements permits implementation on or after January 1, 2012. Full implementation details are pending.
While the three trade agreements garnered the most attention there was a fourth piece of legislation passed. That legislation and the FTAs incorporated some details that are noteworthy for the trade:
Trade Adjustment Assistance Extension Act
The so-called Trade Adjustment Assistance Extension Act provides relief to workers, firms, communities and farmers who have been negatively affected by trade.
GSP Reinstated
Associated with the Trade Adjustment Assistance Act was a provision that reinstated the Generalized System of Preferences (GSP) program retroactive to January 1, 2011. Under the terms of the legislation any entries presented since January 1 that have been properly coded with the GSP indicator of "A" automatically began receiving duty refunds beginning November 5, 2011. Importers that did not claim the duty preference program will need to file post entry amendments in order to obtain the refund.
MPF Increased
Also associated with the Trade Adjustment Assistance Act was an increase in the merchandise processing fee (MFP) charged on imported shipments from 0.21% to 0.3464%. The minimum of $25 and maximum of $485 remain unchanged. The U.S.-Korea FTA extends the application of the MPF through the year 2021.
ATPA Reinstated
Incorporated into the U.S.-Colombian FTA was a renewal of the Andean Trade Preference Act (ATPA) retroactive to February, 2011, when the agreement lapsed. U.S. Customs and Border Protection has published details for obtaining refunds for eligible entries made during the lapse period.
Who says nothing ever happens in Washington? ( linda )26 Dec,2011

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