IFCBA and WCO Celebrate 25 Years of Collaboration
The International Federation of Customs Brokers (IFCBA) celebrated its 25th anniversary with meetings at the World Customs Organization (WCO) Headquarters in Brussels, Belgium on 18-19 May 2015. » more
About the IFCBA
The IFCBA has been representing the interests of the worlds' customs brokers and their clients since 1990. Many of our member associations have been involved in similar activities within their own countries for nearly a century. » more
The WCO is launching a major new guide on the topic of Customs valuation and transfer pricing. The interaction between these two regimes has been an important issue both for Customs administrations and the trade over recent years.
The issue concerns international transactions within a multi-national group. Customs aim is to ensure that the price for transactions of imported goods is not influenced by the relationship between buyer and seller (based on the methodology for Customs valuation contained in the WTO Valuation Agreement). Tax administrations, on the other hand, are examining the same transactions to ensure the conditions are consistent with the 'arm’s length principle' for profit tax purposes. Generally, the methodology used for this purpose is based on the OECD Transfer Pricing Guidelines.
This has been excerpted from a 24 June 2015 news item by the World Customs Organization and is available in its entirety at:
The 125th/126th Annual Sessions of the World Customs Organization’s Council was held in Brussels from 11 to 13 June, 2015, with the participation of Directors Generals of Customs representing the 180 Members of the WCO. Chaired by Mr. Zouhair Chorfi of Morocco and led by Secretary General Kunio Mikuriya, this Council meeting was especially important to members because of the election of candidates to three senior WCO posts. The IFCBA was represented at the meeting by Carol West, Secretary and Jaime King, Past Chairman.
Mr. Zouhair Chorfi of Morocco was re-elected as Chairperson of the Council and the following individuals were elected to the positions below, to take effect January 1, 2016.
- Ms. Ana Hinojosa of the United States was elected as Director of Compliance and Facilitation.
- Mr. Ernani Checcucci of Brazil was elected as Director of Capacity Building.
- Mr. Ping Liu of China was elected as Director for Tariff and Trade Affairs.
The Council celebrated the 10th Anniversary of the SAFE Framework of Standards to Secure and Facilitate Global Trade by adopting a third pillar, Customs to Other Government Agencies and Inter-Government Agencies, as well as the incorporation of standards for “Pre-loading Advance Cargo Information” with respect to air cargo to facilitate a first layer of security risk analysis in collaboration with civil aviation authorities. IFCBA has been very engaged with the SAFE Working Group and congratulates the WCO on this important milestone.
It is a tradition at WCO Council meetings for delegates to vote for their favourite photograph from those submitted by Customs administrations around the world, including from many IFCBA member countries. This year’s winner was from the Customs Administration of Sudan. Take a look! WCO Photo Competition
China: Chile, China to Upgrade FTA
South Korea: S. Korea, Vietnam initial free trade deal
South Korea: S. Korea, China, Japan hold talks for 3-way FTA
Australia, which recently concluded FTAs with other Asian nations like Japan, Korea and China, is also expected to conclude the forthcoming deal with India by end of 2015.
The two nations first agreed to undertake a feasibility study in 2008, and since then they have had five rounds of talks regarding the India-Australia Comprehensive Economic Cooperation Agreement. With negotiators racing against the tight deadline set by the political leadership of the two countries, the next round of negotiations are expected to kick off in July.
India is the 10th largest trading partner of Australia with a two-way trade of $15 billion, which is about one-fifth of the India-China trade. “The free trade deal expected to be signed between India and Australia this year would be mutually beneficial and open up various sectors to further boost the current bilateral trade of $15 billion,” Australian Trade Minister Andrew Robb said. The free trade agreement would give Australians access to India's 1.3 billion strong consumer market – with an estimated half-billion members of its burgeoning middle class.
You can read about the cooperation between India and Australia on the Times of India.