WTO Chairs
Appointed
The World Trade
Organisation (WTO) on
11 May announced the
approval of 13 new chairs
to subsidiary bodies –
12 committees and one
working party, which deal
with trade in goods.
3rd WCO AEO
Conference
On 11 May more than
1 000 delegates from over
80 countries attended
the opening of the World
Customs Organisation
(WCO) Global Authorised
Economic Operator
(AEO) conference in
Cancun, Mexico to discuss
dynamic developments
in the AEO programmes,
which are widely
acknowledged as a key
driver for solid customsbusiness
partnerships.
Egypt pushes South
Africa to 3rd
On 11 May KPMG
announced that according
to statistics of the
International Monetary
Fund (IMF), Egypt had
pushed South Africa
into third place on the
African continent, this
based on the size of its
gross domestic product
(GDP). Algeria is in fourth
position.
Nigeria displaced South
Africa two years ago – and
KPMG calculated that
this should have occurred
as far back as 2011, based
on its own calculation,
accounting for backward
adjustments to the GDP.
South Africa’s loss of
position is mainly due
to the rand’s weakness,
which is unsurprisingly
attributable to domestic
issues – “largely political
in nature”, KPMG stated.
According to Forbes
magazine, the chief
executive officer (CEO)
of the Public Investment
Corporation (PIC), in
response to questions in
Parliament, indicated that
the unexpected firing of
the finance minister in
December last year had
resulted in more than
R100 billion being “wiped
off government pensions”.
Cocaine bust
Sars Customs officials
intercepted four Brazilian
women in possession of
8.5kg of cocaine estimated
at R2 250 000.00 at
Cape Town International
Airport last week.
Customs officials
stopped the women
to inspect their hand
luggage and conduct body
searches. Officials found
three packages wrapped
in brown paper and plastic
on each woman’s body.
They were taken in for
questioning and tests
confirmed the white
substance to be cocaine.
The four women, one
male travelling with
them and narcotics were
handed over to the South
African Police Service
for further investigation
and they appeared in the
Bellville Magistrate Court
last Thursday.
Duty Calls’ Watch
List
Comment on the
application for the
proposed increase in the
‘general’ rate of customs
duty on stainless steel f lat
products is due on 20 May
2016.
Comment on the
proposed Harmonised
System 2017 (HS2017)
Nomenclature
recommendations is due
by 30 June 2016.
DUTY CALLS
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