International Air Transport Association (IATA) data from February shows that air cargo maintained the modest improvement in demand that began at the end of 2012, it said. Seasonally adjusted cargo volumes are 2.5 percent above the October 2012 low point, although comparisons with February 2012 performance show a 6.2 percent decline, it said. This is “severely skewed” due to two factors: (1) February 2012 had an extra day because of leap year. (2) Chinese New Year, which sees extensive factory closings in Asia, took place in January 2012 and February 2013. Adjusting for those abnormalities, air cargo was up 2 percent in February over last year. IATA said.
Dugie Standeford
Dugie Standeford, European Correspondent, Communications Daily and Privacy Daily, is a former lawyer. She joined Warren Communications News in 2000 to report on internet policy and regulation. In 2003 she moved to the U.K. and since then has covered European telecommunications issues. She previously covered the U.S. Occupational Safety and Health Administration and intellectual property law matters. She has a degree in psychology from Duke University and a law degree from the University of Tulsa College of Law.
The Export-Import Bank of the U.S. received two applications for more than $100 million in financial aid -- for the export of Boeing 737 aircraft to Norway (http://xrl.us/bosq85) and the export of Boeing 777 aircraft to Ethiopia (http://xrl.us/bosq9o). The Boeing 737s will be used for short- and medium-haul passenger service between Norway and destinations in Europe, the Middle East and North Africa, according to the Federal Register notice on the application. The Boeing 777s will be used for long-haul passenger service between Ethiopia and points in Asia, the Middle East, Europe, Africa, Latin America and North America, according to the Federal Register notice. Comments on both applications, each one asking for more than $100 million, can be submitted through www.regulations.gov and are due April 29.
Singapore is a strong economic partner to the U.S., President Barack Obama said at an April 2 meeting with Singapore Prime Minister Lee Hsien Loong (http://xrl.us/bosqwk). Since the two countries signed a trade agreement a decade ago, “we have seen a doubling of trade” between the partners, he said.
CBP published the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refund (overpayments) of customs duties. For the calendar year which began April 1, 2013, the interest rates for overpayments will be 2 percent for corporations and 3 percent for non-corporations, and the rate of underpayments will be 3 percent for corporations and non-corporations.
The EU and Japan opened talks on a free trade agreement (FTA), the European Commission said March 25. Japan is the EU's seventh largest trading partner and its second biggest partner in Asia after China, it said. The EU is Japan's third largest trade partner after China and the U.S.
The EU wants to help least-developed countries make the most from a global trade facilitation agreement that could be approved at the Dec. 3-6 WTO Ministerial Conference in Bali, the European Commission said March 8. Trade facilitation refers to measures aimed at simplifying, modernizing and harmonizing merchandise import, tax collection at the border, and export and transit procedures, particularly customs requirements, it said. Possible actions may include simplifying rules, cutting down the number of and standardizing custom forms and computerization, it said. EU support for the trade facilitation pact responds to demands from LDCs for help in deriving the most benefit from the deal.
Trade barriers between the EU and Peru will be lifted March 1 when a free trade agreement between the parties goes into effect, the European Commission said. The pact will open up markets for European and Peruvian exporters, eventually bringing annual savings of over 500 million euros ($657 million), and will put in place more stable conditions for trade and investment, it said.
The European Commission opened an antidumping investigation into imports of solar glass from China, it said Feb. 28. The move comes after the association EU ProSun Glass complained that the product is being dumped in Europe at prices below market value, hurting Europe's solar glass industry. EU ProSun Glass's output represents considerably more than the 25 percent of Union production needed by law to seek an investigation, the EC said.
The European Parliament International Trade (INTA) Committee said Feb. 21 they're excited about plans for an EU-U.S. free trade pact but warned Trade Commissioner Karel De Gucht that hard bargaining will be needed if the deal is to be acceptable to Europeans. During a debate with De Gucht, most committee members stressed systemic differences between the EU and U.S. which could spark strong public criticism, and said public backing is essential for the agreement to become a reality, INTA said.
The future trade deal between the U.S. and EU “will be a game-changer” that will create the largest free trade zone in the world, EU Trade Commissioner Karel De Gucht told the European Parliament International Trade Committee Thursday. The agreement will set the standard for the partners' future bilateral trade and investment as well as for development of global rules, he said. It's estimated that when the pact is up and running, the EU gross domestic product will rise by half a percent, translating into tens of billions of euros each year, he said.