Bill
S-23-An Act to Amend
the Customs Act
This Bill is of great significance
to the international tradingcommunity. It encompasses the legislative
changes necessary to implement both the Customs Self-Assessment (CSA)
program and the Administrative Monetary Penalty System (AMPS). Bill
S-23 also incorporates required amendments to other Acts.
The Bill was presented to the Senate prior to the adjournment of Parliament
for the summer. Second reading debate recently resumed in the House
of Commons. It is anticipated that this legislation will be given
expeditious approval.
As reported on page 1, Minister Martin Cauchon announced to the House
that, with regard to AMPS, importers and exporters are to be given
a
grace period. Previously, the international trading community had
been informed that there would be no grace period because, in the
words of
one official, "We have been telling you about AMPS for over two
years".
As a result of the recent events in the United States, it is possible
that implementation of CSA, currently planned for October 29, 2001
will
be delayed.
For further information, please contact Customs, Fred Light (613)
954-7130, Layne Noble (613) 954-7056 or any office of Russell A. Farrow
Limited.
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| China
and the WTO |
China
remains serious in its attempts to join the WTO (World Trade
Organization). In an article published in the Hong Kong Trader,
Mr. Long Yongtu, Chief Representative for Trade Negotiation,
Ministry of Foreign Trade & Economic Co-operation (MOFTEC)
made reference to China's adoption of international law and
amendment of regulations to conform to WTO norms. Mr. Long stated
that this "will have a profound and long-term impact on
China's economy and trade". Mr. Long, speaking at the Hong
Kong 2000 China Investment Policy Seminar, described China's
promise to have a just and independent judicial system as "a
great step forward and important for foreign investors."
In the interests of transparency, China will publish all legal
documents relating to trade and economic development and establish
an information services body.
Mr. Long went on to suggest that the changes in China's legal
system would provide overseas companies wanting to do business
in mainland China with a business environment as found in New
York, Singapore or Tokyo. "If China wants to be strong,
we must have a market economy, we must follow international
rules and have a transparent set of rules" said Mr. Long.
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