Cambodian and Chinese Minister of Commerce recently signed a free trade agreement, the first trade agreement of this type for Cambodia. Trade between the two countries already exceeds 9 billion US Dollars, however Cambodian exports to China are very limited and amounted to just over 900 million US Dollars compared to 8.3 billion of Dollars of imports.
Cambodia is trying to diversify its export markets in the face of strong dependence on the export of clothing products to the United States and the European Union (which represent respectively 26% and 25% of exports). Furthermore, it seems useful to report that the European Union recently sanctioned Cambodia for violating human rights, suspending part of the existing trade agreements. Therefore, the trade agreement with China (the main donor to Cambodia) is seen as a useful element, even if most of the tariffs had already been reduced with the ASEAN-China Free Trade Area 2010 and therefore could produce limited effects.
The free trade agreement should support a further increase in Chinese foreign direct investment (FDI) in the country, (already equal to 47% of Total FDI in Cambodia) and Chinese tourism in the country.
Marazzi & Associati is pleased to share a brief note on the draft of new guidelines for the protection of consumers from misleading advertising in India.
The guidelines that will be approved under the Consumer Protection Act 2019 (Consumer Protection Act, 2019) apply to all advertising communications, regardless of their format or transmission medium and are addressed to manufacturers / service providers whose products and services are the subject of advertising communications as well as to advertising and marketing agencies.
For more information, you can contact Marazzi & Associati at the email address: firstname.lastname@example.org
In August, United States, announced the imposition of a 10% duty on all aluminum products imported from Canada. The measure had sparked the reaction of the Canadian government which had anticipated countermeasures and sanctions equal to 2,7 billion dollars if the United States did not in turn cancel the tariff.
However recently, the United States Trade Representative announced that the tariff will now be imposed, even retroactively for import shipments made from September 1, 2020, only if these imports exceed the established limits (83,000 tons in September and November, 70,000 tons in December).
These conditions will be reviewed by the US Trade Representative together with the Canadian government at the end of 2020, when the measures regarding the first quarter of 2021 will be established.
A new bipartisan bill on rare earth production has been introduced by US lawmakers. The bill is aimed at reducing the country's dependence on China for the production of rare earths, minerals used military and in high-tech. To reach the goal the bill aims to create new tax incentives for companies operating in the extraction, recovery and recycling of minerals and critical metals from deposits in the USA.
Rare earths represent a resource of great importance for the US economy and in the context of the trade war between China and the United States, the possibility that China would block or reduce the export of rare earths was a major concern. Therefore, last year President Donald Trump ordered the Defense Department to stimulate rare earth production.
The new legislation would allow a reduction in the cost of capital for the US rare earth sector, making it more competitive with Chinese rare earth producers who already enjoy lower capital costs.
On 30 July 2020, the European Council decided to impose restrictive measures against six persons and three entities responsible for or involved in various cyber-attacks. The EU created the legal framework for imposing restrictive measure with Council Regulation (EU) 2019/796, and this was the first time the EU used this tool.
Marazzi & Associati is pleased to share in attachement a brief note on restrictive measures imposed by the European Council for further information, please contact Marazzi & Associati at the following email address: email@example.com.
Marazzi & Associati is pleased to share, attached, a brief note concerning the 15th summit between India and the European Union that took place on 15th July 2020 via video conference, in order to address some important aspects of their Strategic Partnership, which aims at creating benefits for citizens of both countries.
For more information please refer to Andrea Noris: firstname.lastname@example.org.
The Government of India has reviewed the extant FDI policy for curbing opportunistic takeovers/acquisitions of Indian companies due to the current COVID-19 pandemic and amended para 3.1.1 of extant FDI policy as contained in Consolidated FDI Policy, 2017 as stated in the Press Note 3 of 2020, dated 17 April 2020.
According to the existing regulation:
Para 3.1.1. a non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited. However, a citizen of Bangladesh or an entity incorporated in Bangladesh can invest only under the Government route. Further, a citizen of Pakistan or an entity incorporated in Pakistan can invest, only under the Government route, in sectors/activities other than defence, space, atomic energy and sectors/activities prohibited for foreign investment.
Para 3.1.1 (a) A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited. However, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government route. Further, a citizen of Pakistan or an entity incorporated in Pakistan can invest, only under the Government route, in sectors/activities other than defence, space, atomic energy and sectors/activities prohibited for foreign investment.
Para 3.1.1(b) In the event of the transfer of ownership of any existing or future FDI in an entity in India, directly or indirectly, resulting in the beneficial ownership falling within the restriction/purview of the para 3.1.1(a), such subsequent change in beneficial ownership will also require Government approval.
According to the revised paragraph, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only after Government approval of the investment. As countries sharing land border with India are Bangladesh, China, Pakistan, Nepal, Myanmar, Bhutan and Afghanistan, it seems that the amendment relates mainly with investment made by Chinese entities or Chinese beneficial owners, considering also limitations already existing for entity and beneficial owners of Pakistan and Bangladesh and the fact that the other countries seems to not have companies or investors with financial means as large as China has.
It seems useful to note that the changes made to the Consolidated FDI Policy, 2017 apply to all economic sectors in which foreign investments are allowed and not only to sensitive sectors, while it seems that the amendments applies to both majority and minority investments in Indian companies.
For more information, it is possibile to contact Marazzi & Associati at the following email: email@example.com
Marazzi & Associati is pleased to share an update regarding the approval by the European Council of the Free Trade Agreement between the European Union and Vietnam, which will allow a beneficial collaboration in economic and commercial terms, thanks to the elimination of most of the tariff and non-tariff barriers between the two parties.
The Agreement will enter into force as soon as the Vietnamese National Assembly will ratify it, presumably in early summer 2020. In addition to the trade aspects, the Agreement also addresses issues related to sustainable development, protection of intellectual property and safeguard of human and labour rights.
For more information please refer to Andrea Noris: firstname.lastname@example.org
Marazzi & Associati, thanks to a multidisciplinary team of specialized professionals, assists its clients in all of the phases of acquisitions or sales of companies. Thanks to its Project Management team, Marazzi & Associati assists buyers and sellers with specialized services, from the preparatory phases of acquisitions through the entire process, up to the closing step and the post-acquisition phase.
In preparatory activities for acquisitions and business transfers, Marazzi & Associati assists its clients in legal and commercial due diligence, negotiation of letters of intent and letters of offer, negotiation of contracts for the purchase of company shares and ancillary agreements. Marazzi & Associati also provides assistance in various post-acquisition activities: audit of the acquired company, monitoring of the performances and of the integration plan, forensic analysis of seller's representations and warranties, assistance in any eventual claim, negotiation of price adjustments.
Please find attached a brief presentation of the different steps of an M&A process and of services provided by Marazzi & Associati.
For further information, please contact Marazzi & Associati at the following email address: email@example.com
Marazzi&associati is pleased to share a brief note on the sanctions system applied by the United States against Iran, based on the Iranian Transactions and Sanctions Regulations (ITSR), applicable when promoting or maintaining trade relations with Iran in certain economic sectors. This system includes primary sanctions applicable to U.S. physical and legal persons, US Persons, which prohibit any commercial transaction with Iran of any goods or technology of U.S. or foreign origin, either directly from the United States or through countries or third parties; and sanctions of a secondary nature, which can be imposed on any person regardless of nationality or domicile and have extraterritorial effect.
Foreign companies that have business relations with Iran and the United States at the same time are reminded to investigate in advance the Iranian physical and legal entities and verify that they have not been included in the American black-list, i.e. in the SDN list (Specially Designated Nationals List), published on the US Department of the Tresury website.
Finally, it should be recalled that branches or subsidiaries of US companies, being subject to US jurisdiction, will necessarily have to comply with the primary sanctions.
For more information you can contact Andreea Madalina Iordache: firstname.lastname@example.org
Marazzi&Associati is pleased to share with you an update from the Commission on International Trade at the United Nations (UNCITRAL).
The Singapore Convention on Mediation (hereinafter referred to as the "Convention"), adopted by the United Nations on 20 December 2018 and opened for signature on 7 August 2019, has already been signed by forty-six countries.
The Convention is a tool that facilitates international trade and the promotion of mediation as an alternative and effective method of resolving trade disputes. As a binding international instrument, it is expected to bring certainty and stability to the international mediation framework, thereby contributing to the Sustainable Development Goals (SDGs), in particular SDG 16.
The signatory State, once it has ratified the Convention in its own law, may thus enforce a settlement agreement in accordance with its own rules of procedure and the conditions laid down in this Convention. In the event of a dispute arising over matters already settled by an agreement resulting from mediation, this agreement may be used to demonstrate that there has already been an understanding between the parties on the matter.
The Convention will enter into force physically once at least three countries have ratified it in accordance with the procedures of their national laws.
Choosing international mediation means taking a faster and cheaper route than both arbitration and judicial proceedings, avoiding definitively damaging important business relationships, since the agreement is reached between the parties, with the sole help of the mediator, and not with a ruling of a third party (judge or arbitrator).
For further information please contact Margherita Barletta at the address: email@example.com
We are pleased to announce that Marazzi&Associati is a member since the foundation of TRACIT https://www.tracit.org/partners.html international alliance to combat illicit trade.
TRACIT promotes legitimate economic activity at the expense of illegal trade activities such as smuggling, counterfeiting and tax evasion, which cause irreversible damage to countries and human lives, creating socio-economic instability.
For the fight against illegal trade, Tracit has prepared a study in which 17 Sustainable Development Goals have been mapped in relation to sectors that are considered to be most exposed to illicit trade: tobacco, pesticides, alcohol, fishing, precious metals and all forms of counterfeiting and piracy, to help define a regulatory response to illegal trade so as to reduce it and, if possible, eliminate it.
TRACIT strengthens companies' response to illegal trade through the exchange of information, broadening the knowledge base, and contributing with know-how and dissemination of industry best practices to strengthen policies, legislation and fill governance gaps. Through meetings, round tables and summits, as well as through partnerships established with major NGOs, OIGs and business associations, TRACIT is able to provide concrete solutions and lines of behaviour that are really adopted by companies.
We are pleased to share attached a note related to Tracit and its activities, for more information please contact Alessia Marsegaglia at: firstname.lastname@example.org or visit https://www.tracit.org/partners.html
Marazzi & Associati is pleased to share an update prepared by its Senior Advisor Enrico Roberto Dapoto on Judgement no. 22110 of September 4, 2019 of the Italian Court of Cassation, concerning joint liability in tender, more specifically regarding the compensation of workers, joint liability and claim action.
The principles established are:
Enrico Dapoto, thanks to his career as Italian National Social Welfare Institution’s Supervisory Inspector and to the experience he has acquired in the field of Social Security issues, has been collaborating with Marazzi & Associati since January 2019 in training and supporting companies in issues relating to Italian social security.
For further information please contact Enrico Roberto Dapoto: email@example.com
Marazzi & Associati supports the Marco Rossi Contemporary Art Gallery in the preview of Arcangelo Esposito exhibition titled "Fiori di Croco" (Crocus Flowers in English) which will be inaugurated on 24 August 2019 in Pietrasanta (Lu) in Piazza G. Bruno 3, via Garibaldi 16.
Arcangelo was born in Avellino in 1956, graduated in 1980 from the Academy of Fine Arts in Rome, he lives and works between Milan and San Nazzaro, in the province of Benevento.
Painter and historicized sculptor, since the eighties he has been carrying out tireless research in the Italian art scene based on the roots, sense of belonging and sharing of a cultural heritage, the Sanniti one, which he has been able to extend and transform until he understands the legacies of other places and other peoples.
For this occasion Arcangelo decided to present an ancient Roman flower, the crocus, which was born and died on the Via Appia, the road that connects, among others, also Maleventum (later become Benevento) and Avellino, where Arcangelo was born and lived.
For the author, the crocus flowers embody the “Curatores”, who in ancient times were a sort of guardian of the road designed to ensure the continuity of connections between Rome and the provinces of southern Italy.
The exhibition will be completed with 4 small ceramic sculptures, which continue the fascinating cycle of Irpinian houses until September 15, 2019.
Marazzi & Associati supports the Marco Rossi Contemporary Art Gallery in the exhibition "TRACCE" by the artist Valerio Berruti which will be inaugurated on July 6, 2019 in Pietrasanta (Lu) in Piazza G. Bruno 3, via Garibaldi 16.
Valerio Berruti was born in Alba in Piedmont in 1977, a city where he still lives and works. Graduated in art criticism at the D.A.M.S. in Turin, in 1995 he bought and restored a church of the seventeenth century in Verduno (CN) that he uses as a studio and atelier. His drawings, paintings and sculptures essentially reproduce images of everyday life and family affections.
In 2004 Berruti began his artistic career by winning the Premio Celeste and the Premio Pagine Bianche d'Autore of the Piedmont Region, then continued exhibiting in the most popular galleries in Europe and the rest of the world such as: in 2009 at the Venice Biennale, in 2008 at the center Pompidou in Paris, in 2011 at the Pola Museum in Tokyo, and in 2014 at The Drawing Center in New York.
For this event he decided to exhibit a new work, absolutely original, where, as often happens in the works of the Piedmontese artist, the media merge: drawing with frescoed painting, sculpture that makes three-dimensional drawing, video animation that transforms drawing into cinema, creating each time works of great impact and poetic effect. In the cycle "Traces", the drawing becomes an engraved sign inside steel plates of different sizes, like a negative trace of his shadow sculptures.
The exhibition will end on August 6, 2019.