Welcome to the ninth edition of In-Short. In this edition we look at some of the issues that could arise from the US withdrawal from the JCPOA as well as the European Commission’s recent notice concerning imports of steel products, which some have interpreted as a reaction to US tariffs on steel imports. We also review FOSFA’s newly published revised Arbitration Rules and discuss the possible impact of blockchain in international trade execution.
Nixed: US withdraws from Iran nuclear deal
It was already clear by the time President Trump addressed the assembled White House press corps on Tuesday 8th May that the US was going to put some sort of dent in the Joint Comprehensive Plan of Action (JCPOA), the clunkily named nuclear deal reached between the P5+1 (the permanent 5 UN Security Council members plus Germany) and Iran. But any doubt as to the extent of the damage he was prepared to do to the deal was emphatically blown away as the President announced the re-introduction of what he termed the "highest level of economic sanctions". Read more.
From supply chain to blockchain: where can digitization make a difference in international trade and what is holding up progress?
Modernisation and automation of global trade is a journey that has an inevitable destination. However, in a market sector which needs to continually introduce logistic and administrative improvements to maintain profit margin and increase competitiveness there still remain too many practices that date back to the age of sail and steam. The reasons for this slow pace of change are complex - partly it is due to the need to change old legal rules and conventions that took centuries to achieve international consensus - but the impact of digital disruption on working practices in some countries and the ability of some economies to adapt is also having a braking effect. Read more.
Changes to the FOSFA Arbitration Rules from 1 April 2018
Following on from their review of the standard form Oilseed and Soyabean contracts at the end of last year, the Federation of Oils, Seeds and Fats Association ("FOSFA") has published revised Arbitration Rules (the "2018 Rules"). The 2018 Rules will apply to disputes arising out of contracts incorporating FOSFA arbitration entered into from 1 April 2018 onwards. The current Arbitration Rules published in 2012 (the "2012 Rules"), will continue to apply to contracts entered into prior to 1 April 2018. Read more.