Volume 49 I October 2024

Where Europeans & Americans Connect to do Business

NEWSLETTER

October 2024

PICTURE OF THE MONTH

EACC Florida is honored to be part of Miami-Dade County's Economic Development Partners. Executive Director Christina Sleszynska attended the latest meeting held in the Virgin Terminal in PortMIA. Can you spot her on the pic?

UPCOMING EVENT

INVITATION ONLY

Tech for Logistics Trade Mission

Networking Reception

Thursday October 24, 2024 I 6.00PM - 7.00PM

As part of a trade mission to Miami on 23-25 October organized by the UK Department for Business &Trade, EACC Florida is holding a seminar for a group of UK trade in logistics companies as part of its series titled:"Why Florida? What Business Leaders Need to Know when Considering Expanding into the US/Florida".


See the list of UK companies HERE.



The seminar will be followed by a Networking Reception for Members and Invited Guests. If you wish to receive an Invitation, please contact [email protected]


Seminar and Reception hosted by

SAVE THE DATE

Transportation, Logistics & Customs Task Force Meeting

Wednesday November 13, 2024 I 11.30AM - 2.00PM

The second meeting of EACC Florida’s Task Force Transportation, Logistics & Customs will be held on Wednesday November 13 from 11.30AM to 2.00 PM. Check our website for details.


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Why a dedicated Task Force?


EACC Florida’s Task Force is loosely inspired from a similar Task Force run by EACC Auvergne-Rhone-Alps: https://eacc-ra.com/task-forces/.


Mission: to bring together active professionals who understand the benefits of sharing best practices across industries, ensuring that there is no silo thinking.


Role: to organize meetings on a regular basis to address strategic issues, share findings and best practices and make mutual recommendations for improvement in a given sector of activity. Chatham House rules or any other confidentiality rule might be used to allow for open exchange during the meetings.


Task Force Members: representatives of EACC Florida Member companies with interests in the transportation/logistics industry invited to serve on the Task Force.


If you wish to receive further details about the Task Force, please contact Christina Sleszynska at [email protected]


Many thanks to Founding Task Force Members

MEMBER & PARTNER EVENTS

October 1-3, 2024

DON'T MISS LeverX I LEVEREDGE 2024 in Miami. EACC Florida Members are cordially invited to attend the Premier Technology Conference, LEVEREDGE 2024, taking place in Miami, Florida. Special benefits apply. Click here for details.

October 1, 2024

12.00PM - 1.00PM

Webinar I EACC Paris I Expatriation and Mobility – Arriving in France. EACC Paris & the Chambre des Notaires de Paris will answer questions, both professional and personal, that Americans and other foreigners must ask for a successful move to France. Details here.

October 2, 2024

12.00PM - 2.00PM

World Affairs Council - Miami I A Talk with Ambassador Ahlin on Sweden’s Role in the World: 200 Years of Neutrality to NATO’s Newest Member. Miami Dade College Wolfson Campus. Details here.

October 15 - 09.00AM-11.00AM

ONLINE I European Commission, DG ENER I Workshop: Import requirements of the EU Methane Regulation. Info here.

October 17 -

10.00AM - 11.00AM

Webinar | Doing Business in the United States: What You Need to Know About US Immigration Rules. The webinar series ‘Embracing global markets’ is a specialty workshop series developed by the European American Chamber of Commerce for the Enterprise Europe Network (EEN). This webinar will provide an overview on the key U.S. business immigration updates. Info here.

SURVEY

Establishing new EACC FloridaTask Forces in 2025

EACC Florida Task Forces are a way for Members to contribute to knowledge building and the sharing of best practices. In 2024, EACC Florida successfully established a Task Force on Transportation, Logistics & Customs and is considering establishing another Task Force in 2025.

Would you like to establish or participate in a Task Force in your area of expertise?

Which general topics would be of most interest to you and your colleagues?

Thank you for taking a few minutes to offer your views.

Access Survey

TRANSATLANTIC NEWS

EU I The future of European Competitiveness: Report by Mario Draghi. The report looks at the challenges faced by the industry and companies in the Single Market. 

The findings of the report will contribute to the Commission’s work on a new plan for Europe’s sustainable prosperity and competitiveness. And in particular, to the development of the new Clean Industrial Deal for competitive industries and quality jobs, which will be presented in the first 100 days of the new Commission mandate. Read more.


EU I Commission to Register Imports of all Products under Trade Defense Investigations in Bid to Fight Unfair Competition. The registration of imports of products under investigation in anti-dumping or anti-subsidy cases will simplify procedures and alleviate the burden placed on industry, while also providing the Commission with precise and accurate information about the source and quantities of imports of a product under investigation, as well as broader market developments. Read more.


EU I Over a Hundred Companies Sign EU AI Pact Pledges to Drive Trustworthy and Safe AI Development. The signatories include multinational corporations and European small and medium enterprises (SMEs) from diverse sectors, including IT, telecoms, healthcare, banking, automotive, and aeronautics. Read more.


EU I ECB Consumer Expectations Survey results – August 2024. Economic growth expectations for the next 12 months became less negative, standing at -0.9%, compared with -1.0% in July. Meanwhile, expectations for the unemployment rate 12 months ahead decreased to 10.4%, from 10.6% in July, their lowest level since the start of the series. Read more.


OECD I New Treaty Advances Pillar Two Global Minimum Tax Subject to Tax Rule Designed to Protect Tax Bases in Developing Countries. The international community took another concrete step towards ensuring fairer and better international tax arrangements by further strengthening global minimum taxation with the implementation of the new Pillar Two Subject to Tax Rule. Read more.

US I International Trade Administration Announces Efforts to Advance U.S. Competitiveness and Trade in the Digital Economy. The ITA announced a series of new initiatives to advance U.S. competitiveness and trade in the digital economy. These initiatives will support policy advocacy in international engagements, provide tailored resources for U.S. businesses to leverage, and equip ITA's digital attaches with applied experience to empower them to be stronger advocates for U.S. commercial interests in foreign markets and help strengthen U.S. leadership in the digital economy. Read more.


EU-US I Trade & Technology Council: at a meeting in September, the two sides took stock of the progress on joint work under way in various TTC working groups. The discussions highlighted the importance of continued collaboration around artificial intelligence, as well as the need to increase efforts to support the deployment of secure digital infrastructure, including subsea cables. They also encouraged collaboration on technology standards, including on plastics recycling and digital identity. Read more.


US-EU I USTR, Department of Labor, and the European Commission Host Meeting of the U.S.-European Union Trade and Labor Dialogue. This event was held as part of the Trade & Technology Council. U.S. and European Commission officials provided updates on how we are working collaboratively towards eradicating forced labor from our supply chains. Read more.


EU-US I EU and US Welcome New Members to Minerals Security Partnership. Discussions focused on opportunities, priorities, and challenges in responsible mining, processing, and recycling of critical minerals needed, among others, for the energy transition. Read more.


EU - Mercosur I EU foreign policy chief Josep Borrell met last week with the foreign ministers of the Mercosur countries — which includes Argentina, Brazil, Paraguay and Uruguay — in a push to make progress on the long-stalled trade deal. The meeting on the fringes of the U.N. General Assembly in New York is the latest attempt to make progress ahead of the G20 in November.

Thought Leadership
MEMBER and PARTNER INSIGHTS

New Rules for Crypto-Assets in Europe. MiCA aims to create a harmonised regulatory framework for crypto-assets in the European Union, promote innovation, and foster crypto-asset use while ensuring financial stability of issuers and service providers. The regulation also addresses investor and consumer protection for the issuance, trading, and custody of crypto-assets and seeks to prevent market abuse on cryptocurrency exchanges. Read more.


White House and USTR Announce Changes to De Minimis Exception and Section 301 Tariffs. These are proposed changes to the de minimis duty exception standard and Section 301 tariffs on Chinese goods. These changes come on the heels of increasing pressure for the Biden administration to continue addressing Chinese trade concerns. Read more.


CJEU Decision in Illumina/Grail Case Restores Clarity on Article 22 ECMR Referrals for Merger Control. The Court of Justice of the European Union (CJEU) ruled that EU Member States may not use Article 22 of the European Commission Merger Regulation (ECMR) as a corrective mechanism for merger control cases where they lack jurisdiction. The judgment reinforces predictability and certainty in

the EU’s merger control framework, benefiting companies’ M&A practices. The judgment encourages EU Member States to strengthen their national competition laws, and some have already adopted national provisions allowing them to intervene in mergers that do not meet national thresholds, potentially softening the decision’s overall effect. Read more.


Compliments Greenberg Traurig


Recent Updates Impacting International Travelers. The Transportation Security Administration (TSA) is proposing to delay the enforcement of the REAL ID enforcement until at least 2027. The U.S. Department of State rolls out online passport renewal. ETIAS rollout currently scheduled for 2nd quarter of 2025. Read more.


Drafting Partnership Agreements: Ensuring You Get the Returns You Bargained For. PIP (partners' interests in the partnership) allocations are very commonly used in partnership agreements.1 For this reason, Investors and managers should understand the basics of PIP allocations and whether and when they should be used before entering into a partnership agreement. Read more.


Annual Limit Reached for All Immigrant Visa Categories for FY2024. On Monday, September 9, 2024, the U.S. Department of State (DOS), working in close collaboration with U.S. Citizenship and Immigration Services (USCIS), announced publicly that all available immigrant visas in the employment-based categories have now been issued for the 2024 fiscal year. Read more.


Compliments Cozen O'Connor


Inflation Reduction Act Prompts Taxpayer Questions about IRS Enforcement. One of the most impactful provisions in the new Inflation Reduction Act will grant $80 billion to the Internal Revenue Service over the decade – much of that earmarked for stepped-up enforcement. While both Treasury Secretary Janet Yellen and former IRS Commissioner Charles Rettig have said additional enforcement efforts will not target small businesses, many taxpayers may still be wondering how to prepare for the potential of additional IRS scrutiny. Read more.


Cybersecurity Trends: Protect your Organization as Threats Evolve. The 2024 Verizon Data Breach Investigations Report (DBIR) and the 2023 FBI’s Internet Crime Complaint Center (IC3) Internet Crime Report provide the latest comprehensive insights into cybersecurity threats and cybercrime trends, highlighting the evolving landscape of digital threats. Understanding the key findings from these reports is essential for businesses, financial institutions, organizations, government and their stakeholders to effectively plan for and respond to cyber threats. Read more.


Compliments Kaufman Rossin


Navigating Cross-Border Export Controls - Data Center Offshoring. As demand for cloud services, edge computing, and AI accelerates, the white paper warns the data center offshoring sector and C-suite management of rising complexities in cross-border trade - stringent regulations and geopolitical risks - that could drive costs up by as much as 15%, impacting efficiency and profitability. Read more.


Compliments Novus INK


Key EU Policy Initiatives Expected to Dominate the Next Five Years. The policy agenda will help companies to anticipate which new policy and legislative initiatives will follow in the medium term. Ultimately, once these policies materialize after the end of the EU-level negotiations, new compliance requirements would be kicking in, requiring an array of preparatory steps. Read more.


Compliments Squire Patton Boggs

Consolidated Regulatory & Supply Chain News

Hello and Welcome to the Third Installment of

“Consolidated Regulatory and Supply Chain News”

 

This update brought to us on a quarterly basis by RAF Solutions offers members of the EACC high level information on news that could affect the trans-ocean business of import and export to / from the U.S. This will mostly be organized by type of information (i.e. ocean freight, air freight, regulations on either side, etc) but there may be some crossover in sections since one new regulation could impact many areas.

 

We hope this provides some additional information for your use and helps to grow your business and relationships.

East Coast Ports

The labor contract between the Port operators and the International Longshoremen’s Association expires, 1 October. Businesses are preparing for a strike by dockworkers on the East and Gulf Coasts if negotiations are not successful. With dockworkers imminent strike, businesses have been accelerating imports, redirecting cargo and pleading with the Biden administration to prevent a walkout. Many shipments have been diverted to West Coast ports, where dockworkers belong to a different union that agreed to a new contract last year. Read more.


Red Sea

While the world continues to hope for a sustainable solution in the near future, the situation in the Red Sea region is constantly evolving and remains highly volatile. All available intelligence at hand confirms that the security risk continues to be at a significantly elevated level, and therefore has potential impact on logistics operations. Costs, sail times, and Insurance have all gone up an estimated 20% through this area. The impacts to all other areas around the globe will continue to feel the impacts also. Read more.


Panama Canal

Traffic through the Panama Canal continues to be restricted due to drought conditions. However, a new booking slot for the Newpanamax Locks was added in August to increasing total transits to 35 vessels per day. Read more.


Air Freight and Capacity:

Continuous demand is being driven by rocketing e-commerce, ocean shipping disruptions, and rising general cargo needs for high-tech semiconductors.  Despite mixed economic signals, high demand is likely to continue into 2025. Not helping the situation, deliveries of widebody aircraft have slowed due to supply chain issues. Air freight capacity is expected to remain tight from cross border e-commerce demand and geopolitical tensions. Read more.


US Trucking

Trucking Carrier capacity continues to remain tight across the US. Analysis point to several reasons. The increase in demand is both a result in the continued recovery from the pandemic and also a shortage of drivers. Additionally, with new regulations being put in place in California requiring electric trucks and now labeling independent CDL drivers as part of the gig-economy, only adds to the shortage. Read more.


Labor

Forecasting the U.S. labor market presents a challenge. On one hand, substantial cooling with unemployment jumping from 3.5% to 4.3% in the last year. On the other hand, economic growth and rising employment. The latest unemployment rate declined from 4.3% to 4.2%, according to the Bureau of Labor Statistics. Read more.


Weather Impacts

Hurricane Helene has been the first major hurricane to hit the East and Gulf Coast this season. It made landfall at a Category 4 hurricane in Florida’s Big Bend and continued its course across Georgia and The Carolinas.

At the time of writing, it was too early to assess precisely major impacts, damage, or loss of life of Hurricane Helene. Read more.


Political Environment

The following are current points that could impact the future:

1.    First and foremost, on everyone’s radar is the election in November. While the election in November may not have immediate impacts as the actual transition (regardless of winner) won’t be until January, the results could start to impact companies decisions if they are concerned of the outcome. Read more.




Compliments

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EACC is a Connector
We open doors for our members across our chapter network on both sides of the Atlantic and we keep you informed on the relevant issues affecting your business.
 
Members of the EACC network enjoy:
  Access to our network of high-level business executives & our unique referral service
  Invitations to exclusive seminars & a direct exchange with transatlantic experts
  Visibility for your organization & opportunities to showcase your thought-leadership
  The ability to make a difference & actively engage in the Trans-Atlantic business dialogue


Meet the EACC Network

Our Members are Part of Something Bigger


Together with its sister chapters, EACC Florida is part of a growing and highly dynamic transatlantic network reaching over 10,000 executives in the US and across Europe. With over 750 members, the EACC is a valuable resource for any size business. If you would like to get involved, let us know. 
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