To Counter Unjustified Foreign Trade, China Publishes New Rules
It has been reported that the Ministry of Commerce in China has published a new set of rules on January 9, 2021. According to sources, the Chinese Ministry of Commerce has taken this step to counter the unjustified restrictions and laws. The unjustified laws and restrictions have been imposed by foreign countries on citizens and companies from China.
The new laws mainly target the unjustified laws and restrictions that have been imposed by the United States on Chinese citizens and companies. This is mainly attributed to the friction between both countries when it comes to economic relations.
The new rules published by the Chinese Ministry of Commerce have been dubbed under a new title. The new law has been dubbed as “Unjustified Extra-Territorial Application of Foreign Legislation”. It has been reported that the new law has been published on the ministry’s web page for visibility.
The new law provides detailed information and a course of action against such incidents and the legal actions that can be practiced against them.
With the implementation of the new law, trading would become extremely convenient for the citizens and companies operating from China. The entities will have the Ministry of Commerce that they can report to if they face any issues or difficulties from the foreign legislations.
The new law can be practiced when the citizens and organizations of China are involved in normal trading, economic, or related activities and are obstructed by foreign third-party legislations. In such cases, the affected entities have a time period of 30 days to report the incident to the Ministry of Commerce.
Once the incident has been reported, it will be up to the Ministry of Commerce to thoroughly study the case. Once done with the analysis, the department will assess the case for the submission of the best charge against the foreign legislative entity. Some of the major violations that the Chinese Ministry of Commerce has quoted include national security, impact on Chinese citizens, and impact on Chinas sovereignty.
The statement made by the Ministry of Commerce from China on the new rule is very promising for the Chinese citizens and organizations. The notice states that when a Chinese citizen or a company incurs a significant amount of loss due to foreign legislations/obstructions. It is the obligation of the particular country, whose citizens and organizations are affected by restrictions to support them.
It has been reported that the Chinese authorities have become very active against the actions that have been taken by the foreign legislations against its traders. They are currently in the process of introducing new laws and ways of introducing the counter-measures that will be essential for them in handling such cases.