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EMEA Trade Report: Data Protection, Brexit, Iran Deal

5/28/2018
 

Europe

 
EU’s new data protection rules come into effect
“Companies can be fined up to €20 million ($24 million) or 4% of annual global turnover for breaching the strict new data rules for the EU, a market of 500 million people.”

[Euractiv]
 
Who stands to lose from Europe’s new privacy rules
“The content of the new rules, which amount to the largest overhaul of global privacy regulations in 20 years, is well-known. But what remains to be seen is exactly what the rules mean, how they will be applied in each country, and what sort of entities are the most exposed to the risk of fines.”

[Politico]
 
Post-Brexit customs model would cost UK business up to £20B
“The model would mean the U.K. leaving the EU customs union but making borders as frictionless as possible by using technology and other administrative methods such as assigning authorized economic operator status to more traders.”

[Politico]
 
 

Middle East

 
Iran undecided whether to stay in JCPOA
“Iran’s decision to stay in the nuclear deal hinges on how the remaining parties to the deal (Russia, China, Britain, France, and Germany) would make up for the lack of one of the JCPOA members (the US).”

[Tasnim News Agency]
 
German credit unions continuing to provide trade finance to Iran
“Basically, as long as companies and banks stick to the requirements and regulations of the current export controls of the EU and the US, nothing can happen to them, [International Competence Center head Patrizia] Melfi said. She added it was essential ‘to be well informed and conduct detailed checks of the companies’ deals.’”

[Tasnim News Agency]