Most Favoured Nation: The Christmas Quiz

The most wonderful time of the year

Dec 23, 2022

Welcome to the 79th edition of Most Favoured Nation. This week’s edition is free for all to read. If you would like to receive top quality trade content in your inbox every week, please do consider becoming a paid subscriber.

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It’s nearly Christmas, which means one thing and one thing only: The Infamous Most Favoured Nation Trade Christmas Quiz (IMFNTCQ, in trade parlance).

Same as last year, the person with the most correct answers who emails me/posts in the comments/tweets at me first will receive an excellent prize (a one-year free subscription to MFN). You can also play along using the poll buttons, if you prefer.

Let’s get going!

Question one

In June 2022, Boris Johnson’s ethics adviser resigned, in part because of an intra-government dispute over the legality of UK steel safeguard tariffs.

What was/is the name of the adviser?

Question two

The US’s Inflation Reduction Act includes many provisions designed to tackle climate change/onshore jobs in key industries [delete as appropriate].

For an electric vehicle to qualify for a tax credit under the IRA, as of 2026, what percentage of the critical minerals used to make the EV battery must have been sourced from the US or a country which the US has a free trade agreement with?

Question three

The CPTPP is all the rage. How many countries submitted formal applications to join in 2022? [And for a bonus point, name them.]

Question four

In June 2022, WTO members reached agreement on a TRIPS waiver that would allow developing countries to authorise “the use of the subject matter of a patent required for the production and supply of COVID-19 vaccines without the consent of the right holder to the extent necessary to address the COVID-19 pandemic.”

An eligible member is able to apply the provisions of this waiver for how many years (from the date of the decision)?

Question five

In 2022, the EU and New Zealand negotiated a free trade agreement. Under this FTA, the EU has agreed to phase in over 7 years a tariff-rate quota that will allow for 10,000 tonnes per annum of NZ beef to be imported at the preferential tariff-rate.

What is the preferential tariff rate?

Question six

At the end of 2022, the EU finalised the details on its carbon-border adjustment mechanism (CBAM). As part of the wider package, the EU has agreed to phase out free carbon allowances for its domestic heavy industry. These ETS free allowances will be fully phased out by which year?

Question seven

The EU’s new foreign subsidies rules place new obligations on foreign firms engaging in large transactions, or bidding for large government contracts, in the EU.

The text below sets out the filing obligations for M&A deals. Fill in the blanks

Filing obligation for M&A deals

Turnover threshold: At least one of the merging companies (in case of a full merger), the target (in case of acquisition) or the JV is established in the EU and generates an aggregate EU-wide turnover of at least €___ million in the previous financial year; and
Foreign financial contributions: The parties to the transaction have received combined foreign financial contributions exceeding €__ million in the three years prior to the conclusion of the agreement, announcement of the bid, or the acquisition.

And that’s it! I will be announcing the winner in the next edition of Most Favoured Nation, so do get those answers in ASAP.

Merry Christmas!

Sam