Agricultural Tariffs: Quotas vs. Duty
Quotas are designed to protect domestic industries from foreign competition, while duties are intended to raise the price of imported goods so that consumers will buy more domestic products.
Avoiding Customs Duty: Three Methods
Avoiding customs duty requires a keen understanding of FTAs and other preferential tariff regimes.
Russia Sanctions Challenges: Three Examples
Complying with US sanctions rules is easier said than done. Many companies are still trying to determine what products and services are prohibited and what activities would trigger a sanctions violation. Consider the following examples.
Free Trade Agreements: A Small Business Perspective
A free trade agreement is a pact between two or more countries to reduce tariffs and other trade barriers, and to increase cooperation on areas such as environmental and labor regulations.
Import Compliance: An Introduction
Import trade compliance is the process of ensuring that imported goods comply with applicable laws and regulations in the country of import. Trade compliance includes a number of activities, such as classification, valuation, licensing, and record-keeping.
What is the Commodity Control List?
The Commodity Classification List includes items that can be used in the development, production, and delivery of WMD, as well as items that can be used to support terrorist activities. The CCL covers a wide range of items, including minerals, metals, chemicals, and microorganisms.
The WCO, its Mandate, and its Role in the International Customs System.
While the WCO sets the standards for Customs administrations, it is up to each individual country to interpret and implement these standards in a way that best suits its own needs and resources. This can sometimes lead to discrepancies in how different countries apply the same rules.
How Does Supply Chain Transparency Enable Positive Social Governance?
The nexus between environmental, social and governance (ESG) factors and international supply chains is a complex one. To begin with, it is important to understand that ESG factors can have both direct and indirect impacts on supply chains.
Machine Learning and Import Classification
Machine learning can help importers determine the correct HS classification for their products by providing a more efficient and accurate way to identify the right classification code for a product.
Standards Adoption in Trade: What, Why, and How.
Industry standards are the norms or conventions established by an industry or sector. They can be voluntary, such as in the case of best practices, or they can be mandatory, as is often the case with regulatory requirements.
EDIs and the Evolution of Digital Trade Standards
In recent years, there has been a growing trend towards digitization of trade standards. Why is this the case, and what type of digital information exchange is most popular?
What is the UFLPA and Why Should Importers Care?
The UFLPA was created to stop the import of products made with forced labor from the Xinjiang region of China. The law also established the Forced Labor Enforcement Task Force to develop a strategy for preventing goods made with forced labor from being imported into the United States.
How Can Digital Standards Reduce the Cost of Trade?
As things stand, the process of buying and selling goods internationally is needlessly complicated, time-consuming and expensive. The problem, however, isn’t a lack of innovative solutions, but that they are not being adopted on a large enough scale to make a real difference.
What is Supply Chain Optimization?
The term “supply chain optimization” is used to describe the process of improving the efficiency and effectiveness of a company’s supply chain.
The Benefits of Blockchain in Supply Chain Traceability
There are many benefits to using blockchain in supply chain management. First, it creates an undeniable transparency in the supply chain, which builds trust among stakeholders.
Second, it enables compliance by external stakeholders through the use of smart contracts and audit trails. Finally, it has the potential to reduce costs associated with liability claims and lawsuits.