With the ever-changing landscape of US trade agreements recently, it’s easy to lose sight of what’s happening in other countries. For multinational organizations with worldwide presence, you can’t afford to stop paying attention to global developments such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). What is CPTPP? One significant development that is … Continue reading “Are you Ready for CPTPP?”
Sanctions and Trade compliance awareness has increased a great deal in the last decade, as enforcement and changing global conditions have led to increased public awareness. It is not as common anymore to find organisations with international exposure, who don’t have some form of Sanctioned Party Screening system or process in place. Unfortunately, that may … Continue reading “The Importance of a Healthy SPL System”
Regardless of the size or location of your business, or what products you sell, if you are exporting your products, then the they should be correctly classified. But what is even more critical is the necessity to screen all the parties for each of your transaction that you export to. The list of sanctioned/denied/restricted party … Continue reading “SPL Screening best practices: never too little or too late”
Global Trade Acronyms Anyone working in the Supply Chain space knows all too well how many acronyms can get thrown around in the day-to-day trade and supply chain world. It can be overwhelming and at times it can feel like folks are just making up new acronyms as they go. We are compiling a list … Continue reading “Deciphering Global Trade Acronyms”
What Is Duty Drawback? When goods are imported into the United States through U.S. Customs, duties are imposed. A Duty Drawback is a monetary rebate if these goods are subsequently exported. Importers, exporters, and manufacturers could be eligible for duty drawbacks. Five Main Types of Duty Drawback 1. Direct Identification Manufacturing Drawback: U.S. import duty may be … Continue reading “Simplified Duty Drawback and New Regulations”
Lately we have seen many questions around customs assists. Assists are easily overlooked, but if the valuation of your goods are questioned or audited, Customs could penalize you. To help clear up some confusion and further aid the international trade and compliance community’s understanding, we are recapping and addressing a few components regarding assists. What are Customs … Continue reading “Deep Dive for Customs Assists”
With the recent announcement of the United States’ withdrawal from the TPP, there may be hope on the horizon for international trade proponents. On February 22, 2017, the Trade Facilitation Agreement (TFA) was ratified by at least two-thirds of the World Trade Organization membership. The TFA is the largest global trade deal in over two … Continue reading “Trade Facilitation Agreement Ratified by the WTO”
International trade requires complying with various rules, most of which SAP Global Trade Service can assist with. When importing goods into another country, buyers typically pay duties. Duties are in place to raise money and protect domestic manufacturers from foreign competition. However, two countries may agree to terms wherein they will accept each other’s goods duty … Continue reading “Trade Preference Processing with SAP GTS”
Yesterday, Monday January 23, 2017, President Donald Trump formally withdrew the United States from the Trans-Pacific Partnership. The TPP – which also included Canada, Mexico, Japan, Australia, New Zealand, Chile, Peru, Malaysia, Singapore, Vietnam and Brunei – would have slashed tariffs for American imports and exports with those countries. With the TPP no longer on … Continue reading “Trump and Trade Deals”
As an importer, both Bonded Warehouses and Foreign Trade Zones can be financially beneficial when thinking about storage and warehouse distribution. But how do you know which to use and in which circumstances? Let’s take a closer look. Bonded Warehouse Definition A secure building or area (Customs Warehouse) in which dutiable goods can be stored, manipulated, … Continue reading “Bonded Warehouse vs. Foreign Trade Zones (FTZ)”
