Scary Trade Compliance Challenges
- October 30, 2017
- Posted by: Global Training Center
- Category: Blog
In the spirit of the season, we have compiled a list of scary challenges the horrible Miss Compliance the unfriendly Trade Witch is throwing into her Cauldron of Problems. Don’t be scared to tackle these challenges and take a good look at your practice to make sure that proper measures are taken to keep the product moving and customs off your back.
See the following tips offered by John Goodrich in his article, Practical Advice from NAFTA’s “Front Lines”. View article.
This article offers information on some of the common import trade compliance issues and what to do to avoid them. View article
Your staff needs training
Oftentimes we tend to rely on software and automated process to get the job done. But don’t forget your most important asset, your employees. View article.
Although CTPAT has been around for a while, it is always a good idea to review best practices when it comes to security. The following pamphlet provides some very useful information if you are getting started with CTPAT or maybe need to brush up on some information. View information.
Export documentation requires careful attention to the details. There are quite a few things that can go wrong when preparing documentation. Here are 6 things that can go wrong and how to avoid them. View article.
Export Controls / EAR / ITAR Compliance
Speaking of Exports. There is so much room for error if you are not careful. Besides the documentation shown above, your shipment could be subject to different controls and regulations. Global Training Center has a few great articles on the subject that will help you with different tips and best practices. View now.
Ever considered an FTZ?
With so many options for trade agreements and alternatives to manufacturing abroad, it is easy to forget that the U.S. offers a great alternative to manufacturing or warehousing your product in the U.S. by using a Foreign Trade Zone (FTZ). This is not for everyone, but it sure is a good program and helps keep jobs in America. Take a look at the following article for some benefits of an FTZ. Read more.
Delays at the border?
Just as this article’s title indicates, “Time is Money…” Nothing is more frustrating than working on a shipment and taking the time to prepare the paperwork to come and find out that you are delayed due to a small oversight. Check out this article for 10 tips on how to minimize your time at the border. View now.
But can you talk the talk?
Knowing the HTS and how to classify your products is the most fundamental task anybody needs to learn when working in Global Trade Compliance. Incorrect classifications for your products can mean that you may not qualify for Free Trade Agreements, or vice-versa, qualify when you should not. It can mean incorrect duty rates, improper quotas, licenses, and a whole world of issues. With it being so important, it is a wonder why so many neglect to learn at least the basics. Regardless if you will be classifying product, it is important to know what is going on so you can fact check your staff or service providers. Check out this article to see some nightmare cases related to HTS classification for seasonal holiday items. It is a fun read, but it is also a reality check if you do not classify products correctly. View now.
Use the right terms or you can get stuck with a hefty burden
What to do when you buy or sell a product and there is an international transaction involved? The certain thing is to not assume your supplier/customer is correct in selecting the terms of the sale. It is very important to know how to correctly negotiate and avoid those issues that await you if something was to go wrong. It is very easy to assume one term is correct, but choosing wrong can end up creating a nightmare for you financially and maybe loss of product. This article points out 10 common mistakes when using Incoterms. View now.