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Best Practices for Importers & Exporters in Global Trade Services
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Best Practices for Importers & Exporters in Global Trade Services

Best Practices for Importers & Exporters in Global Trade Services
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Importing is Under Much Stricter Government Scrutiny today. Importers & Exporters in Global Trade Services needs the ability to adapt and evolve to ever changing global trade strategies and pressures and reduce cycle time and costs for customs clearance. Three Key areas in Global Trade Services include:

  • Compliance Management
  • Customs Management
  • Risk Management

Must have features in Importers & Exporters in Global Trade Services

  • Facilitate ease of entry through Customs
  • Pre-assess value of dutiable goods accurately
  • Provide pertinent documentation
  • Mitigate risks of non-compliance
  • Streamline product classification process
  • Improve invoice product descriptions
  • Maintain audit trail/ log
  • Avoid costly fines and penalties as depending on level of offense the importer may have to pay a penalty ranging from 20%-40% of the invoice value
  • Demonstrate reasonable care and improve reputation with enforcing agencies
  • Decrease number of entry examinations

What are the Value Proposition of Compliance Management?

  • Avoid costly fines and penalties, and help ensure national security
  • Streamline trade compliance processes and increase customer service levels and cash flow
  • Improve worker productivity via moving to management-by-exceptions
  • Provide visibility (one global view) across the entire enterprise
  • Protect your corporate brand equity by avoiding negative publicity
  • Be prepared for audits by maintaining complete and accurate documentation of all compliance-related activities
What are the Value Proposition of Compliance Management

What are the Value Proposition of Compliance Management

What are the Value Proposition of Customs Management?

  • Expedite customs clearance process across borders
  • Reduce buffer stock by bringing better predictability to importing process
  • Make more informed sourcing decisions based on total landed cost analysis
  • Lower import duties via appropriate product classification
  • Comply with electronic communication demands from customs authorities
  • Meet complex documentation requirements through use of integrated forms.
  • Enhance process efficiency through tight integration with inbound and outbound processes
  • Improve cash-flow situation by using a customs warehouse
What are the Value Proposition of Customs Management

What are the Value Proposition of Customs Management

What are the Value Proposition of Risk Management?

  • Improve competitiveness (via reduced duty rates) by leveraging trade preference agreements
  • Comply with the regional trade agreements e.g. NAFTA
  • Eliminate risks of fines by providing documentation (e.g. cert. of origin) and audit trail to authorities
  • Automation of complex preference processes enables accurate preference calculation and determination
  • Mitigate financial risk of global trade through automated handling of documentary payment processes
  • Efficient refund processing through automating and streamlining all aspects of restitution handling

Best Practices for Importers & Exporters in Global Trade Services

  • Importer Demonstrates Reasonable Care
  • Classify and Value Goods Accurately to Reduce Cycle Time and Costs
  • Importer is Ultimately Responsible for Compliance

What are the Key Trends in Compliance

  • Tighter national security and added legal responsibilities on businesses
  • Strict enforcement after events of 9/11
  • Companies need to strictly adhere to changing regulations or risk costly fines
  • Companies have to screen, identify and KNOW their business partners
  • Increased reliance on global markets
  • Sell into newer geographies
  • Execute on global sourcing strategy
  • Greater demand for automation
  • Governments are modernizing their systems and expect businesses to communicate electronically

What are the Key Trends in Importing

  • Greater demand for automation
  • Governments all over the world are modernizing their systems and expect businesses to communicate electronically
  • Modernization & ACE in US
  • Integrated Cargo System in Australia
  • Increased reliance on global sourcing
  • Dichotomy – executing global sourcing strategies versus the need to reduce cycle times and minimize inventory-carrying costs
  • Realizing just-in-time inventory
  • Goods hung up in Customs can be costly
  • Advanced Global Supply Chain Strategies such as Postponement, Transfer Pricing and Global consignment inventory

What are the Areas to be Considered While Trading Globally

  • How do I know my business partners are not listed on denied party lists?
  • Which laws and regulations do I have to consider?
  • How do I classify products and calculate duties ?
  • Do I have to consider any embargoes?
  • How do I manage my import and export licenses?
  • Is it possible to take advantage of preferential agreements?
  • How do I ensure to comply with new customs regulations?
  • How do I ensure to have the right import and export documents with the right data at the right time
  • How can I keep track of the inventory of a customs warehouse
  • Is it possible to claim refunds for the export of Common Agricultural Policy (CAP) products?
  • How can I make sure I receive payment after I shipped my goods?
What are the Areas to be Considered While Trading Globally

What are the Areas to be Considered While Trading Globally

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imanuel