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Best Practices for Importers & Exporters in Global Trade Services
Best Practices for Importers & Exporters in Global Trade Services
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 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 Risk Management?
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 features in Importers & Exporters in Global Trade Services?
Importers & Exporters in Global Trade Services features include 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 and many more.
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