This is one of those scenario’s we see all the time:
Asia Customs Broker: Hello, Mr. Ahmad, we are sorry. The customs manual documentation cannot be completed because we are missing the HS codes. Can you provide us with the correct one so that we can proceed with the permit application and import declaration, please?
Logistics Employee: Can’t you check our previous shipments? This is not the first time we have imported similar materials into our warehouse! You should have all the details!
Topics: Asia, Free Trade Agreements, HS Classification
Recently there have been a lot of headlines about who will do what when it comes to trade. In the U.S. a big piece of the recent election turned to “protection” of industries, workers, etc. In fairness, I’m a free trade kinda guy. It directly pays my salary. I’m willing to bet there are a number of people who don’t realize their salary, in part at least, is also subject to free trade.
Free trade agreements don’t just work for goods that cross borders, they also play in a lot of other arenas. For instance, the service sector, which includes remediation of disputes, human rights, fair labor standards and practices.
Ever wonder why we haven’t had any “major” conflicts in the past 70 odd years? Trade in general and free trade specifically have a lot to do with it. Why would you want to go to war with your biggest customers?
Accuracy of your HTS classifications is as important as ever. Have you reviewed your current classification database? Are you aware there could be fines and penalties for incorrect tariff codes. Coming up, Tradewin will have a two part blog series outlining the importance of accuracy, but first, a reminder of why it is so important!
HTS Classification is a necessary evil. Unfortunately, it is an evil that must be revisited often. There are various ways to approach harmonized tariff classification from doing it yourself, hiring a third party service provider, or just putting the pages up on the wall and throwing darts at it to determine which HTS Classification to use. (While the last one is a great way to relieve the stress of classification, I personally would not recommend this method).
Topics: HS Classification
You may have missed it but on February 24, 2016, H.R. 644 became public law. What is H.R. 644 you ask? It is the Trade Facilitation and Trade Enforcement Act of 2015.
Great. More rules. And largely with a focus on CBP, ICE and the GAO. Snooze.
But for importers there really is some awesome news!
Topics: Export Consulting, Import Consulting, HS Classification
On April 5, 2016, the Ministry of Commerce and the General Administration of Customs of the People’s Republic of China released a joint announcement (No. 11 of 2016), which published a list of products that are embargoed in trade with the Democratic People’s Republic of Korea (DPRK).
It was alleged in the announcement that the embargoes are based on the relevant resolutions enacted by United Nations Security Council and the Foreign Trade Law of P. R. China.
Topics: Asia
