Incoterms® 2020: What's New?

Tradelane-Header incoterms 2020 size formatted

Incoterms® are defined by International Chamber of Commerce (ICC) to facilitate trade across the globe. They are internationally accepted standards which define the responsibilities of sellers and buyers for delivery of goods under sales contracts. Incoterms® are used to specify how the costs and risks associated with the cross-border transportation of goods are borne between the buyer and seller.

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Topics: HS Classification

Top 5 Priorities in the Event of a No-Deal Brexit

No-Deal-Brexit

A change in Prime Minister in the UK on July 24th has renewed focus on Brexit and its impacts across the Eurozone. Currently, the UK is set to leave the European Union (EU) on October 31st, with or without a deal. Given that the current withdrawal agreement between the EU and the UK has been voted down three times by the UK parliament, and due to the renewed political prioritization of no-deal planning by the current government, trade compliance professionals are building their Brexit plans with the assumption of no deal.  

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Topics: Europe, Free Trade Agreements, HS Classification

The Importance of Managing Customs Data Elements Upstream

Churchillian Thoughts on European Customs Valuation

Like salmon swimming up the river to find a place to spawn, it benefits importers to look at the flow of shipments, ultimately to move upstream to gather relevant data. If you wait until the last minute to get something done, it can feel like a tidal wave of activity coming at you. You may ultimately see delays in the customs clearance of your shipment, for example.  Even if you manage to hustle to pull everything together in a frenzied rush, is that the best mode to conduct an organized work process? 

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Topics: Free Trade Agreements, HS Classification

Tariffs Are Coming... 3 Things to Know Today

Trade Changes

After what seemed like a relatively calm few weeks in International Trade (relatively speaking), the winds have suddenly picked up, catching many off guard this morning and wondering if we were simply in the eye of the storm all this time. So, what happened? 

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Topics: Duty Drawback, North America, HS Classification

Trade Compliance of Visual Merchandise Slips under the Radar

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For most retailers, the focus on trade compliance is usually on store merchandise. Most overlook the fact that the compliance of visual merchandise (furniture, lighting, store décor, etc.) is just as important if they are imported from overseas and the company/brand acts as the importer-of-record to those goods.

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Topics: Asia, North America, HS Classification