I have had better starts to the New Year. On the first Monday of the year, I don’t know who was tougher to get out of the house and off to school that first day, my wife (a teacher) or my toddler. Already this week, the Stock Market had dropped like a lead balloon, the Middle East was in shambles, China was giving signals of slowing down, North Korea supposedly tested an H-Bomb, and I spilled coffee on the tie I got for Christmas. Let’s hope next week goes much smoother.
I imagine a lot of people are going to make predictions on Global Trade this year, from volume trends to new Free Trade Agreements, or whether the ACE deployment will be successful. While everyone else is making predictions, I am just going to pay special attention to these five events in 2016:
Transatlantic Trade & Investment Partnership: Often outshined by the Transpacific Partnership, the Transatlantic Trade and Investment Partnership includes some significant implications if the Americans and Europeans can reconcile some of their disputes.
Transpacific Partnership: This has the potential to change everything in our industry.
The Middle East: It is a powder keg, but the effects on everything from oil, to currency, to sanctions are going to be something to watch.
U.S. Elections: There are too many implications to count… and Trump is entertaining.
Panama Canal’s widening project: It affects trade and even though I may be a grown up, the idea of moving that much dirt is just fascinating!
In the end, I am looking forward to what will surely be an interesting year. If global trade booms, take the time to invest in your processes and procedures. If it tanks, be assured that countries around the world will ramp up their Customs Auditing looking for loose change in the couch cushions. Taking advantage of programs like FTA’s, TCO’s, and Drawback are great, but they need to be done properly. If I had to suggest one New Year’s resolution, it is “start or improve your Audit Program.”
I look forward to talking with all our current customers around the world in the next few months and to meeting new ones as we continue our expansion.
If you decide to start or improve your Audit Program this year, please call if you need us. We are here to help.