Blog: Managing Changes in Trade Agreements: Does your business have what it needs to run your import and export processes?
The global trade landscape has changed drastically over the past couple of years. Events such as the US-China Trade War and Brexit have meant that trade relations are being impacted. In such a rapidly changing environment, it can be hard for traders to keep track of changes in trade agreements. However, keeping an eye out for such agreements is important because it could have a direct bearing on your day-to-day operations. Even the smallest changes in trade agreements could mean that you may not be able to export or import the products that you need. This blog will help you in understanding how to manage changes in trade agreements.
RAPIDLY CHANGING ENVIRONMENT
The rapidly changing trade environment is a major concern for businesses based in the UK and the EU. Especially in the case of the UK, the country will have to renegotiate all of its trade agreements with countries around the world. Although significant progress has been made with regard to these new trade deals, there is still a lot of uncertainty. The new trade agreements negotiated by the UK government may include tariff changes, product restrictions, or new licensing requirements. Therefore, businesses need to be fully prepared to deal with such changes.
While it is vital to keep track of the changes in terms of trade agreements, you also need to react to those changes. The import and export processes of your business may need to be remodelled based on the terms of the new trade agreements. You may also need to make sure that your import and export processes have been optimised. One way to achieve this is to avail the help of global trade management software.
GLOBAL TRADE MANAGEMENT SOFTWARE
Global trade management solutions can help businesses in automating and streamlining their import/export processes. Further, such software programs can also enable traders to keep track of all the compliance changes, manage documentation, and coordinate with the external stakeholders. Global trade management software can help your business in keeping up to date with all changes in the trade agreements.
These changes may include tariffs, duties, taxes, customs requirements, permits, and even product classification. Even if your business relies on in-house specialists to manage your international trade activities, global trade management software could add value to your operations. This could happen by means of complementing your existing resources. Global trade management software can help your business across the value chain.
YOUR COMPANY’S NEXT STEPS
To sum up, businesses must be proactive in terms of keeping a tab on the latest changes in trade agreements. OCR Trade Management provides you with global trade management solutions that could help you in complying with all trade agreements. These solutions could help your business in streamlining imports, managing documents in one place, and meeting all compliance requirements. Please contact us to find out more about how we can help you with our global trade management solutions.