Industry insights

Compliance in Times of TPP Discussions

October 1st, 2016, Posted in News

With Brexit and other global economic and political uncertainties, concerns among exporters in almost all industries are on the rise. The ongoing strength of the US Dollar continues to make it harder to export goods and services. The uncertainty of the presidential election adds additional stress to the situation for Exporters and Importers. About 40% of exporters believe the momentum from President Obama’s export program will carry over to the next president, while the majority believes Trans-Pacific Partnership (TPP) and other key Free Trade Agreements (FTAs) will be blocked.

Not surprising that many exporters are uncertain what impact TPP ratification would have on them. They simply didn’t see the need to get informed before knowing what will happen to it.

Media coverage has focused on the fact that only one fifth of the TPP’s 30 chapters, deal with traditional trade issues. Some sources indicate that most of the TPP instead regulates non-trade matters that affect food safety, internet freedom, medicine costs, job off-shoring, financial regulations, and more. It is possible that between media news and the lack of time to actually study the TPP, exporters believe there will be no impact to them, or at the very least are uncertain about what that impact will be.

With the TPP getting pushed through or rejected either way export and import compliance needs a professional approach with a proven software solution.