Global Trade Briefs
Global Trade Brief – August 2021This month’s Global Trade Brief reviews the United States agreement with Vietnam on currency practices, regulations implementing provisions of the USMCA, Saudi Arabia Rules of origin for imported goods, Authorised economic operator (AEO) renewal, and... Learn More >
International Trade Compliance and Security & ID Solutions
The Americas economic region is dominated by the US, which is the largest economy in the world. The US has also laid out stringent laws with regards to the origin and transfer of goods and services. These laws stipulate that traders must be fully aware of the origin of goods and they must declare if US origin goods are to be re-exported. Another key issue within this region is that the US exercises extraterritorial regulations that must be met by the traders of other countries. Therefore, it is extremely important for traders within this region to keep an eye out for their supply chain and sourcing mechanisms.
Another prevalent issue within the region is the stringent requirement in terms of classifying the products accurately. Similarly, technology and patent transfers must also be monitored on a consistent basis by the traders. Any case of non-compliance can result in large-scale penalties and fines that could prove to be detrimental for any trader. This is especially true for the traders that have an association with the US because the country’s government has also laid down strict sanctions against certain countries such as Iraq and North Korea. Thus, traders need to ensure that they are fully compliant with all of these requirements.
Managing Changes in Trade Agreements
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.