As the business world adapts to face masks, Zoom calls and social distancing, the trade compliance community is also re-evaluating the way it does business. While a lot has changed in your business, one thing that is certain to change – and, in fact, already has changed – is the ubiquitous trade compliance assessment. You might ask: “Are we really doing these online now?”
No one wants to really talk about trade compliance or acknowledge if it is lacking or non-existent. The fact of the matter is that import compliance needs to be prioritized before it is too late. As a business leader you need to know if your team needs import compliance training, and you can ask these 10 questions to find out if you need training.
During tough economic times, companies look for ways to save money and deliver results more efficiently. Instead of putting the company at risk by cutting compliance, many companies are turning to trade compliance outsourcing solutions to protect their business and boost their bottom line.
On top of everything else going on in the world, imports are coming in very slowly, giving CBP additional time on their hands to scrutinize those entries and ask questions on what you thought was an easy transaction. Here are five areas on which to focus your attention during this time.
Canada has ratified the United States Mexico Canada Agreement which will become effective on July 1st. The USTR is currently working with partners in Canada and Mexico, while the U.S. CBP is working internally towards implementation.
Effective May 1, 2020, DDTC announced a temporary reduction in fees due to the impact of the COVID-19 pandemic on the national economy and the Defense Industrial Base.
BIS recently moved to tighten exports, reexports, and in-country transfer to China, Russia, and Venezuela. BIS is implementing the '744 Rule' which will expand the licensing requirements when an exporter has knowledge or has reason to know the items will be for Chinese, Russian, and/or Venezuelan military end users or end uses.
BIS announced on April 28, 2020, that they will be amending the EAR to remove License Exception CIV from Export Control Classification Numbers and will now require an export license for national security-controlled items on the CCL to countries of national security concern.
The Directorate of Defense Trade Controls (“DDTC”) announced on April 23, 2020 measures to lessen the burden that the COVID-19 pandemic is having on U.S. companies and the overseas supply chains in order to help the exporting/importing community.
We frequently talk about BIS and DDTC when it comes to export compliance, but less often, do we discuss the importance of OFAC compliance.