As a seller or buyer of commodities in 2013, being able to connect with customers in other countries is imperative to being able to continue to expand business. Exporting and importing goods can bring great growth for your company, however, the process of going about this is not simple or straightforward. You need to look into what you could expect potential returns to be for this investment as well as the legal requirements that you need to adhere to.
If you have decided to import or export goods, you should start by trying to get a list together of all of the governmental protocols pertaining to trade with foreign countries. When it comes to exporting, a commodity is not allowed to leave a country until it is compliant with all of the nation’s trade laws, so it is important to understand what those laws are. On the flip side, many countries have different laws regarding what can be brought into a country, which need to be properly comprehended as well.
Understanding and following these rules is called import/export compliance. Achieving compliance in trade is often difficult because a single item may be bound by different trade laws depending on what country it is being imported or exported to. In addition, there are also countries that prohibit the import of certain commodities as well as countries that ban all trade from another country. So, the information required and the procedures that must be followed in order to be compliant differ from nation to nation and product to product.
Import and export compliance is not something that you should take lightly. If your import or export is not compliant with all relevant rules and protocols, the commodity is subject to confiscation or destruction, causing you to lose your investment. In severe cases, noncompliance could also result in heavy fines and or jail time.
At iTRAC Global, we can help you easily navigate all of your import export compliance needs. For more information on trade compliance, please feel free to contact us.