This is part two of a three part series on how to prepare for the Customs Broker License Examination.
On March 6th, President Obama released the official proclamation to implement the United States-Korea Free Trade Agreement.
This agreement provides certain treatment to originating goods of Korea in the HTS as set forth in Annex I of Publication 4308 of the United States International Trade Commission, entitled “Modifications to the Harmonized Tariff Schedule of the United States to Implement the United States-Korea Free Trade Agreement.”
The Obama administration has launched a new website that consolidates resources for small businesses wanting to learn how to export. BusinessUSA, found at business.usa.gov, combines information and acts as a portal to approximately 20 different government agencies, including:
A couple weeks ago, I wrote a post about President Obama’s proposed trade enforcement unit. There are some updates to make.
The trade enforcement unit has an official name now. The official title will be the Interagency Trade Enforcement Center (ITEC).
Global Trade is growing fast. International trade has grown from $9 trillion in 2005 to $16 trillion in 2009. World trade is predicted to grow 7-9% annually. That would result in trade volume reaching $70 trillion by 2025. The global economy is the new reality, and businesses of all sizes can benefit from selling internationally. Now is the time to go global.
The Harmonized Commodity Description and Coding System (HS) is the mechanism by which international tariffs are standardized. If you ship items overseas, you are required to classify them according to the harmonized system. Each country has its own Harmonized Tariff Schedule (HTS).
If you didn't catch President Obama's State of The Union Address last week, you missed the announcement of a new Trade enforcement Unit. As part of his trade policy for the coming year, this new team of trade enforcers will allow the US to ensure compliance of fair trade practices. Below is an excerpt from the Presidents speech:
Doing business with Thailand might get difficult now that one of the Prime Ministers appointees includes someone on the sanctioned parties list.
Thai Prime Minister Yingluck Shinawatra reshuffled her cabinet which resulted in 10 new appointments. One of the new appointments was given to Nalinee Taveesin who was given the title of Prime Ministers Office Minister.
The World Trade Organization released a statement that according to its latest data, world exports in commercial services are rising. Data shows that commercial services increased by 12% in the third quarter of 2011 compared to the third quarter of 2010.
These estimates are based on aggregated data from individual reporters. Data is taken from quarterly balance-of-payments statistics taken from IMF and Eurostat. This data is further supplemented with estimates of missing data and national sources.