Home5 Things to Know About International Trade Compliance
5 Things to Know About International Trade Compliance
In the world of today’s international trade, we have witnessed certain activities like the opening of borders (within the concept of Free Trade) and rapid growth in the informational resources market. Exporting products, services, and technology around the world all are required to comply with international export, trade, and financial laws. The global scope of this trade and export is now more important than ever, especially when it comes to multi-national initiatives in the military and civil sectors.
Failing to comply with these rules can cause delays in shipment, fines, and even civil and criminal penalties. When your fleet is depending on you to get back in the air, you can’t afford to be grounded because of setbacks in the trade compliance process.
Regardless of the specific consequence, what is certain is non-compliance will ultimately eat into your bottom line. At S3, it’s important for us to ensure our partners have the resources to mitigate these risks. Our Trade Compliance Team is here to provide compliant solutions and additional support to our customers.
Here are 5 things you should know to help you understand International Trade Compliance.
Releasing, or otherwise transferring, controlled information to a foreign person in the United States is also considered an export. It is called a “deemed export”. Definitions are very important when it comes to trade compliance, it can help save time and help you avoid unnecessary risks.
Export regulations vary by country, and the U.S. Export Control requirements are considered one of the most stringent. Did you know that for the most part, the U.S. export controls would still apply to a product even after its exportation to the ultimate consignee/end-user? That is why at S3 we ensure to fulfill this requirement by requesting the end-use and end-user information.
Certain controlled goods may require a re-export authorization from U.S. Government. This can get complicated, so if you are not sure if this requirement applies to you, our S3 International Trade Compliance Team can help.
Did you know that the United States has Free Trade Agreements in place with various countries? These agreements focus on duties and fee reduction and elimination and boost international trade. However, each agreement has a unique set of rules and requirements. Please note, that if a product is made in the United States it does not automatically make it eligible for preferential treatment.
Let our team at S3 AeroDefense help take the stress of our international trade compliance to ensure that you aren’t putting yourself at risk or losing time when you need it the most.