Blog Layout

How To Benefit From Free Trade Agreements

jlamadeleine • Mar 14, 2016

Opportunities for importers & exporters

Did you know that there are currently 14 free trade agreements in effect in the United States? Companies that know how to navigate the intricacies of the Customs regulations are saving millions of dollars affording them a financial advantage. Many of us have heard of the North American Free Trade Agreement, or NAFTA, but there are many other countries that are involved in free trade agreements with the United States in addition to Canada and Mexico. Some of these other countries include; Australia, Korea, Singapore and Chile, just to name a few. Are you participating in trade with a country that has special privileges? Distinct expertise is required to analyze products in determining if they meet the criteria necessary to qualify for free trade. These determination factors include; regional value content analysis, tariff shifts determination and classification review of products according to the Harmonized Tariff Schedule of the US. These are very confusing to understand and the evaluation is only the first step. Upon the completion of the appropriate analysis and the determination of eligibility, properly completed support documentation is required to benefit from the agreements while remaining in compliance and to ensure the avoidance of penalties. ITM works with a variety of U.S. companies that are importers and/or exporters of a wide range of products that qualify under a variety of free trade agreements. Do you import and export from a foreign country that may be involved in a free trade agreement with the U.S? Contact us today for a free no obligation review of your circumstances to see if you can save money while ensuring compliancy.

By Jack LaMadeleine 12 Mar, 2024
In the intricate world of international trade, various mechanisms exist to facilitate smoother transactions and encourage commerce across borders. One such mechanism is duty drawback, a process that offers significant benefits to businesses engaged in importing and exporting goods. In this guide, we will delve into the concept of duty drawback, its benefits, and how businesses can leverage it to their advantage.
By Jack LaMadeleine 07 Mar, 2024
The implications in the case of Union of India and ORS. v. Patil and Sons Belgaum
By Jack LaMadeleine 01 Mar, 2024
Department of Commerce's new policies and trade community advancements
By Jack LaMadeleine 01 Feb, 2024
Recent news from CBP regarding cargo messaging and expediting cargo shipping
By Jack LaMadeleine 01 Jan, 2024
We are excited to announce our first monthly newsletter! Our goal of this new endeavor is to keep our clients and the companies in our network up to date with all information regarding drawback, CBP and more!
10 May, 2022
A free trade agreement (FTA) is an agreement between two or more countries where the countries agree on certain obligations that affect trade in goods. Currently, there are 14 Free Trade Agreements in effect in the U.S. with 20 different countries. An importer collects and maintains the information to support the FTA qualification. An exporter from the U.S. is required to complete a declaration verifying that their goods qualify for free trade with the participating country. The rules associate with FTAs are complicated and the analysis is intricate. There are multiple steps to the process and each one must be completed in order to move onto the next. 1. Classify the product according to the HTSUS in order to determine the rule of origin for the specific finished product 2. Choose a preference criteria from the 4 available. 3. Use the rule of origin to determine the qualification of the finished good.
28 Mar, 2022
How proper classification can equate to big savings for your company.
11 Feb, 2022
Duty Drawback is a refund from Customs, for 99% of the duties paid on imported materials that are subsequently exported, destroyed or used in the manufacture of exported goods. Today, only about 25 percent of eligible duty is being recovered. This means that $5 billion dollars goes unclaimed for drawback, and that money might be yours. So, how do you know if you are a candidate for a lucrative duty drawback program?
06 Feb, 2019
The new drawback regulations are written and will take effect on February 24, 2019. That’s less than a month from now!! ITM is prepared to continue filing on behalf of all of our clients and we are excited about the possibility of new opportunities that will now exist under the new guidelines.
By jlamadeleine 08 Oct, 2018
Customs has maintained that the ultimate goal of TFTEA is to streamline and simplifying the drawback process. At this time, there are no formal regulations in effect, but the guidelines have been released and reviewed extensively by the trade. After much conversation and deliberation, the trade was allowed and has formally submitted a response to Customs on these proposed regulations and now waits the allotted 90 days to find out how they have been received and what the final determinations will be.
More Posts
Share by: