Updated approximately every 5 years, the HS is an international classification standard that is in current or anticipated use by 207 customs administrations worldwide. Every business with affected items must act by reviewing tariff codes, duty rates and customs data for hundreds, thousands or even tens of thousands of items in their parts master databases or Enterprise Resource Planning (ERP) systems. These items must also be updated for every country where business is transacted on the effective date each country activates its changes.
What Ratification of this Landmark Free Trade Agreement (FTA) Could Mean for Importers, Exporters and Others
In the works for over 10 years, the Trans-Pacific Partnership is one of the largest Free Trade Agreements (FTAs) in history and has the potential to significantly change many facets of global trade. When ratified, the agreement may reduce tariffs on certain goods and services, minimize trade barriers and synchronize a number of regulations.
