DEVELOPING AND MANAGING AN EFFECTIVE INTERNATIONAL TRADE COMPLIANCE PROGrAMME
RC: Could you provide a general insight into the complex array of trade regulations with which companies engaged in global trade have to contend?
Cone: Multinationals face a daunting panoply of regulations in every country where they do business. Take the US. Aside from basic customs rules on classification, valuation and country of origin, Customs and Border Protection (CBP) helps enforce the regulations of over 40 other federal agencies possessing an interest in imported goods. For example, imported food, cosmetics and drugs must comply with regulatory requirements of the Food and Drug Administration, children’s items are subject to safety standards promulgated by the Consumer Product Safety Commission and vehicles parts must comply with standards of the National Highway Traffic Safety Administration. For goods moving out of a country, export control regimes can be highly complex and often bifurcate strictly controlled ‘things that go boom’ with more easily traded silent merchandise. There are also anti-bribery regimes to fight corruption and sanctions regimes combating business with unsavoury characters, both of which have extraterritorial grasp. It is a complicated and risky landscape.
Oct-Dec 2016 Issue
Starbucks Coffee Company