China, South Korea and Japan to hold FTA talks

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Legislation | Axonn Ltd | MIC Customs Solutions | 4 April 2016

China, South Korea and Japan are to hold talks over a possible free trade agreement later this week.

Talks over a trilateral free trade agreement (FTA) are set to be held between China, South Korea and Japan this week.

South Korea's trade ministry has confirmed that working-level discussions will be taking place in Seoul between April 5th and 8th, representing the tenth round of negotiations over the proposed FTA, reports Xinhua.

Officials will be discussing key issues such as basic guidelines on how to liberalise goods trade and the service industries, as well as stipulations pertaining to country of origin, customs, trade remedy, sanitary and phytosanitary measures, plus technical barriers to trade.

The talks first commenced in November 2012, with leaders of the three participating countries agreeing to work towards speeding up their negotiations during a summit last November.

Between them, the combined GDP of China, Japan and South Korea accounts for about 20 per cent of the world's economic output and 70 per cent of the Asian region, meaning the outcome of the talks could have significant global consequences.

Software Solutions

MIC - Customs and Trade Compliance Software Solutions worldwide

Multinational companies are facing greater compliance challenges when addressing the continuously evolving international legal requirements. Customs and trade compliance management has a significant impact on production location and purchasing decisions, delivery times, cost savings and competitive advantages. Thus, it is crucial to establish processes that are accurately, effectively, and efficiently managed utilizing proven global IT solutions.

The international requirements for companies regarding customs and trade compliance management are complex and subject to ongoing legal changes covering a multitude of topics, such as: Correct product classification, compliance with export control regulations, numerous sanction list screenings, calculation of origin based on ratified free trade agreements, supply chain security initiatives, and management of special customs regimes as part of the import and export clearance processes. In addition, country-specific legal requirements that include legislative and technical changes make it increasingly difficult to completely fulfill the requirements of international customs and trade compliance.

A partnership with MIC strengthens a company’s ability to deal with the daily operational challenges of international customs and trade compliance management. MIC has a trendsetting Global Trade Management (GTM) software solution that allows companies to standardize and automate their customs and trade compliance processes. MIC’s software solution is available on 6 continents and can be configured according to the company’s specific needs to significantly improve legal compliance, thus saving time, money, and eliminating future business disruptions.

Software as a Service (SaaS) / Cloud

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Customs Filing

Automated electronic export and import customs clearance processes, including special customs regimes and inventory management: Import, Export, Transit, Inward & Outward Processing Relief, Bonded Warehouse, Foreign Trade Zones, Intrastat, Central Clearance – SASP, EMCS and more. “We do the last mile!”

Central Classification

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FTA Management

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Export Controls

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Global Implementations

There are various customs regulations and requirements programs throughout the world. Examples include ACE, FTZ and Duty Drawback in the USA, IMMEX in Mexico, the Union Customs Code (UCC) in the EU (and its various national characteristics), the Free Zone in Thailand, and the China Single Window. All of these have the objective of making customs procedures simpler, more modern and more efficient.

MIC Global Trade Management (GTM) software helps companies maintain international visibility and to take advantage of these program changes in legislation. We know the intricacies of national and regional customs and export control requirements. Our software takes account of the respective regulations and uses similarities in global customs and export control law. This is done in 55+ countries on 6 continents with regularly updated trade content for 150+ countries. In addition, our data analytics & visualization tool enables improved decision making by identifying optimization potentials and supply chain trends across global customs and trade compliance processes. As a result, global business processes can be designed and automated more efficiently. This not only increases compliance, but also saves time, money and increases global competitiveness.