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Final RCEP agreement pushed back to 2016

Legislation | | MIC Customs Solutions |

Asian business leaders are expecting to a reach a final agreement on the Regional Comprehensive Economic Partnership in 2016.


A final settlement on the Regional Comprehensive Economic Partnership (RCEP) will not be reached until 2016, Asian business leaders have confirmed.

The ten members of the Association of Southeast Asian Nations (ASEAN) and the six other countries that fall under the scope of the RCEP are no longer expecting to conclude their negotiations over the international trade pact by the end of 2015, as originally planned.

To date, there have been ten meetings and four ministerial-level discussions among the 16 participating countries, but no final agreement is forthcoming as yet, with talks having hit a stumbling block at the last round of discussions in Busan, South Korea in October.

Malaysian prime minister Najib Abdul Razak said: "Considering the challenges faced and the value of constructive engagements, more time is needed to conclude the negotiations. Hence we, the leaders of RCEP participating countries, agree to allow negotiations to continue and request our negotiators to intensify their efforts to conclude and achieve a mutually beneficial and high-quality agreement in 2016."

The purpose of the RCEP is to strengthen international trade ties between members of ASEAN and six of their most important commercial partners - China, Japan, South Korea, Australia, New Zealand and India.

It is being positioned as an Asian counterpart to the US-led Trans-Pacific Partnership, the 12 members of which reached a final agreement in October. Key RCEP policies pertaining to goods, services and investments have been agreed in principle, but a number of technical matters still need to be resolved.

Last year, the total trade of RCEP economies reached $10.8 trillion (£7.19 billion), while total foreign investment inflow came to $366.3 billion, underlining the potential economic impact of a new trade deal between these nations.

The Asia-Pacific Economic Cooperation forum has highlighted the conclusion of the RCEP talks as a key milestone in establishing more open trading conditions in the region.


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.

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MIC provides the software via its data center infrastructure. On request, a MIC partner can take over the daily operational handling (managed services).

Low investment expenses and “pay per use” cost savings, as well as reduced time to value.

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!”

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Central Classification

Global part master data management with increased degree of automation in customs tariff & export control classification of products based on regularly updated national customs tariffs and export control commodity lists.

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FTA Management

Automated preferential and non-preferential origin calculation for 250+ free trade agreements as well as electronic exchange of customer supplier declarations. Management of supplier declarations via supplier web portal.

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Export Controls

Central export control check of business transactions, including sanctioning list check, embargo check, end-user / end-use check, determination of approval requirements and management of approvals.

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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.

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