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Global trade outlook remains uncertain following Brexit vote

Industry News | | MIC Customs Solutions |

Uncertainty continues to prevail in the global markets as the world waits to see how the UK's decision to leave the EU will affect international trade.


The UK's decision to leave the European Union has prompted considerable uncertainty across the world's markets in the last few days.

Following months of campaigning, Britain held its referendum on EU membership on June 23rd, with 51.9 per cent of voters opting to quit the economic bloc - defying late predictions that the Remain campaign would win.

The political and economic repercussions in the days since have been extreme. The value of the pound has fallen to its lowest level against the US dollar in 30 years, while the FTSE 100 suffered a £120 billion (€143.77 billion) loss the morning after the vote.

Since then, it has been estimated that the Brexit effect has wiped more than $2 trillion (€1.82 trillion) off the value of global markets, while also claiming the political career of the UK's pro-Remain prime minister David Cameron, who has announced his resignation.

Businesses are now waiting to see what kind of new trade agreements the UK - which has not yet triggered Article 50 of the Lisbon Treaty, the mechanism through which countries can formally quit the EU - is able to negotiate with its European neighbours.

EU leaders have expressed their disappointment with the outcome of the British referendum and are now looking to push for the UK to begin the Article 50 process as quickly as possible, in order to end the uncertainty that is currently undermining global trade.

Jean-Claude Juncker, president of the European Commission, said: "As regards the UK, we hope to have it as a close partner of the EU in the future. We expect the UK to formulate its proposals in this respect.

"Any agreement, which will be concluded with the UK as a third country, will have to reflect the interests of both sides and be balanced in terms of rights and obligations."


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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