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New UK business engagement group established to ease Brexit concerns

Industry News | | MIC Customs Solutions |

The UK is establishing a new business engagement inter-ministerial group to provide British companies with guidance and reassurance following the recent Brexit vote.


The British government has set up a new business engagement inter-ministerial group to provide UK companies with information and support as the country prepares to leave the European Union.

Chaired by business secretary Sajid Javid, the group brings together ministers from across the government to coordinate engagement with the business community, providing ministers with a forum in which to discuss the views, thoughts and concerns from businesses from all sectors to ensure their concerns are represented in future planning.

Many UK companies - particularly those with import or export-oriented business models - have expressed concerns since the UK voted to leave the EU in the June 23rd referendum. Global markets have been extremely volatile since the result was announced, while British prime minister David Cameron has announced his resignation, creating political turmoil.

As such, the new inter-ministerial group will aim to provide UK businesses with the information they need to limit any sense of uncertainty in the transition period as the country moves towards the EU exit.

Specifically, it will look at areas where businesses are seeking clarity and certainty and make sure the government maintains its commitment to building up Britain as a favorable environment for starting and running an internationally-facing company.

Mr Javid said: "Now more than ever, businesses need certainty, so it's vital that the government maintains an open and continuous dialogue. We must work together to make sure the world knows that the UK is still open for business and remains an attractive place with which to trade and invest."

The group will feed into the new EU Referendum Unit established within the Cabinet Office and will include input from the UK secretaries of state for energy, the environment, culture, defense and foreign affairs, as well as the chief secretary to the Treasury and the trade and investment minister.


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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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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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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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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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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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