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TPP nations agree new framework to revive deal

Legislation | | MIC Customs Solutions |

The 11 remaining members of the Trans-Pacific Partnership have agreed terms that will allow them to move ahead with the deal without the involvement of the US.


The 11 members of the Trans-Pacific Partnership have agreed a new framework that will allow them to once again move ahead with the large-scale trade deal.

During the recent Asia-Pacific Economic Cooperation summit in Vietnam, ministers from Australia, Canada, Chile, New Zealand, Brunei, Singapore, Japan, Malaysia, Mexico, Peru and Vietnam were able to reach a consensus on the core elements of a new approach to TPP that will restart the momentum of the process.

The original plans for the TPP included these 11 nations plus the US, and would have represented the biggest multilateral trade agreement in history, covering around 40 per cent of the global economy.

However, it was dealt a significant blow with the election of Donald Trump as US president, whose strident opposition to a deal championed by his predecessor Barack Obama led to the US formally withdrawing from involvement in TPP earlier this year.

It had been expected that this would cause the pact to collapse entirely, but ministers from Japan, Australia and New Zealand have spearheaded the revival of the process, with many of the stipulations of the previous version of the deal set to remain in place as the 11 nations proceed without the US.

However, further progress is still needed before the agreement can come to fruition, with the government of Canada still expressing trepidation about the deal's labor and environmental rights provisions.

Canadian prime minister Justin Trudeau has been keen to stress that his country will not be rushed into a deal, and was the only TPP leader not to attend a key meeting on November 10th. Despite this setback, the 11 TPP nations were subsequently able to move ahead, though more work needs to be done before the deal can be finalized.


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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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