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Trans-Pacific Partnership agreement signed in Auckland

Legislation | | MIC Customs Solutions |

Ministers representing the Trans-Pacific Partnership nations have formally put pen to paper on the agreement in Auckland.


Ministers have put pen to paper on the Trans-Pacific Partnership (TPP) agreement, one of the biggest international trade deals in recent history.

Representatives of the 12 TPP member nations - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam - signed the document at a formal ceremony in Auckland this week, the culmination of a five-year process of negotiations.

The terms of the deal were finalised in October 2015, with the next step being to complete the legislative processes needed at a domestic level to bring the trade agreement's measures into force in each of the 12 countries.

Spearheaded by the US, the purpose of the TPP is to facilitate trade between countries in the Asia-Pacific region, while giving the US a greater influence in the establishment of trading principles in an area that tends to be dominated by the influence of China.

US trade representative Michael Froman said: "TPP will set a new standard for trade and investment in one of the world's fastest growing and most dynamic regions. We signatories comprise nearly 40 per cent of global GDP, a market of more than 800 million people, and around one-third of world trade.

"Our goal is to enhance shared prosperity, create jobs and promote sustainable economic development for all of our nations."

However, numerous hurdles still need to overcome before the TPP can be brought into full force, with protesters from many of the TPP nations expressing concerns that the agreement could result in job losses and protections being offered to big businesses rather than workers. 

Stakeholders in each nation will need to be convinced of the trade pact's benefits if this opposition is to be overcome.


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

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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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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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