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US report highlights growth of trade with China since 2001

Imports and Exports | | MIC Customs Solutions |

A new report has highlighted the growth of the trade relationship between the US and China since the latter's accession to the World Trade Organization.


A new report from the US has highlighted the increasingly strong trade relationship the country has fostered with China in the last 14 years.

The Office of the US Trade Representative has presented its 2015 annual report on China's compliance with its World Trade Organization (WTO) obligations in Congress, in order to provide an update on status of China's policies and practices in the areas of trade and investment.

It was shown that since China acceded to the WTO in 2001 and began implementing the numerous commitments that it made, there has been a "dramatic" expansion in trade and investment among China and its numerous trading partners, including the US.

American goods exports to China have increased by 545 per cent since 2001, the figures suggest, while services exports have increased 733 per cent over the same period.

However, the US government has also noted that further progress is being pursued to ensure that China continues to honour its WTO commitments in areas such as intellectual property rights enforcement, the protection of trade secrets, as well as in terms of China's industrial policies and support for state-owned enterprises, services, agricultural policies and transparency.

Additionally, the Asian nation has made various trade and investment commitments through the US-China Joint Commission on Commerce and Trade and the US-China Strategic and Economic Dialogue to further strengthen its trade ties with the US.

The report concluded: "In 2016, the Administration will continue to vigorously pursue increased benefits for US businesses, workers, farmers, ranchers and service providers from our trade and economic ties with China.

"The Administration will use all available tools to achieve these objectives, including the pursuit of productive, outcome-oriented dialogue in both bilateral and multilateral settings, as well as the vigorous use of enforcement mechanisms, where appropriate."


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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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