“The resulting delays in the cross border movement of our food, clothes and items we use every day drives up our cost of living, impedes foreign direct investment, negatively impacts the growth in trade and ultimately leads to lower job creation.”
International trade is faced with many challenges including inefficiencies caused by the complexity of processing multiple import and export documents by numerous parties that slows the clearance and release of shipments. The resulting delays in the cross border movement of our food, clothes and items we use every day drives up our cost of living, impedes foreign direct investment, negatively impacts the growth in trade and ultimately leads to lower job creation.
There are many regulatory bodies that require various types of information to carry out their assigned responsibilities. Examples of such information include product classification, source of origin, transaction value, certificates of ownership, business licenses, buyer identification, etc. The lack of availability, quality, and reliability of such information has created more congestion at our ports, curtailed the level of imports and exports and has placed a significant cost burden on our businesses. Read more
The current focus on the creation of “National Single Windows” (NSW) for the electronic submission of cross border trade related information is a step in the right direction towards speeding the clearance of shipments and increasing the flow through velocity at our ports. However, much of this information is provided from a single source without the corroboration of other parties. In addition, businesses already exchange the same information between their customers and suppliers, banks, insurance companies and other domestic regulatory bodies. Therefore, the use of Single Windows represents another fragmented vertical system that requires redundant data to be re-entered leading to errors and incorrect documentation, causing further delays in the clearance of shipments.