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 placed significant financial burdens on our businesses.
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 toward speeding the clearance of shipments and increasing the flow-through velocity at our ports.
The fact remains, though, that 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.
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.