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In any global shipping transaction, trade compliance is an important component that dictates the smooth shipping of any product from one country to another. Trade compliance ensures that the transfer of goods takes place within the global regulation boundaries.
For this, every company needs to comply with financial laws, international import and export regulations.
All businesses across various industries have to comply with the trade compliance norms. It is not only relevant to industries such as defence, IT, energy or research but each and every industry player has to adhere to the regulations. Penalties for non-compliance are hefty.
For all businesses, trade compliance is like protection against any legal action on the count of non-compliance to regulations. Meeting compliance norms implies that the business is meeting the demands of customers and suppliers. Other aspects that trade compliance covers are:
– Minimises risk of penalties or fines
– Ensures customer satisfaction and timely delivery of goods to the end-users
– Improves the reputation of the businesses who have the reputation of complying to trade norms
Businesses recognize that trade compliance eases the supply chain process and offers a competitive edge to companies who comply with these norms as they are able to have their goods move swiftly across borders.
For all businesses, regardless of size, the only way to manage trade compliance risk is to have an effective trade compliance programme.
Complying with trade norms ensures that there are no shipment delays, financial penalties or criminal offences. Non-compliance will eat into your bottom line and negatively impact your credibility in the market.
Companies that comply with trade norms have the added advantage of enjoying a good reputation in the industry and earning praise through word of mouth. Ease in the supply chain helps companies earn the reputation of being reliable and having smooth supply chain management.