Improving Trade Logistics In A Changing World
by Maureen Perroni, on January 12, 2017
The future of global trade appears to be in limbo as governments around the world adjust to recent changes.
In the U.S., falling political support for the Trans-Pacific Partnership has effectively scuttled the deal, which would have established a free trade agreement among twelve Pacific Rim countries. In addition, the impending inauguration of President-elect Donald Trump - who ran against free trade deals throughout the campaign - has many logistics managers bracing for regulatory and tax changes that may shift the playing field for imports and exports.
"In this time of uncertainty, it's important for businesses to focus on logistical success and accountability."
But, as an article on Supply Chain Management Review points out, a slowdown of major trade deals does not mean that all international trade will halt. Rather, global firms may have to work harder to build trust among customs officials.
The article cites the Broker Known Importer Program, which allows customs brokers in the U.S. to identify importers based on their activities. Customs and Border Protection uses this tool to determine which importers are the most reputable, based on a number of compliance factors. These include documentation and record-keeping.
Rather than focus on major deals, the article suggests that traders may instead have to emphasize "micro-deals."
In this time of uncertainty, it's important for businesses to focus on logistical success and accountability. Enterprise Labeling Solutions makes it possible for companies to streamline their labeling practices, improve supply chain efficiency and eliminate the bottlenecks. With this system, it is easier and more cost-effective for businesses to produce the barcode labels they need. As government regulations and priorities change, this ability can make a big difference.