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As importers or exporters, we must take into considerations the foreign market’s regulatory and provisional measures that are crucial to keeping duty and tariff transaction cost down. The treaty trading factors are associated the trade preference programs, multilateral trade agreements, and duty drawback that can have a significant impact on international logistics costs. These trade agreements are often very complex and involve understanding the legal compliance procedures but also understanding the international trading policies and programs that are established to facilitate commerce and reduce costs.
As importers, we must learn how to manage costs attributed to duties that can be imposed by the customs authority of the transactional region. In doing so, importers and exporters must not only rely on the customs authorities to inform them about the duty management requirements for each trade agreement that might alert them to special allowances that applied to their business goods. This trade agreement review process will explain the merchants’ responsibility in understanding and using the various duty management options in compliance with multilateral trade agreements. For this reason, the duty management role in the reviewing and assessing the trade barriers that are associated with quotas, nontariff, punitive damages and special duties that were designed by the country of origin to restrict trade and increase logistics costs for their benefits. As a result, it is imperative that merchants have a good understanding of trade agreements and duty compliance processes, which can lead to legal and logistics challenges that might cause in delaying their product entire into the marketplace.