US Importers: New Government, New Trade Agreements, New World Order?
by Abdul Aziz Mondal Finance 29 November 2021
Free trade agreements aiming to liberalize trade and create more markets have become an essential part of the global supply chain. However, free trade agreements (FTAs) are becoming increasingly complex, political and even lead to trade ‘wars.’ Yet FTAs have been one of the most positive ways the US opened foreign markets for importers.
US importers and consumers are currently facing major hurdles, yet importers are still responsible for meeting their end of the bargain by meeting CBP requirements and clearing customs.
The Major US Trade Agreements
The US is a WTO member, has bilateral FTAs with 20 countries, and incorporates the 1947 General Agreement on Tariffs and Trade (GATT) – the most influential multilateral trade agreement. In 1994, the North American Free Trade Agreement (NAFTA) between the US, Canada, and Mexico became the world’s largest FTA marking the trade deal between two developed countries and a developing nation.
Excluding trade barriers and removing tariffs, investment prospects thrived. The countries’ economies were $6 trillion and directly influenced more than 365 million people. The deal aimed to boost investments, manufacturing, agriculture, and services while protecting intellectual property rights, labor concerns, and environmental issues. For SMBS, this meant cheaper cross-border business opportunities and less bureaucracy. There are many other major trade agreements too.
New Government Trade Agreements
After the China-US trade-off under the last administration, the new one is bent on rebuilding relationships with allies and partners and finding solutions that will create more opportunities to sell American products. With the support of these allies, the US admin intends to address concerns about Beijing’s non-market policies and practices.
The US Trade Representative Office released an official press release on October 4 titled: “Fact Sheet: The Biden-Harris Administration’s New Approach to the U.S. – China Trade agreements and Relationship .” There they state that “Joe Biden ran for president on a promise to restore the backbone of this country, the middle class.
His North Star will always be a simple question: what is best for American workers and interests? We welcome competition with the People’s Republic of China (PRC). However, we have also been clear that competition needs to be fair and managed responsibly. Our objective is to create a level playing field for American workers, farmers, and businesses.”
It continues that “ previous administration’s single approach alienated the allies and partners. And along it hurt the select sectors of the American economy. We want to bring deliberative, long-term thinking to our approach. Our goal is not to increase the trade tensions with China or double down on previous Administration’s flawed strategy.”
“Today, we publishing the initial steps we will take to re-align the trade agreements and policies which are PRC around the new priorities.”
US Importers’ Role & Eezyimport
US importing processes have always been moderate to an uphill climb through a swamp of bureaucracy. However, the steps to import – from ISF filing to CBP 7501, and financial obligations, are unavoidable – if SMB importers want to succeed as well as benefit from trade agreements and government efforts to help them. This is their end of the bargain and there’s no getting around it.
Having said that, the rise and rise of online tech services, eCommerce, and a global industry-wide shift to online digital and paperless transactions has brought players into the equation with real-time services that work. eezyimport introduced the first-ever online DIY solution in the customs clearance field for SMB US importers.
The company addresses the pain points of importers by enabling them to save time and money and to survive difficulties – from the COVID impact down to the current holiday season importing crisis.
How? By offering a SAAS solution that enables online DIY filings for US importers, discards unnecessary third-party reflection, and clarifies the import process…all while reducing the end-user’s associated expenses.
During the launch, Eezyimport founder and CEO Asaf Fridenson explained that “By easier, the import process, and claims they enabling the customers and file the Security Importer is Filing (10+2) along with Entry Summary of 7501 which are directly linked with the CBP.
The natural process of eezyimport glides each customer with a step-by-step filing process. And the online system dashboard provides an up-to-date view of the trade agreements filing status.”
Conclusion:
Eezyimport is ushering in a new generation of import solutions. The company is focused mainly on US importers and is thriving by supporting users with an ecosystem that entirely simplifies their trade agreements import process. That eezyimport reduces the price for imports, which is especially significant at a time of turmoil in the global supply chain. The company is on a path to becoming the worldwide supply chain solution for SMB importers!
Read Also:
Related
