1. Comprehensive Risk Assessment

• Identify Risks: Conduct a thorough assessment to pinpoint potential compliance risks and vulnerabilities in your global trade operations.
• Consider Factors: Evaluate factors such as import/export regulations, trade sanctions, customs duties, and tariff classifications to gauge your risk exposure.

2. Stay Informed on Regulations

• Monitor Changes: Keep abreast of international trade regulations, agreements (e.g., WTO agreements), and customs requirements specific to your trading countries.
• Update Practices: Regularly review and adapt to changes in trade policies and tariffs to stay compliant with current requirements.

3. Customs Classification and Valuation

• Accurate Classification: Classify goods correctly according to Harmonized System (HS) codes to ensure proper customs processing.
• Valuation Methods: Determine the appropriate customs valuation method to comply with duties and facilitate efficient border clearance.

4. Documentation and Record Keeping

• Maintain Records: Keep detailed documentation of all trade transactions, including invoices, shipping documents, licenses, and certificates of origin.
• Organize Files: Ensure records are well-organized and readily accessible for customs inspections and audits.

5. Compliance Training and Education

• Train Staff: Provide comprehensive training for employees involved in global trade on compliance requirements such as import/export controls and anti-corruption laws (e.g., FCPA).
• Educate Continuously: Regularly update training programs to reflect changes in regulations and compliance standards.

6. Utilize Trade Automation Tools

• Implement Software: Use trade automation software and electronic systems (e.g., Electronic Data Interchange – EDI) to streamline customs declarations and track shipments.
• Enhance Efficiency: Leverage automation tools to improve accuracy and efficiency in managing trade compliance.

7. Partner with Trusted Advisors

• Engage Experts: Work with customs brokers, trade consultants, and legal advisors who specialize in international trade compliance.
• Leverage Expertise: Utilize their knowledge to navigate complex regulations, resolve compliance issues, and optimize customs processes.

8. Monitor Supply Chain Compliance

• Vet Partners: Ensure that suppliers and logistics partners comply with trade regulations.
• Implement Programs: Develop supplier compliance programs and conduct regular audits to manage and mitigate compliance risks.

9. Trade Agreements and Preferences

• Utilize Agreements: Take advantage of preferential trade agreements (e.g., free trade agreements – FTAs) and trade preference programs (e.g., Generalized System of Preferences – GSP) to reduce tariffs and enhance market access.
• Understand Requirements: Be familiar with the rules of origin and compliance requirements associated with these agreements.

10. Proactive Compliance Audits and Reviews

• Conduct Audits: Perform regular internal compliance audits and reviews to assess adherence to trade regulations.
• Improve Processes: Identify areas for improvement, implement corrective actions, and continuously optimize compliance processes