Those of us who work in the world of international trade know that we operate in a very competitive market where the smallest advantage in the design, manufacture or delivery time of merchandise can be key in influencing a buyer to choose our product.
The Harmonized System is an international product catalog that classifies goods varying on their features. Businessmen should become acquainted with this system to obtain better results upon internationalizing their businesses.
When a company decides either to export or to import goods it must agree with the other party how the product will be delivered. Who will bear the transportation costs? Who will pay customs tariffs? Who will be responsible if damages occur during delivery? Incoterms are rules agreed to beforehand by the international community to avoid misunderstandings.
The practice of transporting goods in containers of uniform size and shape has revolutionized international trade. While previously loading and unloading ships used to take 10 days, today this same process takes from 24 to 48 hours, lowering export times and costs.
In order for export merchandise to arrive in good conditions and at a reasonable price to consumers, producers must choose an adequate method of transportation. This requires considering several factors such as product characteristics, time, geographic location and costs.
Dispute settlement mechanisms before the WTO only allow members of the Organization, and not private parties, to bring actions for breach of international trade regulations. However, SMEs in developing countries can benefit from their governments’ actions in this regard.
Businessmen are usually experts in their products but not on export procedures. The Inter-American Investment Corporation recommends executing agreements with other companies to jointly address internationalization challenges.
Access an easy-to-use database containing market access, legal, and other types of information that will help you to identify potential markets and plan your next international trade transaction.
Follow Us