The newly established EU-US trade framework, while avoiding a trade war, has increased import costs for American containers and is expected to suppress transportation demand. Meanwhile, policy changes promoting short-haul transport have altered the shipping patterns for energy goods, potentially leading to profound impacts on the shipping market.
This article delves into the significance of customs valuation and its role in international trade. It offers answers to common questions and relevant links to help businesses better navigate challenges in the international market.
The Harmonized System (HS) is a crucial tool in international trade that enhances trade efficiency through standardized product classification. Developed by the World Customs Organization, it encompasses over 5,000 product categories, providing a framework for standardized data analysis and customs management. The HS ensures a universal language for global trade, effectively supporting the standardization of customs procedures and trade statistics across countries.
Customs valuation is a critical process for determining the tariff value of imported goods, encompassing six main methods, from transaction value to alternative methods. This framework ensures fairness and transparency in international trade.
Transportation interruption protection provides financial security for cargo owners against unexpected disruptions during transit. It covers various risk factors and additional costs, helping businesses minimize losses and promote stable development.
Export declaration is a crucial document in international trade, required to be submitted when goods leave the port. It ensures that information is accurate and complies with regulations of various countries, thereby enhancing customs efficiency and promoting business development in the global market.
Kaohsiung Port, an important maritime hub in Taiwan, covers over 300 international shipping routes. With excellent natural conditions and a diverse range of industrial services, it supports global trade and regional economic development. In the future, Kaohsiung Port will continue to optimize its services and infrastructure to strengthen its position in the international shipping market.
The International Chamber of Commerce (ICC) actively engages in global trade governance, advocating for support of the multilateral trading system, particularly for the development of micro, small, and medium enterprises (MSMEs). The ICC urges nations to reduce trade barriers and enhance the competitiveness of MSMEs to achieve sustainable economic development.
The Incoterms® rules are a set of global standards published by the International Chamber of Commerce, covering 11 essential trade terms. Since their inception in 1936, with the latest version released in 2020, these rules clarify the responsibilities and risks of sellers and buyers in the delivery of goods in international trade. They help prevent misunderstandings and reduce transaction costs. Understanding these rules is crucial for the success of every trader.
This article explores how Value Added Tax (VAT) serves as a facilitator of fair competition in international trade, distinguishing it from tariffs. VAT achieves tax neutrality through a multi-stage payment mechanism, providing equal opportunities for all businesses, ensuring that goods are taxed in the consuming country rather than the producing country, thereby promoting growth in international trade.
