The Harmonized Commodity Description and Coding System (HS) is the internationally recognized system for coding and describing products for trade. The HS was developed and is maintained by the World Customs Organization (WCO).
On May 16th, the proposed legislation to implement the Canada-EU Comprehensive and Economic Trade Agreement (CETA) was granted Royal Assentby the Governor General of Canada.
On May 30, the Foreign Supplier Verification Program (FSVP) rule will come into effect, and will apply to most importers of food into the U.S.
The Canadian Border Services Agency (CBSA) undertakes trade compliance verifications (audits) to ensure their requirements are being met and the correct duty collected. Audits are conducted both randomly and by identifying goods of interest through targeted verifications.
Challenging times continue for the container shipping industry, seven months after it was rocked by the sudden bankruptcy of South Korean shipping giant Hanjin.
Following Hanjin’s collapse last summer, shippers and forwarders have been increasingly concerned about the reliability of the carriers they use.
Shipping industry crunch
Times are tough for the container shipping industry: companies are facing their worst ever downturn as a result of an oversupply of ships and weakened global demand. As a result, firms are looking for more and more ways to cut costs.
What is SIMA?
One of the functions of the Canada Border Services Agency (CBSA) is to help protect Canadian producers from unfair foreign competition. In this spirit, the Special Import Measures Act (SIMA) helps protect Canadian industry from the unfair subsidizing and dumping of imported goods. CBSA and the Canadian International Trade Tribunal (CITT) are jointly responsible for administering SIMA.
The world’s busiest shipping port in Shanghai, China is experiencing severe congestion in recent weeks. High volume, weather and industry realignment are causing delays affecting numerous companies worldwide.
An investigation by the U.S. Commerce Department concluded this week that Canadian softwood lumber is unfairly subsidized. As a result, the U.S. will levy countervailing duties of up to 24 per cent on Canadian lumber exports starting this week.