This article by Chicago partner James Sawyer discusses the importance of trade compliance in the post-recession economy. It focuses on two fundamental issues in important compliance: tariff classification and valuation, and the benefits of an effective trade compliance program. James, a partner in the Customs & Trade Team in the Corporate & Securities Practice Group, concludes that as international trade increases, and government revenues decrease in the current economy, customs services worldwide are more likely to audit import transactions to ensure that government revenues are protected. Accordingly, companies that incorporate trade compliance professionals into their global sourcing decisions and internal control processes can achieve a competitive advantage with a more efficient, predictable supply chain: “Given these advantages, it is time for companies to make room for another seat at the table,” he said.
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