Global Trade Management
Requirements change literally every day for importing and exporting to certain countries – and that’s no exaggeration. Quotas are changed, new requirements come into force, or others become no longer necessary. Added to this, some requirements between countries can suddenly alter due to trade sanctions, or specific restrictions which are imposed.
So how do you keep up? What you need is all of that information, accessible at your fingertips, at any time. Which is possible via third parties, but complex and time consuming to access. So we decided to make things simpler for our customers, by incorporating everything you need to know into MySEKO.
Our Global Trade Management tool is now accessible from the Home page within MySEKO, giving you instant access to all current regulations, for any combination of countries that you need to ship from and to. Not only that, but our solution also provides you with all of the relevant forms and documents for that particular shipment, at the same time. It really couldn’t be simpler!
Integrating this Global Trade Management capability with MySEKO provides a number of benefits, including:
- Avoidance of potential fines and delays due to non-compliance
- Ability to estimate landed costs when exploring new sourcing venues, allowing organizations to make more informed decisions relating to costs and lead times
- Accessibility to binding rulings
- A single source for all compliance-related topics
How does it work?
All of the information and the documentation you need, for any shipment, anywhere in the world, is now fully integrated into MySEKO. Instantly available, just when you need it – to ensure that you are following the correct procedures at all times. This includes Import and Export Controls, a Denied Party Screening List and an Export Controls Matrix. Here are a few more details on each of these:
- Import Controls – there are many trade regulations which governments impose on the import of goods, such as import quotas, licenses and certificates. Our Global Trade Management solution gives you access to all of these - including import permits and licenses, numerous types of certificates, absolute and tariff rate quotas, and anti-dumping and countervailing duties. It also gives you the supporting documentation needed to receive an import license or other control documents, as well as contact details for the government authorities who issue the license.
- Export Controls – the Global Trade Management tool can help you to understand the specific licenses, certificates, inspections and so on that are required in order to export dual-use or restricted products. It also gives you the supporting documentation needed to receive an export license or other export control documents, as well as additional notes on the export process. The system also includes an HS Classification Engine, which enables Export Controls to be determined either by HS number or ECN number, depending on the country of export. Countries that specify Export Controls based on HS number can only be determined by providing an HS number input.
- Denied Party List Screening - governments prohibit trade with specific individuals, companies, institutions, and organizations. So once you have provided the appropriate information, our Global Trade Management solution will retrieve the entries that match the lists of restricted entities and display them on screen for you.
- ECN Control Matrix - this allows you to retrieve country level and ECN level controls for all countries, or for a specific set of countries, based on the shipment information you provide. The Global Trade Management tool will then display a list of countries that have ECN controls, and their corresponding details. Only the controls that apply are displayed for the respective countries, and these are indicated by a specific color scheme, for easy identification.
Calculating landed cost
Based on the Customs value of any product imported into a country, you can also calculate import duties, taxes and government charges, from up to five different countries at the same time. This ability to report on landed cost is a huge differentiator and takes the value of SEKO’s Global Trade Management solution right through to the buying team
The landed cost calculation includes the original cost of the goods, all brokerage and logistics fees, all transportation costs, insurance charges, customs duties, VAT, tariffs, taxes, insurance, currency conversion, crating costs and handling fees which are applicable on the imported goods. Calculations can be based on the applicable preferential rate or the default rate, providing you with an estimate of the costs involved in trading goods across borders.
In summary, our solution helps you to expedite the process of arranging worldwide shipments, by giving you everything you need up front – the knowledge and the documentation to enable you to quickly and easily assess the specific requirement of that country pairing, and to make sure that your delivery will be smooth and painless at every stage.