KYG Trade is a company that specializes in using AI to optimize and streamline multi-tier supply chains and facilitate trade compliance. They use a combination of machine learning and natural language processing to automate trade compliance, making it easier for businesses to comply with international trade regulations and laws.

The Uyghur Forced Labor Prevention Act (UFLPA) is a law that was passed on December 23, 2021. The UFLPA was created to stop the import of products into the U.S. made with forced labor from the Xinjiang region of China. The law has a "rebuttable presumption" which became effective on June 21, 2022

A free trade agreement (FTA) is a formal agreement between two or more countries to reduce or eliminate barriers to trade in goods and services and to increase cooperation on issues such as intellectual property and environmental protection. FTAs can be bilateral, meaning between two countries, or multilateral, meaning between three or more countries. There are currently 3,461 active free trade agreements globally.

Import trade compliance is the process of ensuring that imported goods comply with applicable laws and regulations in the country of import. Trade compliance includes several activities, such as classification, valuation, licensing, and record-keeping.

The World Customs Organization (WCO) is an intergovernmental organization headquartered in Brussels, Belgium. The WCO is the only international body with the mandate to harmonize customs procedures and practices across its 182 Member Customs administrations.

The nexus between environmental, social and governance (ESG) factors and international supply chains is a complex one. To begin with, it is essential to understand that ESG factors can have both direct and indirect impacts on supply chains. For example, a company’s carbon emissions can directly impact the environment in which its suppliers operate, while its labor practices can indirectly impact supplier employees.

Machine learning can help importers determine the correct HS classification for their products by providing a more efficient and accurate way to identify the correct classification code for a product. In the past, importers would have to manually search through the Harmonized System (HS) codebook to find the correct code for their product. This process is time-consuming and often results in errors.

Let’s start with the basics. What are industry standards, and why do they matter?

Industry standards are the norms or conventions established by an industry or sector. They can be voluntary, such as in the case of best practices, or they can be mandatory, as is often the case with regulatory requirements.

In recent years, there has been a growing trend toward the digitization of trade standards. This has been driven by several factors, including the increasing use of digital technologies in the global economy, the need for more efficient and effective trade processes, and the desire to reduce the costs associated with traditional paper-based trade.

As the proverb goes, nothing is certain but death and taxes. But certain though they both may be, it's still worth investing a bit of time and energy to try and lawfully avoid them. Fortunately, government customs authorities have given us a bevy of ways to minimize import taxes, also known as customs duty.