Importing Goods? Adhere to the Rules

Importing Goods? Adhere to the Rules
By Tom Travis
October 01, 2009
Entrepreneur.com

Trade preferences can offer big duty savings, but mind the paperwork.

The U.S. government provides reduced or duty-free privileges on thousands of goods made in developing nations around the world. Likewise, the U.S. has entered more than a dozen free-trade agreements with trading partners of various sizes. Trade preference programs and FTAs can offer substantial savings to companies importing or selling covered products in the U.S. market, a benefit that's even more notable in today's uncertain economic climate. But there are specific rules for taking advantage of these preferences, and a recent court decision highlights the importance of observing those rules, as well as the heightened scrutiny the federal government is giving to this issue.

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