Obama Signs Executive Order to Simplify Trade
February 20, 2014
The President signed an executive order yesterday that strives to streamline government processes related to international trade. The order requires that the International Trade Data System (ITDS), an ongoing government initiative, be fully implemented by December 2016. Currently, companies who wish to engage in international trade transactions must file paperwork using a multitude of channels at a variety of agencies, some of which still require paper submissions. If the ITDS is implemented successfully, companies will be able to file all data electronically using a “single-window.” The Administration predicts the changes will cut processing and approval times, significantly reducing time and expense for U.S. companies engaging in international trade. Additionally, the order instructs the government to increase collaboration with private stakeholders to continue to streamline the import/export process.
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