What do you do when the times are tough? Work to boost your economy through trade. And, that's exactly what Canada and the European Union are proposing to discuss in October, rep0rts the Journal of Commerce.
Currently, the EU and Canada trade $98.8 billion worth of goods and services annually. The agenda for October's meeting is to see if the bilateral countries can boost this amount to $28 billion, which will provide great benefit to both economies. Other items that will be covered are foreign investment, public procurement, and the protection and enforcement of intellectual rights.
What does this mean for public and private companies? Potential new trade agreement licensing, harmonized tariff schedules to classify goods, duty rates, just to determine whether you can legally complete your transaction. Employing software , such as Management Dynamics' Global Trade Content solution, can help companies that are engaged in global trade manage the large amount of information and help determine which licenses are needed to stay compliant.
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