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Import restrictions and prohibitions pose compliance risks in global trade, which are governed by the importing country's government regulations. Potential risks exist if import compliance requirements are not evaluated and identified, resulting in shipment delays at the customs' border or additional import costs.
Import regulations are complex to understand and, often times, not readily available for assessing the import compliance requirements. In addition, products can also be controlled by more than one government agency or require different licenses. Gathering, interpreting and analyzing comprehensive compliance information in a true global trade scenario can be challenging and time consuming. Understanding and planning import compliance requirements results in ensuring well executed sourcing strategies.
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