Global Trade Compliance

Identify and study the international trade laws and regulations that apply to the specific countries where the business operates. This includes understanding tariffs, export and import controls, and any trade agreements that might be in place.

Establish a dedicated international trade compliance team. This team should include legal experts, customs specialists, and other professionals well-versed in trade regulations and international business practices.

Conduct a comprehensive risk assessment for international trade activities. Determine potential legal and financial exposures, and develop a risk management plan to mitigate these risks.

Develop internal policies and procedures to guide the company’s international trade activities. Ensure that these policies comply with the laws and regulations of each country involved in the business's trade routes.

Implement a regular training program for all relevant employees. This training should cover the company’s trade compliance policies and procedures, as well as any updates to international trade laws and regulations.

Maintain accurate and detailed records of all international trade transactions. Documentation should include contracts, licenses, shipping documents, and customs declarations, among other necessary paperwork.

Regularly monitor and review the company’s international trade activities to ensure ongoing compliance. Update the compliance program as necessary to adapt to changes in international trade laws and business operations.

Conduct periodic internal and external audits of the company’s trade compliance program. Identify any areas of non-compliance and take corrective action immediately.

Consider retaining external legal counsel that specializes in international trade to provide ongoing support and to assist in interpreting complex trade laws.

Leverage resources offered by government agencies and international organizations to stay informed about changes in trade laws and regulations.