Chicago Director of Trade Security and Supply Chain Services Karen Lobdell authored an article for the World Commerce Review outlining important trade compliance considerations for companies in 2010. In terms of trade security, U.S. importers and carriers of vessel cargo are now required to comply with the Importer Security Filing (ISF) Rule, by providing additional data elements 24 hours prior to cargo being laden on board at foreign origin, to facilitate more thorough risk assessments of US bound cargo. For cargo travelling by passenger aircraft, the Implementing Recommendations of the 9/11 Commission Act of 2007 require that by August 1, 2010, all cargo must be screened before it is uplifted onto a passenger plane. Product safety compliance deadlines must also be contended with, including those imposed by the Consumer Product Safety Improvement Act (CPSIA). The CPSIA also increases the potential civil penalty caps for violations from $5,000 to $100,000 per individual violation, and from $1.25 million to $15 million for aggregate violations. Karen also emphasizes a renewed interest by the government on export control by substantially increasing action against organizations and individuals responsible for breaches of the export regulations in recent years. Although companies must continue to seek ways to reduce costs in 2010, ensure compliance with this myriad of rules and regulations will likely prove more cost effective in the long run.
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