Did you know that since it was entered into force in 1994, the North American Free Trade Agreement (NAFTA), has helped trade between Mexico and the United States grow more than 400%? This was mentioned by Jeff Hamilton, Commercial Officer with the U.S. Embassy in Mexico, during a meeting with the members of the Association of Basque entrepreneurs in Mexico. Hamilton noted that 50% of imports from Mexico come from the United States, a country that in return receives 80% of Mexican exports. He also mentioned that NAFTA is the world’s largest free trade area with 455 million people.
No one can deny that NAFTA is important for trade between the US, Mexico and Canada. However, many companies are not taking advantage of all the savings opportunities available. In order to receive the benefits, companies must comply with certain Customs requirements and regulations. In case of non-compliance, companies may be sanctioned and/or have their NAFTA privileges suspended. How can your company take maximum advantage of NAFTA without falling into non-compliance?
Integration Point, along with Mr. Gabriel Arriaga of Arriaga y Abogados, is hosting a 90 minute educational, free webcast (IN SPANISH) on Thursday, December 13th at 10:30 a.m. CST to provide companies with a better understanding of NAFTA and the origin verification procedures needed for compliance.
Mr. Arriaga, will address the following topics during the webcast:
- What types of Origin Verification procedures exist for NAFTA
- What are the different ways to notify your suppliers of the verification processes – Messaging vs. Legal representative
- Which documentation is required by Customs administrations
- What are the consequences for non-compliance
- How are fines to the importer determined when there is a breach by the producer/exporter
- What is the difference between the various defense methods like Revocation Resource, and Annulment Procedures
Register now to learn more about NAFTA benefits and how to prevent fiscal risk.