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"The world’s largest business organization, the International Chamber of Commerce has welcomed Brazil’s ratification of the World Trade Organization’s Trade Facilitation Agreement (TFA)—an agreement which was forged under the leadership of the Brazilian head of the WTO Roberto Azevedo," stated an article by the ICC.
Brazil will become the 72nd country to affirm this landmark agreement, which will speed global commerce by cutting red-tape at borders-and third country in South America after Guyana and Paraguay.
A study by the Getulio Vargas Foundation for CNI offers that Brazilian GDP could increase by US $24 billion with the addition of trade facilitation measures. "Globally the WTO estimates that the TFA will reduce trade costs by more than 14% globally-creating an estimated 20 million jobs globally," stated the article.
"The ratification of the Trade Facilitation Agreement and the recently launched National Export Plan send a strong signal of Brazil's commitment to put international trade at the heart of its economic recovery," said Daniel Feffer, Chair of ICC Brazil.
Applauding this breakthrough development for trade facilitation, ICC Secretary General John Danilovich said: "Implementing the TFA gives Brazil, once one of the world's fastest growing emerging market, an opportunity to reboot its economy by creating significant export diversification gains and reducing trade costs."
"The Agreement will enter into force global when two-thirds of the WTO's [110] members ratify the deal," the article stated.
This November, we are honored to feature Tracey Suggs, Import Specialist at JAS Forwarding USA Inc., for his tireless advocacy for individuals with Down Syndrome. While October marks Down Syndrome Awareness Month, Tracey and his family advocate every day for the empowerment and inclusion of individuals who face intellectual and developmental challenges. Inspired by his daughter, Treana, who has Down Syndrome, Tracey is driven to ensure that every individual can live their fullest life. Treana's zest for life and inspiring spirit is a testament to the impact of love, perseverance, and understanding that Tracey strives to bring to his work and community. Tracey’s unwavering commitment to making a difference embodies our values at JAS, reminding us all of the importance of inclusivity and advocacy in both our professional and personal lives.
Tracey has been with JAS for 3 years and has been in the industry for over 20 years. Tracey has a passion for sports, fitness, art, community advocacy (special needs/disadvantaged youth), and spending time with family.
JAS Forwarding VP Compliance, Laurie Arnold joined forces with JAS Forwarding Global Development Director Jennifer Koon, and Regional Sales Director Lindsay Gambee to attend the International Compliance Professionals Association (ICPA) Fall Conference (Western Cowboy Theme) in Grapevine, Texas from October 20-23.
They were able to meet with numerous members of the trade community and discuss current events and network.
On November 1, 2024, BIS imposed a civil penalty of $500,000 against a semiconductor wafer manufacturing company. The U.S. subsidiary shipped approximately $17.1 million of semiconductor wafers company listed on the BIS Entity List, without the required licese/authorization.
The company voluntarily disclosed the conduct and cooperated which resulted in significant reduction in the penalty.
To read more, check out the final order below.
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