The Atlantic Declaration: Strengthening Trade and Economic Partnership Between the US and UK

In a significant move to bolster economic ties and address pressing global challenges, the United States and the United Kingdom have announced the Atlantic Declaration. This collaborative effort, hailed as the “first of its kind,” focuses on fostering cooperation in various sectors, including clean energy, critical minerals, and artificial intelligence. With a shared commitment to economic growth, supply chain resilience, job creation, and technological advancement, the two nations aim to adapt and reimagine their alliance.

 

Pillar 1: Ensuring U.S.-UK Leadership in Critical and Emerging Technologies

Recognizing the importance of critical and emerging technologies, such as semiconductors, quantum technologies, and artificial intelligence, the US and UK are committed to leading in these sectors. The partnership will involve joint research and development efforts, public-private dialogue, mobilization of private capital, and talent flows. By collaborating on these technologies, both countries can drive innovation, economic growth, and job creation while safeguarding their national security interests.

 

Pillar 2: Advancing Ever Closer Cooperation on Technology Protection and Supply Chains

To address evolving national security risks and protect sensitive technologies, the US and UK will align and update their regulatory frameworks. This includes export controls, investment screening, sanctions, and research and development security. By coordinating their efforts, both nations aim to prevent the leakage of emerging technologies and enhance information sharing on threat intelligence. The focus on technology protection and resilient supply chains will strengthen trade relations and ensure economic security.

 

Pillar 3: Partnering on an Inclusive and Responsible Digital Transformation

As digital transformation becomes increasingly vital for economic growth, the US and UK are committed to working together on an inclusive and responsible approach. By fostering collaboration in areas such as 5G and 6G telecommunications, synthetic biology, and AI safety, both countries can drive innovation while addressing societal concerns and ethical considerations. This partnership will promote a thriving digital economy and provide opportunities for businesses and workers on both sides of the Atlantic.

Pillar 4: Building the Clean Energy Economy of the Future

Recognizing the need to transition to clean energy, the US and UK will collaborate on clean energy technologies, infrastructure development, and reducing reliance on Russian fuel in the civil nuclear sector. By investing in clean energy industries and strengthening supply chains, both nations can drive sustainable economic growth, mitigate climate change, and create new employment opportunities in the energy sector.

 

Pillar 5: Strengthening Alliance Across Defense, Health Security, and Space

The Atlantic Declaration also emphasizes the importance of deepening the alliance between the US and UK across defense, health security, and space. By leveraging their expertise and resources, both nations can enhance global security, respond to emerging health threats, and collaborate on space exploration and research. This multifaceted cooperation further strengthens the economic partnership by fostering cross-sector collaboration and knowledge sharing.

 

The Atlantic Declaration marks a significant milestone in the economic partnership between the United States and the United Kingdom. By focusing on critical and emerging technologies, technology protection, digital transformation, clean energy, and defense cooperation, both nations seek to drive economic growth, job creation, and shared prosperity. This collaborative effort sets the stage for future advancements in trade, innovation, and sustainable development. 

 

Ready to experience the future of logistics excellence? Reach out to Future Forwarding today and let us be your trusted partner in achieving seamless supply chain operations. Whether you need full-service logistics support or assistance in specific areas, we have the expertise and dedication to meet your needs.

Understanding SLI, EEI, and AES: Key Export Documents and Their Significance

The Shipper’s Letter of Instruction (SLI) is a document issued by an exporter to their agents or freight forwarders that contains details about the shipping terms, including instructions on how to handle, store, load, and unload the shipment without causing damage to the products. It also allows the transport company to issue an air waybill or Bill of Lading (BOL) on behalf of the exporter. In addition, the SLI facilitates export control and reporting by enabling the agent to file Electronic Export Information (EEI) and send it to the Automated Export System (AES).

It is the responsibility of the exporter or shipper to complete the Shipper’s Letter of Instruction with all relevant information and detailed instructions on how to process the order. This letter serves as a guide for the freight forwarder/agent to process the order according to the agreed-upon terms and conditions of the shipping term, which ensures the smooth movement of goods.

While the Shipper’s Letter of Instruction is not a legally binding requirement, it is necessary for all export shipments as it formalizes how and where to handle the export shipment. Additionally, it authorizes the forwarder to act as an authorized forwarding agent for export control and customs-related processes. The need for an SLI may vary by country and depend on country-specific rules and foreign trade regulations. Exporters must complete this document before sending out the goods.

Completing a Shipper’s Letter of Instruction is considered one of the most secure methods for sharing shipping information with freight forwarders, minimizing the chances of miscommunication between the exporter and agent. It helps ensure an efficient export process.

 

Next, what is an EEI?

Per Trade.gov: The Electronic Export Information (EEI) is a necessary document when exporting a commodity with a value over $2,500 or when an export license is required for the commodity. The exporter is responsible for preparing the EEI and the carrier will submit it to the U.S. Customs and Border Protection (CBP) through the Automated Commercial Environment (ACE), specifically AES Direct.

To prepare for exporting, the exporter should obtain the Schedule B number for their commodity, which must be included in the AES. The Census Bureau can provide this number at 1-800-549-0595, Option 2.

If the exporter is sending baggage or containers containing personal or household goods worth over $2,500 to a foreign destination, excluding Canada, they must file the EEI and provide the International Transaction Number (ITN) to the carrier according to the required timeline.

If the U.S. Principal Party in Interest (USPPI) is using the U.S. Postal Service to send goods, they must file the EEI only if the shipment is valued over $2,500 per Schedule B or requires an export license. In this case, the exporter should provide the ITN or exemption citation to the post office.

However, some instances do not require the EEI, such as shipments with an ultimate destination of Canada, shipments to U.S. possessions, or if the shipment contains rough or uncut diamonds. But if the shipment is bound for the U.S. Virgin Islands or Puerto Rico, the EEI must be filed. Additional exemptions can be found in the FTR Sections 30.36-30.40.

 

We learned above that AES stands for Automated Export System. This is the system where U.S. exporters electronically declare their international exports, to the Census Bureau to help compile U.S. export and trade statistics, as well as for trade enforcement. 

If you don’t file the above information, or file false information, that can lead to hefty fines, up to $10,000 and/or jail time. Check out CBP’s Quick Reference Guide for more information.

 

While you should be informed, your best bet to make sure it’s right is having an experienced logistics partner like Future Forwarding on your side. Reach out to us today to see how we can take the freight off your shoulders. 

Records Management and Requirements

Recordkeeping plays a vital role in any business, but especially when it comes to imports and exports. Records management is key not only to determine revenue, stay in legal compliance, and keep your goods moving, but because this information helps determine trade policy and how we gauge the success of trade agreements, programs, and the impact these things have on our economy and our citizens. 

 

For these purposes, CBP defines records as:

 

  • any importation, declaration or entry;
  • the transportation or storage of merchandise carried or held under bond into
    or from the customs territory of the United States;
  • the filing of a drawback claim;
  • the collection and payment of fees and taxes to CBP; and
  • any other activity required to be undertaken pursuant to laws or regulations administered by CBP.

 

The term “records” includes any information required for the entry of merchandise and other information pertaining to, or from which is derived, any information element set forth in a collection of information required by the Tariff Act of 1930, as amended, in connection with an activity described above. The term includes, but is not limited to:

 

  • statements, declarations, documents;
  • electronically generated or machine readable data;
  • electronically stored or transmitted information or data;
  • books, papers, correspondence;
  • accounts, financial accounting data;
  • technical data; and
  • computer programs necessary to retrieve information in a usable form

 

That’s a lot of information. Who is required to keep these records? CBP says:

 

  • an owner, importer, consignee, importer of record, entry filer or other person who:
  • imports merchandise into the customs territory of the United States;
  • files a drawback claim;
  • transports or stores merchandise carried or held under bond; or
  • knowingly cause the importation or transportation or storage of merchandise
    carried or held under bond into or from the customs territory of the United
    States;
  • an agent of any person described above; or
  • a person whose activities require the filing of a declaration or entry, or both.

 

How long must records be kept? CBP says:

 

Five years from the date of entry (which includes a reconciliation), if the record relates to an entry, or five years from the date of the activity which required creation of the record. 

There are some exceptions to this general rule, however:

  • records relating to drawback claim must be retained until the third anniversary of the date of payment of the claim;
  • packing lists must be retained for a period of sixty calendar days from the end of the release or conditional release period, whichever is later, or, if demand for return to CBP custody (“redelivery”) has been issued, for a period of sixty calendar days either from the date the goods are redelivered or from the date specified in the demand as the latest redelivery date if redelivery has not taken place;
  • a consignee who is not the owner or purchaser and who appoints a customs broker shall keep records pertaining to merchandise covered by an informal entry for 2 years from the date of the informal entry;
  • records pertaining to articles that are admitted free of duty and tax pursuant to 19 U.S.C. §1321(a)(2) and 19 CFR 10.151-10.153 and carriers’ records pertaining to manifested cargo that is exempt from entry under the provisions of 19 CFR shall be kept for 2 years from the date of entry or other activity which required creation of the record; or
  • if another provision of the CBP Regulations sets forth a different retention period for a specific type of record, the other provision controls. For example:
  • 10.137 sets forth a retention period of three years from liquidation for records of use or disposition for certain goods whose rate of duty is dependent upon actual use; and
  • 181.12 requires that all supporting records relating to NAFTA Certificates of Origin for exports be maintained for five years from the date the certificate was signed.

 

You can check out CBP’s complete guide to recordkeeping requirements here.

Or you can contact your Future Forwarding representative. Put your cargo needs, including questions on recordkeeping and developing a records management system in our experienced hands and our knowledgeable, expert team will make sure you have the resources to keep your cargo moving and compliant.  

 

SE Ports Planning for Growth

The growth in SE ports is expected to continue into 2023 and beyond, as more companies look for alternatives to the West Coast for their shipping needs. According to the Journal of Commerce, the Port of Savannah handled a record-breaking cargo volume—nearly 4 million TEUs. To meet this demand, both the port and Georgia Ports Authority (GPA) are looking at ways to upgrade their infrastructure and improve operations.

In addition to Savannah’s impressive gains, other ports have also seen significant growth recently. The Port of Virginia has experienced double-digit increases year-over-year since 2019. Container volumes there increased by 22%. Similarly, in South Carolina’s Port of Charleston container volumes increased by 11%, and the Port of Jacksonville is expecting to see a 15-20% increase in cargo volume

The growth in southeast ports is being driven primarily by companies looking for an alternative to the West Coast, as well as those who want to gain access to new markets on the East Coast. In particular, Savannah is drawing attention from Southeast Asia exporters, who are increasingly using it as a gateway into the US because of its proximity to intermodal connections and its ability to quickly turn around vessels. Additionally, companies have been attracted by GPA’s commitment to environmental stewardship and responsible logistics practices.

These ports are actively courting shippers by updating infrastructure, adding employees, investing in new equipment and technologies and expanding with the future in mind. It remains to be seen whether this growth will continue now that the e-Commerce boom has slowed as consumer spending is lagging. 

No matter what challenges are on the horizon, you’re in experienced hands with Future Forwarding. We’ll get your cargo where it needs to go and help you keep your service promises. Reach out to us today to see how we can help elevate your cargo strategy. 

 

What is Dutiable?

It is incumbent on everyone engaged in trade to know policy and regulations. A lack of knowledge doesn’t mitigate liability. So what do you need to know about what’s dutiable and what’s not? What are your responsibilities when it comes to Customs values and the information you must provide?

 

There are several ways to determine import value but the most common is Transaction Value.  

 

What is Transaction Value? The transaction value of imported merchandise is the price actually paid or payable for the merchandise when sold for exportation to the United States, plus amounts equal to: 

 

  1. The packing costs incurred by the buyer. 
  2. Any selling commission incurred by the buyer. 
  3. The value, apportioned as appropriate, of any assist. 
  4. Any royalty or license fee that the buyer is required to pay, directly or indirectly, as a condition of the sale.
  5. The proceeds of any subsequent resale, disposal, or use of the imported merchandise that accrue, directly or indirectly, to the seller.

 

These amounts (items A through E) are added only to the extent that each is not included in the price, and is based on information accurately establishing the amount. If sufficient information is not available, then the Transaction Value cannot be determined and the next basis of appraisement, in order of precedence, must be considered

 

What is the Price Actually Paid or Payable? The price actually paid or payable for the imported merchandise is the total payment, excluding international freight, insurance, and other C.I.F. charges that the buyer makes to the seller. This payment may be direct or indirect. Some examples of an indirect payment are when the buyer settles all or part of a debt owed by the seller, or when the seller to settle a debt he owes the buyer reduces the price on a current importation. Such indirect payments are part of the Transaction Value.

 

Are any amounts excluded from Transaction Value? Yes. The amounts to be excluded from Transaction Value are:  

 

1.) The cost, charges, or expenses incurred for transportation, insurance, and related services incident to the international shipment of the goods from the country of exportation to the place of importation in the United States. 

 

2.)  If identified separately, any reasonable cost or charge incurred for: constructing, erecting, assembling, maintaining, or providing technical assistance with respect to the goods after importation into the United States, or transporting the goods after importation. 

 

3.) The customs duties and other federal taxes, including any federal excise tax for which sellers in the United States are ordinarily liable.

 

Duty amounts can be reduced when shipping under DDP/DAP/CIF terms provided the excludable items mentioned above are documented on the commercial invoice or other written methods that can be made available for review by US Customs and Border Protection (CBP).

 

For those unfamiliar, DDP means delivery duty paid, and puts the maximum onus on the seller as far as responsibility for the goods. The seller is responsible for everything from origin to destination, and the buyer is only responsible for receiving and unloading. DAP means delivered-at-place and the seller has agreed to be responsible for all costs associated with transportation, including loss associated with moving the cargo. CIF is a term that encompasses cost, insurance and freight while cargo is being transported. 

 

You should review CBP’s helpful guide on Customs Value here.

 

If you have any questions about your responsibilities or the information you must provide, reach out to your Future Forwarding representative today, our expert professionals are happy to help. 

Great Customer Experience Starts With the Right Tools

A great customer experience starts with a specifically curated list of assets, the most important of those being great people. Then providing those people with the tools, education, and context they need to use them to best serve the customer. 

 

For example, the brokerage, forwarding, and quotes teams at Future Forwarding all are focusing on CCS completion. The Certified Customs Specialist (CCS) Certification Program is designed to assist trade professionals involved in the import industry to become experts in the current import regulations. The MCS (Master Customs Specialist) designation is the next level certification of knowledge of advanced compliance topics, and is awarded only to a select group of knowledgeable individuals nationwide. Both are recognized by industry professional colleagues and accredited by the National Customs Broker and Freight Forwarders Association (NCBFAA) National Education Institute (NEI). Once passing the CCS exam, each individual is required to complete over twenty CEU hours annually to maintain the designation. 

 

This gives our teams an advantage. This extra level of job knowledge achieved by cross-training other departments improves our quoting and shipping reliability. The team knows to ask questions about specific commodities subject to high duty or release by partner government agencies in the quotes and shipping process. Not only does that strengthen our stance on compliance and continued education, but it makes us more efficient and ensures that you’re getting optimized service every step of the way. 

 

With an ever-changing industry, it’s important to stay up to date on regulatory requirements and market conditions, and have a trusted logistics partner who will keep you informed, compliant, and your cargo moving. 

Meet a few of the team members who make that happen. Cody Chatman, Brokerage (CCS), McKenzie Bonner, Forwarding Dept (CCS), Veronica Windisch, Quotes Team (CCS), Jeremiah Hill, Forwarding Dept (CCS), Kristhian Vejarano, Brokerage Supervisor (MCS). And not pictured is Heather Stalvey, Quotes Team (CCS). Put yourself in their capable hands and let them guide your success. 

 

More Blank Sailings on the Horizon

The outlook for container shipping post-Lunar New Year is looking increasingly bleak, as more lines are caving to the mounting pressure and announcing an increasing number of blank sailings.

 

The industry was already feeling the strain prior to Lunar New Year, with container imports into North America and Europe slowing from their peak. This slowdown has been exacerbated by the current situation, with factories in China being closed and demand for transportation of goods stalling.

 

The result of this is that container lines are having to take increasing numbers of blank sailings as they grapple to balance capacity and demand. This is a costly move for the lines, but essential in order to prevent any oversupply that would further drive down rates.This is likely to have an effect on the rest of the industry, with traders and shippers facing higher transport costs and longer transit times.

 

It is likely that the current situation will continue for some time and, as such, container lines may be forced to adopt further contingency measures. This could mean more blank sailings, which will further reduce container imports and add to the current industry woes.

 

In the short term, the container shipping market will remain volatile and unpredictable. In the meantime, shippers must remain alert to the possibility of yet more blank sailings, and plan their container imports accordingly. In doing so, they can minimize disruption to their business and ensure smooth operations, even in the face of an increasingly challenging industry.

 

With disruption and delay on the horizon, you need a trusted partner familiar with navigating these waters. At Future Forwarding, our years of experience and expertise can help you plan around these snarls and keep your cargo moving. Reach out today to see how your future could look with Future Forwarding. 

 

New Service Announcement: Exporting Excellence

Export volumes are now approaching pre-pandemic levels so Future Forwarding is excited to announce we have partnered with OOCL for a WEEKLY consolidation box to the UK. Our consolidation box loads every Thursday at our Atlanta warehouse and arrives at Southampton port twenty-three days later, essentially offering thirty days service door-to-door from most of the US to most destinations in England. Our UK consolidations are what Future Forwarding was founded upon and what we do best, so we are happy to promote this service again with full confidence.   

 

Manny Oviedo recently joined our team as Export Manager and we’ve brought on three more new export team members to accommodate our clients, not only our sea freight consolidation but also with bi-weekly air freight consolidations to Manchester airport. Manny has previous airline experience so he is very knowledgeable about air export regulations and service offerings. Future Forwarding is now able to offer lower air freight rates than ever before to our clients, as well as more flight options, thanks to Manny’s airline connections.  

 

Additional new team members are Jack Lloyd, Air Export Specialist; Tracey Parker, Ocean Export Specialist, and Michael Rowe, Ocean Pricing Coordinator. These four new staff members bring with them over fifty years of experience to the export team, in addition to Pat, Pam, Marisa, and Shannon who you have been working with over the last few months. It’s very exciting to have a fresh new focus on exports and we are really looking forward to overseeing our new “dream team” exponentially growing our export department. We are anticipating around 300% volume and revenue growth for this department this year, and I know our clients are really going to enjoy working with our new team to make that happen. This team’s expertise and knowledge is what is going to drive our success!

 

Get in touch with us today to see what our Export Team can do for you. 

The Future of Carbon Neutral Shipping

As the world’s carbon emissions continue to increase, businesses are making efforts to reduce their carbon footprint. One way they can do this is by opting for carbon-neutral shipping. Despite its potential environmental benefits, many businesses are still hesitant to make the switch due to added costs and complexities involved in carbon-neutral shipping.

 

Recent research conducted by Boston Consulting Group (BCG) has shown that customers are willing to pay more for carbon-neutral shipping options. In fact, 71% of respondents said they would be willing to pay a premium for these services. On average, respondents were willing to pay up to eight percent more. Although carbon-neutral shipping can be more costly than traditional shipping methods, it can also help businesses save money in the long run. By offsetting carbon emissions, businesses can avoid costly carbon taxes.

 

The carbon-neutral shipping concept works by offsetting carbon emissions generated by the transportation of goods and products. This is achieved through investment in carbon reduction projects such as planting trees, investing in renewable energy, or carbon capture and storage technologies. The cost of carbon offsets varies depending on the type of project being invested in, but can be an attractive option for businesses looking to reduce their carbon footprint.

 

In addition to the carbon offset costs, carbon-neutral shipping also involves additional costs such as special packaging or extra fees for carbon neutral transportation. However, the BCG study shows that customers are willing to pay, which means businesses can make carbon-neutral shipping economically viable by charging a premium for such services – and that businesses may be rewarded with increased customer loyalty and brand recognition as a result.

 

Future Forwarding is always looking to the future, both for innovation and how to best support our employees and clients. Here, we step boldly into the future with tradition as a solid home base and innovation driving us forward. Our industry is ever-evolving and you need a trusted partner that can guide you through the trends. Reach out to us today to see what a brighter future looks like with Future Forwarding on your side.

Changing Trade Volume at the Port of Savannah

While October was the Port of Savannah’s second busiest month on record, moving 552,800 TEUs, in November that number fell to 464,883 TEUs, 30,866 less than November 2021. Yet, even with that decline, the Georgia Ports Authority (GPA) is reporting that their rate of growth has skyrocketed from an annual rate of 5% to a whopping 28%. 

Georgia Ports Authority Executive Director Griff Lynch recently said, “Container trade at U.S. ports is returning to a more sustainable growth pattern, which is a positive development for the logistics industry, along with the addition of more than 1 million TEUs of annual capacity, a slight reduction in demand will mean faster vessel service as we work to bring a new big ship berth online at Garden City Terminal in July.”

The slowdown can be attributed to inflation, changes in consumer spending, as well as weather issues from Tropical Storm Nicole keeping big ships from the Savannah River Channel. 

However, this lull wasn’t unexpected, according to GPA Chairman Joel Wooten. He said, “While we are planning for a moderation in the container trade, we expect volumes to remain strong, though shy of the historic highs of the past year. Announcements from automakers and other manufacturers coming to Georgia, as well as an array of their suppliers, will mean healthy increases in trade over the long term.”

 

Experts predict that volumes in 2023 will not be as robust, but still “healthy”. 

 

The decline in volume has also allowed the port to process more vessels and the GPA says they expect to clear their entire backlog of ships by January. 

 

As a full-service logistics provider, you can trust that Future Forwarding has its eye on the ebb and flow of supply chain dynamics and our trusted team of experts is always analyzing how to best make it work for you. Get in touch with us today to discuss how we can help you achieve your goals, whether it be e-Commerce warehousing and fulfillment, freight forwarding, Customs brokerage, compliance, or domestic transportation, we’ll keep you moving. 

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