Thursday, February 20, 2014
President Obama to Sign Executive Order to Streamline Export/Import Process
This Executive Order mandates the completion of the International Trade Data System (ITDS) by December 2016. According to a White House Fact Sheet, the ITDS creates capabilities that will allow businesses to transmit, through an electronic “single-window,” the data required by the U.S. Government to import and export cargo. This will eliminate the need for businesses to submit information to multiple government agencies through different channels, often paper forms, and will dramatically reduce the time and expense for businesses to move goods across our borders. The Fact Sheet goes on to say that this Executive Order is especially important to small and medium businesses that depend on global trade. While the development of ITDS has been underway for some time, the order establishes a deadline for completion.