Welcome to Trade Terms Tuesday! Each Tuesday, we will share three trade-related terms. In order to reach out to our diverse readership, we will try to provide one for exports, one for imports and one for logistics/transportation. This week, we continue with the I’s.
In Bond
The In-Bond System, a part of CBP’s Automated Commercial. Merchandise that is in the custody of Customs and Border Protection (CBP) is considered to be "in bond." To transport goods under CBP custody, the carrier’s surety bond is obligated for safe delivery of the merchandise and for holding the merchandise until it is released from CBP custody by either consumption entry or exportation. If the carrier fails to fulfill its obligation to transport and retain merchandise until it is properly entered into the customs territory or exported, CBP will issue a penalty for payment of damages.
International Trade Data System
The International Trade Data System (ITDS) is a government project that works with participating government agencies (PGA) and Customs and Border Protection (CBP) for the development of the Automated Commercial Environment (ACE). Prior to ITDS and ACE, the trade community was required to submit documentation required by the various government agencies to each individual agency using a variety of different automated systems, various paper forms, or a combination of both. With ITDS and ACE, the trade community will submit standard electronic data for imports or exports only once to ACE. Then, the data will be distributed to the federal agencies that have an interest in the transaction. ACE serves as a government data collection and distribution facility, a "single electronic gateway" through which information required for processing import and export transactions can flow efficiently from the trade to agencies. This single transmission to the common database eliminates the redundancy of the over 500 forms required by the various government agencies. ACE is the system and ITDS is the process that leads to the system. The implementation of ITDS will be extremely beneficial for uniting all the government agencies and streamlining the import process. ITDS will facilitate pre-arrival, arrival, revenue accounting, and collection along with the capabilities to track licenses and permits, monitor trade transactions, query and report, and provide a single storage area for centralized data management.
International Traffic in Arms Regulations
The ITAR is administered by the Department of State to control the export of articles, services and technical data that are designed, developed or modified for military use. The ITAR is covered by 22 CFR §§ 120-130.
In Bond
The In-Bond System, a part of CBP’s Automated Commercial. Merchandise that is in the custody of Customs and Border Protection (CBP) is considered to be "in bond." To transport goods under CBP custody, the carrier’s surety bond is obligated for safe delivery of the merchandise and for holding the merchandise until it is released from CBP custody by either consumption entry or exportation. If the carrier fails to fulfill its obligation to transport and retain merchandise until it is properly entered into the customs territory or exported, CBP will issue a penalty for payment of damages.
International Trade Data System
The International Trade Data System (ITDS) is a government project that works with participating government agencies (PGA) and Customs and Border Protection (CBP) for the development of the Automated Commercial Environment (ACE). Prior to ITDS and ACE, the trade community was required to submit documentation required by the various government agencies to each individual agency using a variety of different automated systems, various paper forms, or a combination of both. With ITDS and ACE, the trade community will submit standard electronic data for imports or exports only once to ACE. Then, the data will be distributed to the federal agencies that have an interest in the transaction. ACE serves as a government data collection and distribution facility, a "single electronic gateway" through which information required for processing import and export transactions can flow efficiently from the trade to agencies. This single transmission to the common database eliminates the redundancy of the over 500 forms required by the various government agencies. ACE is the system and ITDS is the process that leads to the system. The implementation of ITDS will be extremely beneficial for uniting all the government agencies and streamlining the import process. ITDS will facilitate pre-arrival, arrival, revenue accounting, and collection along with the capabilities to track licenses and permits, monitor trade transactions, query and report, and provide a single storage area for centralized data management.
International Traffic in Arms Regulations
The ITAR is administered by the Department of State to control the export of articles, services and technical data that are designed, developed or modified for military use. The ITAR is covered by 22 CFR §§ 120-130.
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