{"id":1002,"date":"2020-08-11T03:14:44","date_gmt":"2020-08-11T03:14:44","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.au\/business\/?p=1002"},"modified":"2023-05-15T14:20:44","modified_gmt":"2023-05-15T04:20:44","slug":"and-the-winner-is-making-trade-related-information-work-for-your-business","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/and-the-winner-is-making-trade-related-information-work-for-your-business","title":{"rendered":"And the winner is \u2026 making trade information work for your business"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">In a&nbsp;recent <a rel=\"noreferrer noopener\" href=\"https:\/\/www.tfafacility.org\/sites\/default\/files\/tfa_covid-19_survey_results.pdf\" target=\"_blank\">global survey<\/a>&nbsp;on&nbsp;COVID-19\u2019s&nbsp;impact on&nbsp;trade&nbsp;to identify&nbsp;the challenges&nbsp;currently facing&nbsp;the government and private sectors&nbsp;in moving goods,&nbsp;the results&nbsp;signalled a&nbsp;gulf&nbsp;between access to trade-related information and&nbsp;the&nbsp;implementation&nbsp;of that information.&nbsp;<\/h4>\n\n\n\n<p>The&nbsp;survey,&nbsp;conducted by&nbsp;the WTO Trade Facilitation Agreement&nbsp;Facility,*&nbsp;canvassed&nbsp;which&nbsp;trade-related processes have become more&nbsp;\u2013&nbsp;or&nbsp;less&nbsp;\u2013&nbsp;cumbersome&nbsp;or time-consuming&nbsp;in the context of the efforts to contain&nbsp;the pandemic.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Overwhelmingly\u00a0\u201cAccess\u00a0to trade-related information\u201d\u00a0trumped\u00a0as being less cumbersome compared\u00a0with\u00a0all the alternatives\u00a0in this current climate:\u00a0import-export documentary requirements, controls and\u00a0inspection;\u00a0release and clearance of goods;\u00a0border agency coordination and cooperation;\u00a0and freedom of transit.\u00a0Correspondingly,\u00a0it\u00a0tanked as\u00a0being\u00a0the\u00a0most cumbersome.\u00a0<\/p>\n\n\n\n<p><strong>Value of information i<\/strong><strong>n<\/strong><strong>&nbsp;its imple<\/strong><strong>men<\/strong><strong>tation<\/strong>&nbsp;<\/p>\n\n\n\n<p>What was most&nbsp;telling&nbsp;is that&nbsp;despite these&nbsp;findings, access to trade-related&nbsp;information&nbsp;again trumped the others, in response to the final question,&nbsp;probing which of the options would&nbsp;have&nbsp;the most impact if&nbsp;<em>implemente<\/em>d&nbsp;in this&nbsp;COVID-19&nbsp;climate.&nbsp;<\/p>\n\n\n\n<p>So,&nbsp;this survey&nbsp;reveals&nbsp;that&nbsp;across all sectors&nbsp;there\u2019s plenty of trade-related information out there, no problem about that,&nbsp;access is easy,&nbsp;but it\u2019s&nbsp;accessing the&nbsp;<strong>right&nbsp;<\/strong>information,&nbsp;distilling&nbsp;it&nbsp;and&nbsp;making it work &nbsp;for&nbsp;your business that\u2019s hard.&nbsp;That\u2019s the challenge.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><em>\u201cConsuming trade-related information, having more of it available and presenting it&nbsp;in such a way that&nbsp;it can be retrieved and analysed quickly&nbsp;seems to be hailed as having an even more positive impact,\u201d explains Zoe Martinez, Senior Principal Consultant at Thomson Reuters.&nbsp;<\/em><\/p><\/blockquote>\n\n\n\n<p>Focusing on ONESOURCE Global Trade\u2019s Analyser,&nbsp;Martinez&nbsp;at Thomson Reuters&nbsp;says&nbsp;of the unique tool,&nbsp;&nbsp;that&nbsp;\u201cits content is almost like a library, it\u2019s a one-stop shop for&nbsp;the regulatory information you need when you import and export from a country\u201d.&nbsp;&nbsp;<\/p>\n\n\n\n<p>But she&nbsp;warns, \u201cbecause there\u2019s so much information&nbsp;generally&nbsp;available, sometimes&nbsp;what&nbsp;you need to&nbsp;do is&nbsp;look at different scenarios. For example,&nbsp;if you\u2019re&nbsp;bringing a&nbsp;product in from China, what do&nbsp;you&nbsp;need to care about?&nbsp;And how&nbsp;is&nbsp;that different if&nbsp;you\u2019re&nbsp;bringing that product in from Malaysia, or France?\u201d.&nbsp;<\/p>\n\n\n\n<p>Being able to\u00a0look at multiple\u00a0import\/export options at once\u00a0is paramount when supply chains and markets are changing daily.\u00a0Martinez\u00a0explains\u00a0the\u00a0essential function of\u00a0this tool.\u00a0\u00a0<\/p>\n\n\n\n<p><strong>Intelligent&nbsp;<\/strong><strong>index&nbsp;<\/strong><strong>of<\/strong><strong>&nbsp;<\/strong><strong>content database<\/strong>&nbsp;<\/p>\n\n\n\n<p>&nbsp;\u201cThink of it&nbsp;as&nbsp;a more intelligent index or the cliff&nbsp;notes that&nbsp;sit on top of that index. You put in some variables&nbsp;and the&nbsp;Analyser knows to&nbsp;find the&nbsp;relevant information&nbsp;from the content database and consolidates&nbsp;all the data&nbsp;for&nbsp;you&nbsp;into a PDF&nbsp;or Excel&nbsp;document.&nbsp;<\/p>\n\n\n\n<p><em>\u201c<\/em><em>It has the embedded links to take you to&nbsp;<\/em><em>the&nbsp;<\/em><em>detailed&nbsp;<\/em><em>areas that you may need to investigate<\/em><em>, and documents you&nbsp;<\/em><em>may&nbsp;<\/em><em>need to complete<\/em><em>.<\/em><em>&nbsp;It just packages everything for you<\/em><em>&nbsp;very quickly,&nbsp;<\/em><em>comparing all those different trade lanes<\/em><em>&nbsp;at the same time, and<\/em><em>&nbsp;provides your report in about 10 seconds.<\/em><em>\u201d<\/em>&nbsp;<\/p>\n\n\n\n<p>The Analyser&nbsp;will&nbsp;neatly&nbsp;give you&nbsp;the projected&nbsp;total payment of&nbsp;duties and taxes, and&nbsp;it&nbsp;will also&nbsp;give&nbsp;you&nbsp;insight into your potential risk,&nbsp;controls that may need to apply,&nbsp;&nbsp;and&nbsp;it will&nbsp;let you know&nbsp;the country\u2019s ranking and&nbsp;how easy it is to do business&nbsp;with&nbsp;that country.&nbsp;<\/p>\n\n\n\n<p><strong>Consolidation of analytical data:&nbsp;<\/strong><strong>It\u2019s a wrap<\/strong>&nbsp;<\/p>\n\n\n\n<p>\u201cIt will\u00a0also\u00a0let you know if there are any sanctions in place,\u00a0and\u00a0it will\u00a0present you with information on any\u00a0of the\u00a0import or export controls\u00a0that may\u00a0apply\u00a0\u00a0\u2013 as well as free trade agreement opportunities,\u201d\u00a0says Martinez.\u00a0<\/p>\n\n\n\n<p>\u201cIt then wraps&nbsp;all these important elements together in one report.&nbsp;This analytical tool is unique.&nbsp;It\u2019s&nbsp;the brains of the data&nbsp;that\u2019s invaluable to&nbsp;the government and private sectors.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p>*The results of this WTO TFAF&nbsp;Survey will be shared with their partners World Bank Group, UNCTAD and the World Customs Organization.&nbsp;&nbsp;<\/p>\n\n\n<p><a href=\"https:\/\/insight.thomsonreuters.com.au\/business\/resources\/resource\/visual-guide-dont-let-supply-chain-screening-slide-due-to-the-crisis?utm_source=insights\" class=\"btn btn-lg btn-primary\">Download Supply Chain Screening Visual Guide<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a recent global survey on COVID-19\u2019s impact on trade to identify the challenges currently facing the government and private sectors in moving goods, the results signalled a gulf between access to trade-related information and the implementation of that information. <\/p>\n","protected":false},"author":139,"featured_media":1011,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[693,681,694],"tags":[733,895,892,894,893],"insight_job_role":[713,712,714,805,715,807,725,820,726,870],"insight_practice_area":[],"class_list":["entry","author-virginiag","has-excerpt","post-1002","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business-continuity","category-global-trade-supply-chains","category-global-trade-strategy","tag-covid-19","tag-moving-goods","tag-tfaf-survey","tag-trade","tag-wto","insight_job_role-chief-financial-officer","insight_job_role-chief-information-officer","insight_job_role-chief-operations-officer","insight_job_role-chief-tax-officer","insight_job_role-compliance-risk-manager","insight_job_role-head-of-international-tax","insight_job_role-it-technology-manager","insight_job_role-knowledge-manager","insight_job_role-logistics-customs-manager","insight_job_role-trade-manager","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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