February 2012       

 

H O M E 

CUSTOMS/SECURITY

Customs Chief Aguilar Pledges to Build on Bersin's Success
R.G. Edmonson, Associate Editor | Jan 9, 2012  The Journal of Commerce Online - News Story

Promises to expand anti-terrorism efforts, improve clearance process

Customs and Border Protection Acting Commissioner David Aguilar said he will build on the agency’s accomplishments of the last two years and continue the innovations started by his predecessor.

“I think it is an understatement to say that innovative efforts have been undertaken over the last couple of years,” Aguilar said. “We are setting a path forward to ensure that we do not step back in any way. The foundation has been set, now we continue to build on it.”

Aguilar last month succeeded Alan Bersin, who resigned last month after Congress failed to confirm his appointment as commissioner. Bersin steered the 58,000 employees agency toward greater emphasis on facilitating trade and forged closer times with the trade community that has been skeptical of Customs’ motives in years past.

Aguilar, who took the post Dec. 29, said the agency will continue to expand Customs-Trade Partnership Against Terrorism to an “all-threats," ranging from narcotics to intellectual property theft. In addition to moving forward on simplified entry process work, Customs will keep developing the Automated Commercial Environment and work toward decommissioning the older Automated Commercial System.

“One thing has to be clear: we are the regulators,” Aguilar said. “But at the same time we have a responsibility to build toward efficiencies, toward identifying means to drive costs down to the industry and trade community.”

Bersin was tapped as the assistant secretary for international affairs at the Department of Homeland Security last week. Aguilar said that Bersin’s broader portfolio precludes him from taking an active role in Customs policy.

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Customs Looks to Allow Exporters Into C-TPAT
R.G. Edmonson, Associate Editor | Dec 21, 2011 The Journal of Commerce Online - News Story

Agency also may allow trucking companies operating in Canada, Mexico to join

Customs and Border Protection may allow exporters to join a voluntary supply chain security program, and Japan, Colombia and Costa Rica are onboard for a test run of the program.

Trucking companies operating in Mexico and Canada may also be able share in tiered benefits through the Customs-Trade Partnership Against Terrorism. Participants in the program, established in 2002, usually receive fewer cargo inspections, which lowers import costs.

Sean Doherty, acting C-TPAT director, said the agency will work to find ways to reward trucking companies that participate.

More than 10,000 importers, brokers and carrier participate in C-TPAT, one of the foundations of Customs’ supply chain security strategy. The Advisory Committee on Commercial Operations proposed the changes to the program earlier this month.


CHANGES TO 2012 HARMONIZED TARIFF

Proposed changes to the Harmonized Tariff Schedule of the United States (HTSUS) scheduled for January 1, 2012 have been delayed.  Changes to the HTSUS are now effective on February 3rd, 2012. 

The United States International Trade Commission (ITC) has posted the unofficial changes to the HTSA at http://www.usitc.gov/tariff_affairs/hts_documents/1205-7FinalReport.pdf .

While the proposed changes affect 54 chapters of the HTS, most are confined within the first quarter of the Tariff, namely chapters 1 -21.  These chapters deal with live animals and food products. 

Other changes of note are:

·         Non-food products affected by the proposed tariff changes include tobacco, bio-diesel fuel, wood pellets and certain hazardous chemicals and pesticides in international trade.

·         As well, immunological products currently classified in Chapter 29 of the HTS would be classified under HTS heading 3002. 

·         Various HTS subheadings have been deleted or merged because of a low volume of trade. For example, subheadings 8540.40 and 8540.50 for black and white television monitors, cathode ray display tubes have been merged into subheading 8540.40.

The proposed classification amendments to the HTSUS should not impact an item’s duty rate. However, the changes may affect an item’s eligibility for preferential treatment under the various U.S. Free Trade Agreements that are based in large part on tariff shift.

If you would like to review your tariff classifications or check if a specific classification will change, please contact the M.E. Dey Import Division for further information.

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EXPORT FAQ

Should I insure my shipment?

If the terms of sale stipulate that the exporter is responsible for insurance, the exporting firm should either obtain its own policy or insure the cargo under a freight forwarder's policy for a fee.

If the terms of sale make the foreign buyer responsible for insurance, the exporter should not assume (or even take the buyer's word) that adequate insurance has been obtained. If the buyer neglects to obtain adequate coverage, damage to the cargo may cause a major financial loss to the exporter.

Shipments by sea are covered by marine cargo insurance.

Air shipments may also be covered by marine cargo insurance or insurance may be purchased from the air carrier.

What does export insurance usually cover?

Export shipments are usually insured against loss, damage, and delay in transit by cargo insurance. Carrier liability is frequently limited by international agreements. Additionally, the coverage is substantially different from domestic coverage.

Although sellers and buyers can agree to different components, insurance coverage is usually placed at 110 percent of the CIF (cost, insurance, freight) or CIP (carriage and insurance paid to) value.

Exporters are advised to consult with international insurance carriers or freight forwarders for more information

If you would like M.E. Dey to provide an insurance quote for your export shipments, please contact our Export Division

EXPORT

Exports Lead the Way
Peter T. Leach | Jan 9, 2012 The Journal of Commerce Magazine - News Story

With the help of President Obama’s National Export Initiative and the weak dollar, exports are closing the gap in a trade marked by billion-dollar deficits

Housing can’t do it. Technology is strong, but not strong enough to act as the economic driver. And, with consumer demand weak, don’t count on a big retail buying binge. So where is the U.S. economy to turn for the push it needs to pull out of the doldrums? The answer: overseas, where strong demand for everything the U.S. makes — from agriculture to manufacturing — is driving an export renaissance. 

Those who say the days of U.S. manufacturing have been relegated to the history books overlook one simple fact: The United States still has the world’s largest manufacturing economy. It is a major supplier of grains, soybeans and corn to the global marketplace. Its products help power the industrial sectors of Europe, Japan and, increasingly, the rapidly growing emerging markets of Asia and South America. Its agricultural exports feed and clothe the growing middle classes in those emerging markets.

“Orders for U.S. capital equipment are strong, and orderbooks are filled out for the next two years,” said Walter Kemmsies, chief economist of port design and engineering consultant Moffatt & Nichol.

Kemmsies thinks U.S. exports of oilseeds and grains, already the largest export commodity to China by value, also could act as the driver for the next U.S. economic cycle. “As people move from rural to urban areas to take higher-paying jobs,” he said, “their diets tend to become more protein-oriented, in particular, beef, and they want better clothing.”

Kemmsies forecasts the value of all U.S. exports will grow at twice the rate of GDP next year, which he estimates at 2.5 to 3 percent, meaning exports will grow 5 to 6 percent.

The strong U.S. export growth of the last few years is misleading, however, because the country has a long way to go before exports could swing more into balance with imports and start to cut its huge trade deficit. The U.S. incurred a $500 billion deficit in trade in goods and services in 2010 and had racked up a $558 billion deficit in the first three quarters of 2011. The last time the U.S. had a surplus in its trade in goods and services was 1975, when it recorded a $12 billion surplus.

It’s that imbalance, of course, that makes the inbound leg of the transportation market the head-haul, with strong utilization rates among ocean carriers clearly outpacing those on the outbound leg. Finding a balance, be it through the National Export Initiative, further weakness in the dollar or federal reform, while elusive, certainly isn’t unattainable.

“The U.S. exports only 40 percent as much of its manufacturing production as the world average,” said Frank Vargo, vice president of international economic affairs at the National Association of Manufacturers. U.S. manufactured goods account for approximately 60 percent of all U.S. exports of goods and services, but in relation to the size of its economy, the U.S. lags, ranking 13th among manufacturing countries in terms of the proportion of manufacturing production it exports, just ahead of Russia and Brazil.

The U.S. share of the global market for manufactured goods has dropped from just under 14 percent in 2000 to less than 10 percent in 2010, a share loss that now costs the country $450 billion a year. “Our trade deficit is due more to under-exporting than to over-importing,” Vargo said.

President Obama’s National Export Initiative targets a doubling of U.S. exports in the five years to 2015. It’s off to a good start, because exports have been growing sharply since the 2008-09 downturn. Exports jumped 20.5 percent in 2010 and were up 17.1 percent in the first 10 months of 2011 over the same period a year earlier, according to the U.S. Commerce Department. The $1.2 trillion in exported goods in the January-October period of 2011 was 42.3 percent ahead of the same period in 2009.

Vargo worries the strong export growth over the last two years will create a sense of complacency that will slow further efforts to increase exports. It might not be a bad thing, he said, if export growth slows this year, because it might spur the government into making greater efforts to dismantle barriers to exports.

U.S. export controls were last updated in 1970 at the height of the Cold War. They need to be adapted to current conditions, because they are barriers to a lot of high-tech exports, Vargo said. The Obama administration, as part of the NEI, has started reform efforts, but the highly charged issue certainly could stall in this election year.

Other export barriers are the various security measures installed at ports because of terrorist threats, but Vargo said many of these measures should not apply to export shipments.

The outlook for exports in 2012 depends on external factors beyond the control of the U.S. “If Europe doesn’t get its act together, exports could actually shrink because no one will be able to get letters of credit,” Kemmsies said. “But if Europe does what it needs to do, export growth could exceed 5 to 6 percent.”

Ironically, the growth of U.S. exports of manufactured goods also depends on the health of the U.S. economy, as well as Europe’s, because so much of the value of U.S. exports to China, the third-largest U.S. export market after its North American Free Trade Agreement partners and Europe, consists of engineering products and machine tools used in Chinese factories that produce consumer goods for export back to those developed markets.

The second-largest U.S. export commodity to China by value after oilseeds and grains is waste and scrap, shipped in containers and also used in the production or packaging of consumer goods for export. They, too, are vulnerable to consumer demand in developed markets.

Semiconductors and other electronic components, the third-largest U.S. export commodity to China by value, are usually transported by air and used in the Chinese manufacturing of computers and smartphones that are also bound for export.

Negotiating free trade agreements with major trading partners was NAM’s No. 1 priority targeted in its “Blueprint to Double Exports in Five Years,” which it issued in 2010. Since then, however, other real-world events have intruded, namely the debt crisis in several European countries, including Greece, Spain and Ireland, and the lackluster growth in developed economies.

“Now the biggest priority is to see that the financial instability in Europe does not result in such a flood of money into the U.S. that the dollar gets overvalued,” Vargo said.

NAM’s No. 2 priority is for the U.S. to work closely with Europe and Japan to orchestrate faster growth, because, Vargo said, “If those economies don’t grow, our exports won’t grow.”

NAM also puts major stock in free trade agreements and wants the U.S. to negotiate more. It’s something the administration is pushing, as well, as part of its NEI. “The U.S. runs a trade surplus in manufactured goods with every one of the 14 countries it has FTAs with, and that creates more jobs here,” Vargo said.

Excluding oil imports, the U.S. has an overall trade surplus with its NAFTA partners, its single biggest export market. The strongest interest among NAM members is for FTAs with Brazil and India.

The U.S. also should be prepared to undertake more bilateral trade talks to overcome trade barriers with specific trading partners, because the World Trade Organization, launched with the best intentions in 1995 as the successor to the General Agreement on Tariffs and Trade, has proved ineffective in mitigating trade disputes, Vargo said. For example, although China has emerged as the third-largest U.S. export market after NAFTA and Europe, many U.S. companies are reluctant to start exporting to China because they fear their technology will be copied and used to manufacture competing products.

The U.S. also needs to convince China to allow the yuan to revalue instead of keeping its exchange rate artificially low to spur exports. NAM has not taken a position on possible legislation aimed at penalizing China for keeping the yuan’s value low. “Our members are divided on this,” Vargo said. “Some think it could only help, while others think it would start a trade war with China.”

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M.E. Dey's export division provides complete worldwide services. Contact us with questions regarding quotes, insurance and/or service proposal.


Exporters Urge Congress to Increase Ex-Im Bank Lending
R.G. Edmonson, Associate Editor | Jan 6, 2012 The Journal of Commerce Online - News Story

Bank can only lend up to $100 billion, has outstanding loans of about $93 billion

U.S. exporters say they may have trouble financing projects unless Congress lifts the lending cap of the Export-Import Bank of the United States.

Congress recently gave the bank a six-month extension but failed to increase the financial institution’s lending cap. The bank can only lend up to $100 billion and has outstanding loans of roughly $93 billion.

“The gap in the cap is getting smaller,” said John Hardy, president of the Coalition for Employment through Exports. “The bank may have to start rationing its capacity.”

The sooner Congress acts, the smaller the effect will be on the bank’s lending ability, he said

The Ex-Im bank figures prominently in the government’s drive to double exports in by 2015, considering the bank underwrites up to 90 percent of a company’s export transaction.

Handy said that lawmakers negotiated Ex-Im reauthorization terms before the end of the session, and it was expected to be included in a year-end omnibus appropriations bill. But the full extension was dropped unexpectedly and given a short-term continuation instead.

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The U.S.—Colombia Trade Promotion Agreement:
New Opportunities for Wisconsin Exporters

The U.S.-Colombia Trade Promotion Agreement (CTPA) is an integral part of the President’s efforts to increase opportunities for U.S. businesses, farmers, and workers through improved access for their products and services in foreign markets. 

The U.S. International Trade Commission estimates that the elimination of tariffs and related barriers in Colombia will increase U.S. Gross Domestic Product by nearly $2.5 billion and U.S. merchandise exports by $1.1 billion. The agreement will support thousands of American jobs. 

The CTPA would also open Colombia’s $134 billion services market to highly competitive American companies, supporting jobs for American workers in sectors ranging from delivery and telecommunications services to education and health care services.

The CTPA was passed by the U.S. Congress in October, along with new free trade agreements with South Korea and Panama.

For additional information about the CTPA, visit http://www.trade.gov/fta/colombia and http://www.ustr.gov/uscolombiatpa.

For details about the agreement’s specific impact on Wisconsin: http://trade.gov/fta/colombia/wisconsin.pdf.

For additional information about Colombia from the U.S. Commercial Service: http://export.gov/colombia/


Milwaukee Export Assistance Center Unveils Expanded Website

The Milwaukee Export Assistance Center has recently expanded its local web portal for Wisconsin exporters.  The enhanced site features information of interest to exporters that is easily accessible from the home page.  In particular, be sure to check out the Exporter’s Resource Database, which provides a wide variety of links to additional subjects grouped by topic areas.  Access the site at http://export.gov/wisconsin/  For additional information, please contact the webmaster, Trade Specialist Koreen Grube, at Koreen.grube@trade.gov or telephone 414-297-1853.

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TRANSPORTATION

Three Unions, Railroads Reach Agreement
RailResource | Jan 6, 2012 The Journal of Commerce Online - News Story

Only one union has not finalized an agreement with major U.S. railroads

Three unions representing railroad workers this week ratified contracts with major U.S. railroads, leaving only one union to not have finalized an agreement over a dispute that nearly resulted in a national labor action in early December.

The pacts reached by the Brotherhood of Locomotive Engineers & Trainmen, the National Conference of Firemen and Oilers and the International Brotherhood of Electrical Workers brings the number of ratified contracts to seven. Five other unions have reached tentative agreements that their members must ratify.

“The month-long ratification process has finally come to an end, and our members have made a wise decision,” said IBEW President Ed Hill. “This agreement, reached in record time, will provide our members with a decent standard of living well into the future.”

The Brotherhood of Maintenance of Way Employees, the only union that has not reached an agreement with the railroads, did agree to an extension of the cooling-off period until Feb. 8. The threat of a national labor action was averted amid the peak holiday shipping season after two unions reached tentative agreements before the Dec. 6 deadline.

NAFTA / TRADE

NAFTA Surface Trade Rose 12 Percent in October
Joseph Bonney, Senior Editor | Jan 5, 2012 The Journal of Commerce Online - News Story

U.S. trade up 28.7 percent from two years ago, up 8.7 percent from 2008

The value of trade using surface transportation between the U.S. and Canada and Mexico rose 12 percent to $79 billion in October, the Transportation Department reported.

Totals were up for trade with both U.S. partners in the North American Free Trade Agreement. U.S.-Canada trade posted a 14.1 percent year-over-year gain to $46.4 billion. U.S.-Mexico trade rose 9.1 percent to $32.6 billion.

The October total was up 28.7 percent from two years ago and up 8.7 percent from October 2008, at the start of the recession.

The statistics cover freight movements by truck, rail, pipeline, mail, Foreign Trade Zones, and other modes. In October, 86.1 percent of U.S. trade by value with Canada and Mexico moved via land, 9.6 percent moved by vessel, and 4.3 percent moved by air.

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Free Trade's Winners and Losers
Alan M. Field | Jan 9, 2012 The Journal of Commerce Magazine - News Story

Which kinds of U.S. exports will enjoy the biggest boost from the three new free trade agreements? Beyond its tariff provisions, the Korean pact attempts to eliminate non-tariff barriers to U.S. exports, such as regulatory practices that have made it hard for many non-Korean products to enter that market.

As a result, U.S. pharmaceutical makers, in particular, will receive stronger intellectual property protection, a change that seems certain to lower the market share of Korean makers of generic drugs. Exporters of U.S. agricultural products also are expected to prosper. South Korea’s output of agricultural, farming and fishery industries will decline $10.9 billion in the first 15 years after implementation of the agreement, according to a report by the country’s ministry of food and agriculture. Korean livestock producers, who fought to kill the pact, are expected to lose $6.3 billion in production during that period.

Korea’s automakers, auto parts makers, consumer electronics and machinery makers will be big winners after the U.S. lifts its tariffs of 1.5 to 5 percent on Korean-made electronics goods, such as big-screen televisions. The tariff cuts should benefit U.S. importers and retailers such as Best Buy and Wal-Mart, which may cut their retail prices — to attract more consumers — or improve their margins by not lowering prices. U.S. importers of Korean textiles also will benefit after the U.S. eliminates tariffs on Korean products that have averaged approximately 13 percent.

U.S. exporters of a wide range of manufactured goods also will benefit in Colombia, especially suppliers of heavy machinery and construction equipment needed to implement the country’s multibillion-dollar national plan to upgrade its transportation, mining and energy infrastructure.

“For Caterpillar Corp., Colombia was in some ways more important than the agreement with Korea,” said Shaun Donnelly, vice president for investment and financial services at the U.S. Council for International Business.

Colombia offers opportunities for U.S. suppliers of equipment used to dredge Colombia’s rivers, upgrade its ports and provide vital services for the Panama Canal expansion. Direct exports of related equipment to Panama also will benefit from that expansion.

In Colombia, as in Korea, small-scale local farmers may be the biggest losers. An association of small and midsize rice growers implored the government in November for protection, arguing they will be unable to “compete under unequal conditions” after Colombian markets are opened to imports from the United States. Some 200,000 Colombian farm jobs in 211 townships are at stake.

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EVENTS/SEMINARS

Trade Missions

Southeast Asia Trade Mission (Thailand, Vietnam, Indonesia) March 16-28, 2012

South America Trade Mission (Brazil, Chile, Colombia) April 14-24, 2012

India Trade Mission, April 22 – May 1, 2012

The India Mission has a water focus; it will include visits to New Delhi and Mumbai, and participation in Aquatech India 2012, a leading international water technology show.


MWTA’s International Business Series presents:

"Technology Innovations & Global Business" February Breakfast Program

February 2, 2012      7:30 am - 9:00 am

Location: MMAC Offices - Wisconsin Room, 756 N. Milwaukee St., Ste 400, Milwaukee, WI 53202
Contact: KATIE HENRYPhone: (414) 287.4123Email: khenry@mmac.org

$25 per person  •  $12.50 for students

Register Online

Opportunities to use technology in new ways abound – and need not be overwhelming in cost or effort. Particularly in the global marketplace, there are unique challenges involved in implementing successful technology projects.

This program will provide an overview of social media and other tools such as online bulletin boards, focus groups and surveys. In addition, we will address questions such as: How do you consider cultural differences and language barriers when implementing new technologies? How will your organization respond strategically to the timing, staffing and other challenges, and react to image management issues and user expectations?

Speakers:  Betsy Hoag, Co-Founder, Kairos Consumers
                    Tiffany Weigand, E-Business Marketing Manager, Rite-Hite Corporation
                      
(see bios online)

Moderator: Tracy Buss, Center for International Education/UW-Milwaukee

Program Team Members:  AJ Corner, Center for International Education/UW-Milwaukee;
                                                  
Andrea Risch, Rite-Hite Corporation;
                                                   Lauren Worthy, ME Dey & Co.


MMAC China Business Council’s

Chinese New Year Networking Program

Thursday, February 16, 2012,   5:00 – 7:00PM,    Registration begins @ 4:30PM

Legacy M&I University – Institute for Learning
401 N. Executive Drive,   Brookfield WI

$15 MMAC members, $20 non-members.  Cocktails & appetizers included.

Register Online

Whether you are starting out or are seasoned pro when it comes to China, this is a great opportunity to network with the area’s international Chinese professionals.  The year 2012 marks the year of the dragon.  Come & celebrate!

This event features a brief presentation:

“Borrowing, Investing & FX in China – Guidance for Companies with Chinese Subsidiaries.” 

by Richard Waple Director, China Business Development BMO Capital Markets (see bio online)


 

 

 

2012: A Celebration of International Business

Date: Wed., Feb 15, 2012      Time: 5:00 pm - 8:00 pm

Wisconsin Club, 900 W. Wisconsin Avenue, Milwaukee, WI

Brief Program at 6:00 P.M.    Cocktails and Hors D ‘Oeuvres     Business Casual Attire

Awards,  Announcements,  New Initiatives,   International Networking

Celebrating the International Business Efforts of:

  • MMAC/MWTA

  • China Business Council

  • India Council

  • Port of Milwaukee

  • Wisconsin Department of Commerce

Event Hosted By:

 

 

RSVP by Wednesday, February 8, 2012 to Annie Haseman at a.haseman@bentleywp.com


New Webinar Programs Scheduled for 2012

Learn how your company can tap into the Global Marketplace.  As part of the National Export Initiative, the Commerce Department’s Trade Information Center is offering a series of one-hour webinars on the basics of exporting.  

These webinars have been specially designed to meet the needs of new exporters, or provide transaction specific guidance on more technical matters.  Each webinar will begin at 1:00 p.m. Central Time.  A nominal fee of $15 will cover slides, live audio, and question and answer session.  Content is delivered via your internet-connected desktop computer and your telephone line and will be led by experts in each field.

The schedule of topics for the first half of 2012 is as follows:

Selecting a Freight Forwarder (Feb 8):  Learn how a freight forwarder can help your business with exporting costs, preparing and filing required export documentation, reserving cargo space and ensuring that your goods and documents comply with customs regulations.

Export Documentation (Feb 22): This Webinar is designed for the entry level exporter.  The webinar will focus on basic export documentation with an overview of export documents, guidance on how to complete them, and other helpful info.

Understanding Free Trade Agreements (Mar 21): The U.S. has Free Trade Agreements with 17 countries. FTAs can help your company be more competitive in these markets.

How to Determine HS Codes, Duties and Taxes (Apr 4): Learn how to classify your products for customs and to calculate the full landed cost for your buyers.

Understanding Export Controls (Apr 18): Know the law controlling what you can export and to whom. Learn the legal and practical aspects of dual-use items; and how to comply.

Duty Drawbacks (May 2): Find out if your Company may be able to recover up to 99% of all Customs duties paid on imported materials contained in the manufacture of your product retroactively for up to 3 years!

Taking Advantage of NAFTA (May 16): Learn how the North American Free Trade Agreement can help you sell products and services to Mexico and Canada.  Topics covered include benefits, determining and interpreting rules of origin, common issues and problems, how to complete documentation.

Completing Certificates of Origin (FTA and eCertification) (May 30):  Know the nuances of this often required export documentation, when country-specific forms are required, and how to complete both the hard copy and electronic certification.

Financing Your Exports & Getting Paid (Jun 13): No export deal can be considered successful until payment reaches your account.  Learn from trade finance experts about the range of payment methods used in export transactions and how to evaluate which is best for your business.

Temporary Exports – Carnets and Other Tools (Jun 27): Learn how you can show your products in foreign markets or bring tools of the trade into a foreign country for a limited period of time.

To listen to recordings of previous programs, please go to http://export.gov/webinars/

REGISTER online at http://www.export.gov/articles/eg_main_022213.asp


WCTC International Education Committee 

Global Trade Webinars Ask the Export Expert!

Addressing the essentials for success in global business today:

Business & Culture, NAFTA, Trade Compliance.

Especially targeted to new exporters.

Succeed in the global marketplace. Reach new customers. Increase sales.

Lunch hour webinars - Fridays (11:00am – 12noon)

Click for listing of all webinars

For further details contact: Aleda Bourassa, Global Trade Solutions, Waukesha County Technical College, telephone 262-691-5219 or e-mail abourassa@wctc.edu.

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The DeyTimes Newsletter is an online international trade information service, published electronically by M.E. Dey & Co., Inc. (publisher) The publisher has taken all reasonable steps to verify the accuracy of the content of this site. The publisher does not and will not at any time accept any responsibility or otherwise be liable for any loss or damage whatsoever that you may suffer as a result information contained in this newsletter. Links are provided for your convenience only. Accessing links to third party Web sites and use of or reliance upon third party material is solely at your own risk.

NOTE: Information contained herein is of necessity a summary of complicated and fact-specific issues. It is not intended to convey legal advice, and receipt of it does not constitute or create an attorney-client relationship. Before you act on any information provided in this document, you should seek professional advice regarding its applicability to your specific circumstances.

Copyright © 2012 M.E. Dey & Co. Inc. - All Rights Reserved