INCOTERMS 2010 – EXPLANATION OF TERMS
 
Incoterms or International Commercial terms are a series of international sales terms, published by the International Chamber of Commerce and widely used in international commercial transactions. The terms describe conditions of sale and are accepted by governments, legal authorities and practitioners worldwide for the interpretation of most commonly used terms in international trade.

BONDED WAREHOUSE OPERATORS – PREPARE FOR AUDITS

 

The Canada Border Services Agency (CBSA) has advised Duty Deferral Unit officers will be visiting every bonded warehouse to initiate their annual reviews and to facilitate renewal of licenses.

 

To prepare for this visit, Public Bonded Warehouse operators should ensure their records are in order by:

 

·         Checking Bonded


INCOTERMS 2010 – CHAMBER OF COMMERCE GUIDE

 

The Chamber of Commerce has published a handbook as the standard for Incoterms® 2010 to enhance understanding and application of the updated trade terms.

 

The ICC Guide to Incoterms® 2010 provides information pertaining to which Incoterms are applicable, and explains the respective responsibilities of sellers and buyers.

 

The Guide is


ECONOMIC PARTNERSHIP WITH JAPAN MAY LEAD TO FREE TRADE AGREEMENT

 

The Government of Canada is seeking comments concerning a comprehensive economic partnership agreement with Japan.  Two-way merchandise trade between Canada and Japan was $22.6 billion in 2010.  Imports from Japan were $12.3 billion in 2009.

 

Issues to consider include the following:

  • Import tariff phase-outs for goods

COUNTRY OF ORIGIN REGULATIONS PROPOSAL

 

The Department of Finance has proposed amendments to the origin marking regulations.  The changes would consolidate NAFTA and non-NAFTA origin marking rules into one set of tariff-shift rules.  The changes would also standardize the exemptions to country of origin marking.

 

It should be noted that the rules of origin for marking