Impact Of Trade Compliance On The World Of Economics

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1. Introduction In the world of Economics, the important word come to mind of people is Trade. Trading has been done from the time when human begin start to use tools that is circa 150,000 years ago(Watson 2005). Since then we have come a large leap from trading small stone tools to sophisticated machineries and advance software today. This report revolves about the specific topic of Trade Compliance which is relatively new to the pitch compared to the age of trade. The term Trade Compliance means that the trade done in with compliance to law of the countries in which the parties perform the trade. When did all the regulation start on the trade it dates to the time when the humans started to sail and import the goods of value to their own nation and government start to put taxes on the goods which are of high value this kind of regulation or the compliance is called the tariffing of trade. This further developed when the world is further connected and all the nation wants to do eat their share of pie in the world economics and thus bought the introduction of the Harmonized Tariff System back in 1988(Aoki Sibylle Bauer Quentin Michel Filippo Sevini Ian Stewart Webmaster Frédéric Wilhelmy and Viski Publisher 2015). This system is internationally accepted by 200 countries. European Union follow a complex Trade compliance program and is regarded as the best in world (Stewart and Bauer 2015,46). The Harmonized Tariff System is scratched the surface of the Trade Compliance due to

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