De Minimis Increase Supports SME Trade; Enforcement Provisions Help Trade Agreements Deliver Results
UPS® (NYSE: UPS), a leading global logistics provider and advocate for global trade, commends the Senate and House on passing the Trade Facilitation and Trade Enforcement Act of 2015 and urges the President to expeditiously sign it into law.
“This legislation takes time and unnecessary cost out of cross-border trade and will broadly bolster the nation’s customs enforcement efforts,” said UPS Global Public Affairs President Laura Lane. “We want to thank all the members of the House and Senate for their leadership, and particularly those that led the efforts, including Senate Finance Chairman Orrin Hatch, Senate Finance Ranking Member Ron Wyden, Speaker of the House Paul Ryan and House Ways & Means Chairman Kevin Brady.”
UPS operates one of the world’s largest, most sophisticated, intermodal transportation service networks and is one of the world’s largest customs brokerage firms. UPS handles more than 6% of the U.S. GDP and 2% of the global GDP every day. That makes UPS well-qualified to assess the impact of customs modernization on the U.S. economy, and is why the company champions this important piece of legislation.
“The bill includes important provisions such as raising the de minimis threshold from $200 to $800, which particularly benefits small and medium enterprises, Lane added. Additionally, it codifies and improves the President’s Executive Order on International Trade Data System (ITDS) or the Single Window (one government at the border) program. Implementation of the ITDS is a priority for UPS as it would enable companies to electronically transmit, through a “single window,” the data required by each of the U.S. Government agencies to import or export cargo.”
