- Unlocking the potential of tariffs and trade benefits
is key in 2024. Verify that you are making maximum use of
the tariffs and foreign trade benefits that export promotion
programs, trade certifications, and FTAs offer. Timely evaluations
are a must, as leveraging these benefits boosts company
competitiveness and success.
- Compliance with trade, customs, and tax regulatory
measures continues as a means to reduce trade risks in foreign
trade and supply chain operations. Inadequate controls
increases the risk of a major customs and tax complexity.
Currently, both the Mexican Service Tax Administration - SAT and
the Mexican National Customs Agency -ANAM are actively using their
verification powers in customs matters.
- Corporate Governance practices remain as a key element
in supply chains. Promote the strengthening of the best
corporate governance practices of the supply chain, especially in
ESG and sustainability matters. Having solid corporate governance
practices helps optimize the company's operation, increases
competitiveness and reduce possible errors that translate into
risks or complexities.
- Customs labor aspects will be a challenge in efforts to
retain customs and tariff benefits, including those provided under
USMCA. Ensuring that forced labor provisions worldwide
and/or trade union rights in Mexico are not violated, will help
ensure that imports into Mexico are not prohibited and that exports
from Mexico do not lose the tariff benefit provided for in the
USMCA. In the current environment, customs and labor issues are
intertwined and thus require close attention.
- Nearshoring continues as key factor in Mexico's economic growth. Companies should continue to leverage nearshoring opportunities that the current environment offers, with emphasis on trade, customs and supply chain topics.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.