Implementation represents concrete step forward to accelerate the speed of trade
MISSISSAUGA, ON, Jan. 8, 2013 /CNW/ - UPS congratulates the Canadian and U.S. governments on the announcement of a newer, harmonized customs ceiling for low value shipments. Harmonized for Canada and the United States, the higher ceiling aims to ensure that a higher volume of goods can move faster between the two countries to bolster the trade relationship.
Low value shipments between Canada and the U.S. qualify for expedited customs clearance. The new harmonized ceiling for Canada and the U.S. is $2,500. Canada raised its limit from $1,600 to $2,500 CAD while the U.S. has increased its threshold to $2,500 from $2,000 USD. The change represents the Canadian government's successful implementation of a key item in the Beyond the Border Economic Action Plan, which aims to enhance trade through efficient movement of goods and regulation harmonization at the border.
UPS holds a unique perspective as one of the largest transporters of goods across the Canada-U.S. border."Canadian and U.S. businesses are the true beneficiaries of the Beyond the Border Action Plan and this change," said Mike Tierney, president, UPS Canada. "Each day, more than $1 billion worth of goods crosses our common border, bringing the annual value of traded goods to more than $580 billion. Yet, every year $16 billion in trade activity has been lost due to border delays. This change will allow for swifter movement of goods for importers and exporters of all sizes." Since its original implementation, the program offering faster clearance for low value shipments has been successful in ensuring timely movement of shipments without compromising security. The program expedites release using the practice of reporting goods to the Canada Border Services Agency (CBSA), before goods arrive at the border, permitting Customs review/targeting and fostering a secure trade environment.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV