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TheStreet Open House

UPS Applauds The Obama Administration On Streamlining The Export/Import Process

UPS ® (NYSE: UPS), a global logistics provider and leading advocate for global trade, commends President Obama on taking decisive action to reduce a major barrier to U.S. exports. By completing the International Trade Data System (ITDS), the processing and approval times for U.S. businesses that export American-made goods and services will be cut from days to minutes.

“This Executive Order will be beneficial to improving our supply chain efficiency and moving goods and services that cross our borders,” said Scott Davis, UPS chairman and CEO. “This change will be particularly meaningful to our small and medium-sized customers that depend on global trade to grow their businesses and reach the 95 percent of consumers that live outside U.S. borders.”

President Obama today signed an Executive Order that will streamline the export/import process by allowing businesses to electronically transmit, through a “single window,” the data required by each of the U.S. Government agencies to import or export cargo. The Executive Order instructs all agencies to be compliant with the system by December 2016.

Davis is a member of the President’s Export Council, which has supported the goal of a single window to help facilitate commerce and increase compliance with trade laws.

UPS (NYSE:UPS) is a global leader in logistics, offering a broad range of solutions for the transportation of packages and freight, including innovative delivery options for the global consumer market; the facilitation of international trade, and the deployment of advanced technology to more efficiently manage the world of business. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide. The company can be found on the Web at ups.com and its corporate blog can be found at blog.ups.com. To get UPS news direct, visit pressroom.ups.com/RSS.

Copyright Business Wire 2010

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