HONG Kong-based logistics firm U-Freight Group, with its considerable involvement in e-commerce logistics, has welcomed the recent publication by the World Customs Organization (WCO) of guiding principles for cross-border e-commerce
HONG Kong-based logistics firm U-Freight Group, with its considerable involvement in e-commerce logistics, has welcomed the recent publication by the World Customs Organization (WCO) of guiding principles for cross-border e-commerce. As international trade tensions continue to swell, the WCO framework is aimed at developing common standards and tools for customs clearance and data harmonisation, while facilitating legitimate e-commerce flow.
This most recent installment of the WCO framework builds upon the e-commerce focused 'Luxor Resolution', released by the organisation earlier this year, which U-Freight has also endorsed. The plan facilitates the exchange of data between stakeholders and agencies for effective risk management in light of growing volumes of cross-border e-commerce - specifically addressing procedures related to clearance, revenue collection and return and prevention of fraud and illicit trade.
U-Freight is a prominent player in trans-Pacific trade. In April, it opened a new 80,000-square-foot facility near Los Angeles, appealing to its Chinese and US shipping clients. CEO Simon Wong said that the company is active in trying to address the 'key issues stemming from increasing volumes of business-to-business and business-to-consumer e-commerce shipments and the time-sensitivity thereof' within its management.
Companies like U-Freight will be some of the first in line to experience the effects of Trump-era protectionist policies. Last month, the Trump administration imposed a 25 per cent tariff on various Chinese goods worth US$34 billion, with a potential to expand that figure beyond $200 billion, which China answered with its own tariffs on American exports, such as beef, dairy and tobacco. Both countries could potentially widen the pool of goods encompassed by these policies, increasing expenses for trans-Pacific logistics players, reports New York's Air Cargo World.
WCO said it will also support its members in implementing the framework with five regional workshops between now and 2019. The first event took place in India recently.
