Import and Export Company Guide
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What is Drawback
Venable LLP is a law firm headquartered in our nation’s capital and one that ranked 64th in the 2017 AmLaw 100 survey. They recently hosted a webinar geared towards assisting companies that are involved in international trade and how they can navigate around the global coronavirus pandemic. Today we will be going over a few important topics that they discussed to help importers and exporters during this economic slowdown. Venable attorneys suggested looking back at how the import and export industry handled both the Great Recession and 9/11. Understanding how companies dealt with both economic slowdowns can provide valuable insight in terms of responding to the COVID-19 recession. Look to our country’s history to help us get through struggles that we face today. Venable attorneys also suggested monitoring for any regulatory changes that may ease certain restrictions on import clearance, or provide relief by means of tariff payment deferrals, and consider whether the stimulus package may benefit business operations, among other changes, according to Lexology. Venable attorneys collectively advise import and export companies to reach out to local, state, and/or national government contacts and stakeholders in order to stay up to date and be open to any developing opportunities. For example, there have been various changes made to the CARES Act, specifically targeted towards small businesses, financial services, air carriers, and related workers. With these changes come opportunities for subcontracting to support the government in providing services to help contain the epidemic. Although the coronavirus pandemic has caused an economic slowdown there are still ways that importers and exporters can capitalize on opportunities. Look at our history, monitor for changes, and take advantage of every new opportunity that will come your way. For more information on the import and export industry, stay updated here on our monthly blog.