International Trade News for May 2024

International Trade News for May 2024:

New Regulations for Sending Parcels to Northern Ireland w.e.f. 30th September

The upcoming changes in regulations for sending parcels to Northern Ireland will take effect from 30th September 2024 as part of the Windsor Framework.

Here’s a quick summary of the key points to remember:

Business-to-Consumer and Consumer-to-Business Parcel Movements

New UK Carrier Scheme (UKC):
This scheme will enable authorised carriers/partners to move your eligible consumer parcels from GB to NI. Carriers/partners must collect data from these parcels and share it with HMRC.

No customs formalities:
Using authorisation under the UKC scheme allows businesses or consumers to send these parcels without completing any customs or safety and security declarations.

UKC parcel data requirements:
Under the UKC requirements, you will need to supply an item-level plain English description of each of the contents in the parcel, the total value of the consignment and the weight.

Business-to-Business Parcel Movements

New processes:
B2B parcel movements will align with existing freight movements. The data requirements differ depending on whether those parcels contain goods which
are ‘not at risk’ or are ‘at risk’ of entering the EU.

New UK Internal Market Scheme (UKIMS):
This scheme simplifies customs procedures and datasets for B2B consignments deemed ‘not at risk’ of entering the EU. You will not have to pay any duty on your goods applicable under this scheme.

UKIMS Authorisation:
Under UKIMS, either the sender or the receiver can be authorised. You can check your authorisation status or register for UKIMS on the government website (Apply for UKIMS).

B2B data requirements with UKIMS moving ‘not at risk’ goods:
You will be required to supply the UKIMS authorisation and its associated EORI, item-level descriptions and item values, country of origin and weight.

B2B data requirements moving ‘at risk’ goods:
Such goods will require a full customs declaration and you should provide full commercial invoice information, including a commodity code, sender and receiver EORI, country of origin, item values and incoterms. Duty may be applicable on consignments.

Saudi Arabia’s Booming eCommerce Market

Saudi eCommerce sales are projected to surpass $30 billion by 2027 and reach $44 billion by 2030, driven by ambitious plans to become a key player in the global market. Despite access-to-market challenges, Saudi Arabia’s eCommerce revenue hit $10 billion in 2023, ranking it as the 28th largest online market worldwide, on par with the UAE.

According to reports, the country is expected to see online revenue grow at 13.5% annually through 2027, outpacing the global average of 11.2%. Investments in logistics and infrastructure are positioning Saudi Arabia as the region’s new eCommerce leader.

These developments align with Saudi Arabia’s Vision 2030 strategy, which aims to bolster the digital economy and overall economic growth.

Source: digitalcommerce360

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