The #1 Thing (and two more) Customs Will Focus on This Year - Are You Ready? - With Amy Magnus and Cindy Allen

The future of trade is all about data - how we collect it, share it, and use it to both facilitate trade and enforce regulations. This was a key topic of discussion on today's episode featuring trade experts Amy Magnus and Cindy Allen. Focus on Data and Entities The guests agreed that in 2024, data and understanding entities (importers, manufacturers, etc.) will be hugely important. "It's really going to come down to data," said Amy Magnus. She explained how collecting and intelligently using data from all entities in a supply chain can help customs inspect high-risk shipments while expediting low-risk ones. Piloting New Approaches New pilots are exploring how to share data earlier in the trade process using distributed ledger technology. This could provide visibility to all parties and satisfy enforcement needs upon arrival. Experts recommended importers get involved in pilots like the Global Business Identifier to help shape solutions. Addressing Agency Requirements The podcast also touched on challenges different agencies like FDA pose with various import data needs. As Amy Magnus noted, meeting all these requirements currently relies on outdated paper-based systems, highlighting the need for automation. Takeaways for Importers Key advice for importers included understanding supply chain risks through tools like mapping, hiring compliance experts, and engaging with trade associations like nei.org, icpa.com and alex.org to stay informed on upcoming regulations. The discussion provided actionable insights on facilitating trade in line with increasing enforcement trends. Find us on YouTube: https://www.youtube.com/@SimplyTradePod  Enjoy the show! Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/  Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/  Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/ Show references: Global Training Center - www.GlobalTrainingCenter.com Simply Trade Podcast - twitter.com/SimplyTradePod  Amy Magnus - https://www.linkedin.com/in/amy-magnus-16237b12/  Cindy Allen - https://www.linkedin.com/in/cindy-allen-a3188210/  Trade Force Multiplier - https://tradeforcemultiplier.com/  Contact [email protected] or message @SimplyTradePod for: Advertising and sponsoring on Simply Trade Requests to be on the show as guest Suggest any topics you would like to hear about Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.