Manufacturing & The Economy
On Wednesday, President Obama signed an executive order to streamline the export/import process for businesses. Specifically, the order cuts processing and approval times from days to minutes for small businesses that export American-made goods and services by completing the International Trade Data System (ITDS) by December 2016. Today, businesses must submit information to dozens of government agencies, often on paper forms, sometimes waiting on process for days to move goods across the border. The ITDS will allow businesses to electronically transmit, through a “single-window,” the data required by the U.S. government to import or export cargo.
Once fully implemented, the ITDS would reduce the time and expense for businesses to move the more than 50 million containers and $3.8 trillion worth of goods that cross the country’s borders every year.