Read this blog entry to find out why your customs brokerage company requires NAFTA certificate verification services.
The North American Free Trade Agreement or NAFTA is an agreement that is signed by the governing bodies of Mexico, Canada and the United States of America. The primary purpose of NAFTA is to develop a tri-lateral agreement in North America.
NAFTA came into existence on January 01, 1994, with the aim of getting rid of the trading barriers that existed between Canada, Mexico and the United States of America.
NAFTA gets rid of trade and investment barriers between Mexico, U.S and Canada. When NAFTA was first implemented in the year of 1994, the tariffs that existed between exports and imports within the three member countries were eliminated.
Why invest in NAFTA certificate verification?
If your customs brokerage company operates within Canada, Mexico or the U.S.A, it is mandatory to own a NAFTA certificate of origin. This certificate will enable you to leverage the advantages of free trade with similar companies in other countries.
If you do not own a NAFTA certificate, your company will not be able to trade in a duty free zone. At the time of B3 form filling, an existing/renewed copy of a NAFTA certificate has to be produced for hassle-free processing. If you were to get a shipment released without a valid NAFTA certificate, you stand the change of incurring huge penalties and implications from the Canadian Society of Custom Brokers (CSCB). Continue reading