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Obama helps reduce U.S. trade data filing to “minutes”

WASHINGTON, D.C.: United Parcel Service has declared its support for U.S. president Barack Obama's executive order to fast track America's International Trade Data System (ITDS) which is designed to reduce the approval time for U.S. exports from "days to minutes".

The order will allow businesses to electronically transmit by a single entry all import and export data required by multiple government agencies. The compliance date is December 2016.

2194 5"This executive order will be beneficial to improving our supply chain efficiency and moving goods and services that cross our borders," said Scott Davis, UPS chairman and CEO. "This change will be particularly meaningful to our small and medium-sized customers that depend on global trade to grow their businesses and reach the 95 percent of consumers that live outside U.S. borders." Davis is a member of the President's Export Council, which has supported the goal of a single window to help facilitate commerce and increase compliance with trade laws.

U.S. Trade Representative Michael Froman added his support for the new measure saying the president's action will reduce the costs of trade, support new jobs, and allow companies to ship American-made goods around the globe at a faster rate.

A December 2013 ministerial meeting of the World Trade Organization agreed to expedite the movement, release and clearance of goods, improve cooperation among WTO Members on Customs matters, and help developing countries with the process.

"This executive order helps to clear the way for American businesses large and small to compete and win in the global marketplace. The United States is a leader in facilitating trade around the world, but the president's action ensures that the elimination of red tape begins here at home," said Froman.

In signing the order, Obama noted that since 2009 U.S. exports have risen by US$694 billion, providing a third of America's economic growth. Private-sector employment is up by 8.5 million since February 2011; the number of exporting companies has risen from 276,000 to 302,000; and the number of jobs supported by exports has grown by 1.3 million. At 13.5 percent, the export share of GDP is reportedly now the highest level ever measured.

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