As exciting as it sounds for any frequent flyer not having to deal with waiting lines and crowds at the airport, the reality behind this phenomenon that has kept the world glued to their homes has been far more upsetting. For professionals working in global trade compliance, volatile consumer demands and widely distributed supplier networks have already caused plenty of headaches in the last few years, the added bonus of a global pandemic has not made it any easier.
While the pandemic has dominated the previous year, 2021 looks to be bringing new trade compliance challenges, as well. Whether it will be a new free-trade agreement rising in the Asia-Pacific, Brexit finally becoming a reality in Europe or increased disruptions in an already choppy trans-Pacific trade lane, global trade complexity continues to increase. These complexities can add to your logistics costs, whether through delayed or expedited shipments, new tariffs, or potentially even penalties being incurred for incorrect trade documentation or processes. But before we look into possible ways of addressing such complexities, let's take a look at the year ahead.