How do digitalization and innovation improve foreign trade?

by Advance Real Estate 7 de March, 2023 572 Views

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As Mexican foreign trade recovers from the challenges caused by the 2020 health crisis, process digitalization and adapting to new technologies will play a key role.

4 types of digitalization benefiting foreign trade

Streamlining export and import administrative processes is possible through the following technologies:

1. “Ventanilla Unica”

Modern foreign trade in Mexico manages many procedures involving multiple parties (exporters, officials, customs auxiliaries, carriers), often causing delays.

Aiming to address this situation, a digital system called “Ventanilla Unica” was implemented. It facilitates a one-time submission of all required paperwork to a single entity.

This is accomplished by digitally standardizing and automating the management of foreign trade processes, providing several benefits:

24/7 Access. You can send the documentation at any time of the day, from wherever you are, and through a single online touchpoint.
More information security. . Having the information online reduces the risk of documentation damage. Additionally, it creates a backup copy if lost.
Less time and costs. Since paper forms and procedures are processed online on time, deadlines and costs are reduced. This positively impacts the Public Administration and the companies involved.

Consequently, trade logistics become more efficient, and the release of goods is streamlined.

2. Digital signature

There is no need to sign contracts on paper since people’s identities can be authenticated and validated through a digital signature.

Agreements happen faster when in-person signatures can be skipped.

3. Links to the Electronic Customs System (ECS)

At the Electronic Customs System (ECS), import, export, and transit of goods are done digitally, including clearing customs. The latter needs digital seals and electronic signatures.

The entry of commercial invoices, systematization of bonded warehouses, and digitalization in “Ventanilla Unica” are carried out in that system, streamlining processes.

4. Information tools of the Foreign Trade portal

The government website SNICE¹ (National Foreign Trade Information Service) provides many resources, including these stand-out tools:

Search for tariff codes. It shows all the HS codes and their respective descriptions by type of merchandise. It is necessary to inquire about the regulations and treaties applicable to importing or exporting merchandise.
Calculator of Origin. After filling out a brief questionnaire, it produces a report showing if your merchandise qualifies as originating under the USMCA.

Therefore, adopting these technologies as soon as possible could optimize your company’s operations.

The future of commercialization in Mexico

The outcome of the coming years lies in digitalization and prioritizing the speed of administrative processes to the point of automating most of them, thereby boosting Mexican foreign trade.

Digitalization will improve trade by cutting operational downtime, accelerating the clearance of goods, and giving companies the required competitiveness to expand their operations.

If the national industry learns how to leverage it, the economy could recover, keeping in mind that in 2020, 78% of GDP² came from foreign trade.Promote your business by partnering with Advance Real Estate, a company that specializes in leasing industrial buildings with the proper space and facilities to run logistic and manufacturing operations.

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Advance Real Estate

Advance is a leading company in the acquisition, leasing and operation of industrial and logistics assets, with presence in 12 cities within Mexico and a portfolio of 11.5 million sf of industrial space.

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