CARNET

What are some of the benefits and drawbacks associated with carnets? Well, shippers benefit because they can dispense with filing a CF7501 entry summary, proving the country of origin, and fulfilling several other customs documentation requirements.

The United States Council for International Business (The Council) was appointed to manage the ATA Carnet system in 1968 by the United States Department of Treasury.

A carnet is valid for one year from the date of issuance.

In the first quarter of 2015, the number of ATA Carnets issued and received in the UAE jumped 70 per cent compared to the same period in 2014, Hamad Bu Amim, president and CEO of Dubai Chamber, said on Tuesday at a ceremony organised by the chamber to celebrated the fifth anniversary of the launch of the ATA Carnet System in the UAE.

The BCCI is the issuance authority for the ATA Carnet.

The ATA Carnet is an international customs document that permits duty-free and tax-free temporary importation of goods for up to one year.

With this new initiative, the UAE leads the GCC in the implementation of ATA Carnet, also known as a 'passport for goods,' the chamber said at the official ceremony marking the implementation of the system.

Dubai Chamber of Commerce & Industry along with the International Chamber of Commerce's World Chambers Federation is organizing a seminar and workshop entitled, "Why Should the Middle East Have International Trade Facilitations via ATA Carnet System" at the Chamber premises in Dubai on November 3 and 4.

The Swedish electronic forms and electronic signature handling systems developer Sign On AB and the Stockholm Chamber of Commerce have entered into a co-operation to replace traditional custom passports used in connection with importing goods (the ATA carnet) with electronic forms.

arm of the International Chamber of Commerce, administers the ICC's ATA carnet system (a carnet is a specialized customs document that permits business executives to move commercial samples and technical material through customs with a minimum of difficulty).