New York, N.Y., November 1st, 2010 – Macao will become the 68th country to join the ATA Carnet system, which permits the temporary importation of various types of goods without duties or taxes. Known as “merchandise passports,” ATA Carnets are an increasingly important tool for businesses engaged in international commerce.
Macao is a Special Administrative Region (SAR) of the People’s Republic of China. Macao does share many of the business characteristics of Hong Kong. It is an open economy, free port, the political environment is stable and the economic outlook is positive. Commonly known for its casinos and gaming, Macao does import a fair amount of aircraft, electrical machinery, toys and sports equipment. Macao will play host to the 57th Grand Prix, November 18 to 21, for which many Carnets will be used.
“We are delighted about Macao joining our growing family. Macao makes one more destination for American businesses to expand and grow internationally” said Cynthia Duncan, USCIB’s senior vice president for Carnet operations.
ATA Carnets are internationally recognized customs documents for temporary duty-free, tax-free import of commercial samples, professional equipment and goods displayed at trade shows. They are essential for companies seeking to reduce costs and speed global operations. (The acronym “ATA” is a combination of the French and English abbreviations for “temporary admission.”)
Macao will waive import duties on professional equipment, goods for exhibitions and fairs, and commercial samples.
Carnets are honored in scores of customs territories and can be used for multiple trips during a one-year period. The global ATA Carnet system is overseen by the Paris-based International Chamber of Commerce. USCIB administers the Carnet system in the United States, working with service providers Roanoke Trade Services, Inc., and the Corporation for International Business.
In 2009, over 150,000 Carnets were issued worldwide, covering goods valued at almost 15 billion dollars. Prior to Macao joining, Moldova was the most recent addition to the family of nations accepting ATA Carnets, having joined the system on July 1.
USCIB promotes an open system of world commerce. As American affiliate of the leading international business and employers organizations, including ICC, it provides business views to policy makers and regulatory authorities worldwide. USCIB facilitates international trade by issuing and guaranteeing ATA Carnets, by promoting international cooperation in such areas as customs policies and commercial dispute resolution, and through its ICC Books USA unit, which publishes a variety of publications on to international trade and investment.
Cynthia Duncan, SVP Carnet Operations, USCIB
(212) 703-5079 or email@example.com