What they mean and how to pick one. Incoterms® were established by the International Chamber of Commerce (ICC) in 1921 and have become a crucial element in global trade, defining the responsibilities of buyers and sellers in international transactions. In this webinar, we’ll provide a high-level overview of Incoterms®, delve into their complexities, and simplify their application in various trade scenarios. You’ll gain a clear understanding of how to use Incoterms® to allocate risks and costs effectively, ensuring smoother international transactions.
Combatting Forced Labor: Global Accountability
Combatting Forced Labor: Global Accountability
Forced labor remains a persistent global challenge, drawing increased attention from both the public and governments. Recent developments in legislation, such as Canada's new reporting requirements and ongoing efforts in the United States, underscore the global commitment to eradicate this grave violation of human rights. Let's delve into the issue of forced labor, exploring the measures taken by the U.S. and Canada to address and combat this egregious practice.
Introduction: Forced labor, a violation of fundamental human rights, continues to plague industries worldwide. Defined as work performed involuntarily under the menace of any penalty, forced labor represents a grave challenge to ethical and responsible business practices.
Forced Labor in the United States: In the United States, combating forced labor involves a multifaceted approach. Key legislative acts, such as the Trafficking Victims Protection Act (TVPA) and the Tariff Act of 1930, prohibit the importation of goods produced with forced labor. The U.S. Customs and Border Protection (CBP) plays a pivotal role in enforcing these laws by actively working to identify and block the entry of goods tainted by forced labor into the country.
Forced Labor in Canada: Canada has recently taken a significant step in the fight against forced labor. The country has introduced legislation that mandates corporations to report on their efforts to identify and prevent forced labor within their supply chains. This new law, which builds upon existing human rights due diligence expectations, reinforces Canada's commitment to ethical sourcing and responsible corporate conduct.
Key Points:
- Transparency and Reporting: The emphasis on transparency is a common thread in both U.S. and Canadian approaches. Transparent reporting mechanisms, as seen in Canada's recent legislation, empower consumers, investors, and regulatory bodies to hold businesses accountable for their supply chain practices.
- Due Diligence Requirements: Both countries stress the importance of due diligence in supply chain management. Businesses are expected to conduct thorough risk assessments, implement robust compliance programs, and take corrective actions if forced labor is identified in their supply chains.
- Cross-Border Collaboration: Forced labor is a global issue that requires collaborative efforts. The collaboration between the U.S. and Canada, along with international partnerships, is essential to create a united front against this pervasive problem.
Impact on Businesses:
- Risk Mitigation: Businesses must prioritize due diligence in their supply chains to identify and address potential instances of forced labor. Mitigating these risks not only ensures compliance with legal requirements but also safeguards a company's reputation and integrity.
- Consumer and Investor Confidence: Transparent reporting on efforts to combat forced labor fosters trust among consumers and investors. Ethical and socially responsible practices are becoming increasingly important considerations for individuals and entities making purchasing and investment decisions.
Conclusion: As forced labor continues to challenge the moral fabric of global commerce, the collective efforts of countries like the United States and Canada underscore the commitment to eradicate this reprehensible practice. Through legislation, due diligence, and cross-border collaboration, there is hope for a future where forced labor is eradicated, and ethical business practices prevail.
Sources:
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