Report Says APEC de Minimis Threshold Could Save $20B Annually
On January 3, 2012, the Asia-Pacific Economic Cooperation posted a press release on the November 2011 announcement by ten APEC member economies that they would set a de minimis value duty exemption that would exempt low-value shipments, including express and postal shipments, from customs duties and streamline entry documentation requirements. APEC states the ten members agreed to implement a de minimis value of at least US$100, offering others the chance to adopt the initiative when ready. According to a recent study by the express carrier industry, setting a $100 de minimis threshold may amount to cost savings for the trade of $19.8 billion per year.
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(See ITT's Online Archives 11111716 for summary of the Nov. 2011 APEC announcement on the de minimis duty exemption, "green" duty cuts, endorsing mutual recognition of Authorized Economic Operator programs, etc.)