Trinidad and Tobago to facilitate import and export with ATA Carnets
A further expansion of the ATA Carnet chain can be foreseen in the near future following Trinidad and Tobago’s recent ratification of the International Convention for the temporary admission of goods – also known as the Istanbul Convention.
The Istanbul Convention governs the ATA Carnet System, which is administered by the Brussels-based World Customs Organization (WCO) and the ICC World Chambers Federation. ATA Carnets operate like passports for goods allowing businesses to temporarily export or import duty and tax-free goods for up to one year. ATA Carnets cover all kinds of goods from the ordinary to the extraordinary. Every year, more than 160,000 Carnets are issued in the 71 countries belonging to the ATA Carnet international guarantee chain for goods valued at approximately US$20 billion.
In 2011, the United Arab Emirates, Bosnia and Herzegovina, and Mexico have completed the formalities enabling businesses and their foreign counterparts to benefit from the advantages of the ATA Carnet System.
Brazil, Trinidad and Tobago and Saudi Arabia are next in line to join the chain once the Customs appointed organizations, responsible for guaranteeing ATA Carnets issued from and to their countries, have fulfilled the formalities for their affiliation to the International Guarantee Chain of ATA Carnets.