TRADE CONSULTANT: MEANING AND BENEFITS

What is a Trade Consultant?

When it comes to international trading, consultants can be of great help in providing information regarding the viability of conducting trade in a particular country. Trade consultants provide information and services relating to market research/operations, legal framework, taxation procedure, import-export process, financial perspectives, the process for growth in trading, and other services.

What are the services of a Trade Consultant?

The Trade Consultants provide various kinds of services. They are:

1. Market Research
2. Legal Framework
3. Taxation
4. Import-export procedure
5. Financial Perspectives
6. Technical Services
7. Understanding Trade Facilitation Agreements
8. Execution of Trade projects
9. Monetary Recovery

1. Market Research

Research of the market is very important when a company or individual entity is trying to enter and create an impression in the market. It is not possible for a company for having in-depth knowledge of the market, however, it is a necessary aspect without which a company may be affected drastically if not correctly executed. Thus, the trade consultants come into purview. A reliable trade consultant will guide the company with proper market research which will help the company in understanding where investing financial resources will be beneficial.

• Legal Framework

Whenever goods are to be imported or exported, the rules and regulations effective in the respective countries between which the dealings in goods are taking place are to be understood. The rules and regulations vastly vary and cannot be overlooked because overlooking can lead to failure in the completion of import or export projects. The Trade Consultants provide assistance in the completion of the execution of import and export projects by thoroughly understanding the legal framework of the dealing countries so as to avoid the obstacles which may take place if legal aspects are not correctly studied.

• Taxation

The Trade Consultant can provide a detailed analysis of taxes, which may be levied by the respective governments while the Country is importing and exporting goods. This is the most important aspect as if taxes are not paid accordingly then it may create legal action been taken by the government and the company may highly suffer which will act as a backlog in the upliftment of the company. Thus, the trade Consultant takes care of the matter related to taxation like duties relating to importation and exportation, direct taxation like income tax, and indirect taxation GST taxes.

• Import-export procedure

The Trade Consultant provides a detailed analysis of the procedure involved in the import or export of goods. It is a very detailed procedure and needed to be followed accurately otherwise, it may lead to the imposition of a penalty and seizure of goods and the loss will only be suffered by the company. Thus, a trade Consultant provides an understanding of how the import or export is executed without any hindrance.

• Financial Perspective

The Trade Consultant assists the Company in all financial aspects in respect of where investment will be profitable and the cost involved in exporting or importing goods are lower. The main task of the trade Consultant here is to check that the company does not suffer a loss in making an investment in a particular country in respect of the supply of goods.

• Technical Services

A Trade consultant provides technical assistance in respect of trading procedures. A good Trade Consultant will finely study the procedure involved in trading and will execute it with great consciousness and will keep a check that nothing is lagging behind. It includes valuation services, training, and voluntary disclosure to ensure that no technical aspect is overlooked.

• Understanding Trade Facilitation Agreements

The Trade Consultants further provided the understanding of Trade Facilitation Agreements and proper implementation of the same. Trade agreements help in lowering trade barriers, low custom duties, and help in the economic growth of the country and understanding of which country provides benefits and will help increase in business by the export of goods and also cheaper import of goods will result in saving financial resources of the company and its growth. It is the duty of the Trade Consultant to study the agreements and benefit the Company from the same.

• Execution of Trade projects

Execution of Trade Projects is not an easy task and requires a lot of documentary work before the actual export of goods or import of goods takes place so that no technical hassle can act as a stoppage to the work. It is the duty of the trade consultant to guide the Company or individual Entity to execute the Trade Projects smoothly.

• Monetary Recovery

The Trade Consultant guides and assists the Company with monetary recoveries for example rebate claims in case of export and exemptions in custom duty in case of import of goods.

What are the merits of Hiring a Trade Consultant?

The benefits of hiring a Trade Consultant are as follows:

1. Cost-Effective.
2. Helps in expanding business.
3. Focuses on the business capacities.
4. Guides the Company in making Trading Decisions.
5. Increases the opportunity of gaining profit.
6. Helps in understanding the market and also in the expansion of the company.
7. Opinion on Business tasks that will help in the growth of the company.
8. Improves and develops the Business.
9. Helps in understanding the backlogs of the company and how to overcome the same.