Let me know if you have any questions
This is an INDIVIDUAL project.
The purpose of this project is to give you practical experience exporting and importing products out of and/or into the United States and other countries.
1. Select a product as the basis for the project.
2. Select a DESTINATION COUNTRY (i.e., the country to which the product will be exported).
3. Prepare a report covering the following:
a. Part A: U.S. Trade Relationship (approximately 500 words)
Briefly describe the following between the U.S. and your selected country:
i. The history of trade.
ii. Any trade agreements (e.g., free trade agreements, etc.). Include type and when formed, if applicable.
iii. Any current trade restrictions, trade wars, embargoes, etc.
iv. State the product you have selected.
v. Provide the 10-digit HTSUS code for the product.
c. Part B: Forms
i. Prepare the following five documents for your product (you must use the blank forms provided in Canvas):
· Export Cost Worksheet
· Pro forma Invoice or Commercial Invoice
· Certificate of Origin
· Entry Summary (U.S. Customs Form 7501). You may refer to 7501 Instructions at cbp.gov.
B. COMPLETING THE FORMS:
1. You need to fill out all forms for the product.
2. IMPORTANT: Even though you’re exporting the product, there are forms which pertain mainly to imports (i.e., the Entry Summary and the Certificate of Origin). Please fill out those forms as if you’re importing the product into the U.S. For example, if you are exporting aluminum nails, you’ll fill out the Export Cost Worksheet, pro-forma invoice or commercial invoice, and waybill normally, then fill out the Entry Summary and Certificate of Origin as if you were importing the nails into the U.S.
3. You must include all 5 forms in your paper. That way, I can verify that the forms have been completed.
C. SUBMITTING THE PROJECT:
1. Part A: complete as a single Word doc using a Times New Roman, 12-point font.
2. Part B: complete the pdf versions of the forms provided in Canvas. Submit them as attachments in the Term Project dropbox in Canvas.
3. Please see the Course Calendar in the syllabus for the due date of this assignment.