CARM: What all importers need to know about CARM

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Terminology

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USMCA (United States-Mexico-Canada Agreement)

On July 1, 2020, the new CUSMA/USMCA/T-MEC replaced the existing NAFTA free trade agreement for imports into Canada, USA and Mexico. The one agreement has 3 names – one for each of the participating countries.

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Quick Tip #14
Don’t just insure the value of the goods

When insuring your freight, you are fully entitled to value your goods at a price above the base cost. Valuation of goods may include all freight charges, related costs, plus 10% (or more) to cover the administrative burden of processing a claim and to cover the insured’s profit. Since duty is still payable on damaged goods, make sure you insure the amount of duty as well.

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