If you are involved in international trade compliance business operations, you need to be clear and well aware of the rules and regulations governing the same. Some rules are established by the governments of respective nations, as per the business landscape of their countries, whereas others are established with the aim of meeting the requirements of international trade agreements. For smooth operations in import or export business, you must understand the regulations properly for avoiding risks. Failure to comply with the regulations, even unintentionally, may lead to severe consequences including seizures, fines, inspections, imprisonment and loss of market access. Laws and regulations surrounding international trade are quite complex and to understand the risks of non-compliance fully it’s better to consult a customs, accounting or tax professional.