The FINANCIAL -- As preparations gear up for the famed Macau Grand Prix in November, the region has also been busy laying the groundwork for the imminent implementation of the ATA Carnet system.

ATA Carnets permit the duty-free and tax-free temporary import of goods for up to one year, helping to facilitate trade and open new business opportunities worldwide.

Issued and guaranteed by national groups the system is jointly managed by the ICC World Chambers Federation and the World Customs Organization, TV crews and race teams importing equipment to cover the Macau Grand Prix are just some of those who will benefit from using the so-called ‘passports for goods’ that account for billions of US dollars in goods every year.

“The ATA Carnets are simple to use and in can help companies save time and mone,” said Peter Bishop, Chair of the WCF World ATA Carnet Council that monitors ATA operations. “As we emerge from the worst economic crisis since the Great Depression, Carnets are a practical tool to aid efforts to attract investment and identify new markets.”

The Macao Chamber of Commerce will become the 68th guaranteeing organization member of the WCF/ATA international guarantee chain when the system is implemented on 1 November 2010.

Moldova, was the last country to join the system earlier this year and the World ATA Carnet Council continually works toward expanding the number of countries who are members of the ATA chain.

Mexico, Bosnia and Herzegovina, and the United Arab Emirates are all expected to join in the near future.

Related Stories

• Seattle’s Best Coffee Survey Reveals Sharing Coffee Leads to a Better Relationship
• Jordan Brand Introduces All-Star Inspired Signature Shoes
• FedEx CVP of Tax Michael Fryt Advocates for Tax Reform on Capitol Hill