KYG Trade is a company that specializes in using AI to optimize and streamline multi-tier supply chains and facilitate trade compliance. They use a combination of machine learning and natural language processing to automate trade compliance, making it easier for businesses to comply with international trade regulations and laws.

Machine learning can help importers determine the correct HS classification for their products by providing a more efficient and accurate way to identify the correct classification code for a product. In the past, importers would have to manually search through the Harmonized System (HS) codebook to find the correct code for their product. This process is time-consuming and often results in errors.

Let’s start with the basics. What are industry standards, and why do they matter?

Industry standards are the norms or conventions established by an industry or sector. They can be voluntary, such as in the case of best practices, or they can be mandatory, as is often the case with regulatory requirements.

In recent years, there has been a growing trend toward the digitization of trade standards. This has been driven by several factors, including the increasing use of digital technologies in the global economy, the need for more efficient and effective trade processes, and the desire to reduce the costs associated with traditional paper-based trade.