Explain how the principles contained in the WCO Framework of Standards apply to this supply chain story.
WCO Framework of Standards
The principles contained in the WCO Framework of Standards can be applied to this supply chain story. In the contemporary business era, trade security has become a key trend. The supply chain management must adopt these principles to make the whole supply chain process safe and secure. For Instance, developing an integrated supply chain management system is one of the most prominent principles. Through perfect execution of this principle, the management can track goods and identify several loopholes in the whole supply chain. Also, establishing a standard to enable supply chain security is a crucial principle. The purpose is to promote certainty and predictability. The modern supply chain can be secured through increasing custom’s roles and functionality. Custom has to face current supply chain challenges, which are associated with safety and security. Strengthening the cooperation between custom administrators is an important principle, which can help to secure high-risk consignment. For Instance, when developing measures, the coordination is required to derive expected results. One of the most prominent principles is improving the custom-business relationship. Both parties have to cooperate and make the supply chain secured. The supply chain story depicted some loopholes in the process, and these loopholes can be eliminated through the execution of these principles. The associated principle is to promote the seamless movement of goods. By integrating secured international trade supply chains, the management can get expected results. These are some WCO framework standards, which are to be applied effectively.
