QP/WP is the electronic filing of a CF7512 form or In-Bond document to U.S. Customs and Border Protection. Import and export businesses can use QP/WP to move goods In-Bond to another location. In action, this electronic filing smooths out much of the process of moving goods, which used to be bogged down with unnecessary steps.
Where Did the Name Come From?
No one is quite sure where the name "QP/WP" came from. It has no official definition, but within the international commerce community, it is largely believed to be short for "quick processing without paper." Sadly, even that acronym is not true as QP/WPs actually do require the use of paper.
Electronic Filing Needs Paper?
When a company files a QP/WP, they still are required to print the CF7512 paperwork associated with that QP/WP. This printed paperwork has to accompany the product you filed it for. The CF7512 printout has bar code prints on it so that it can quickly be scanned to show that the merchandise the company requested to have moved In-Bond has been authorized for that movement.
Customs and Border Protection also finds these bar codes convenient. They can easily scan the CF7512 to check the merchandise's status and either approve or deny the movement. The code also helps to automate some of the arrival process.
QP/WP Helps to Streamline Movement
Before QP/WP was implemented, companies had to send the CF7512 to Customs and Border Protection and wait for them to sign each CF7512 form and send it back before their goods could be moved. This made the process of trying to move goods In-Bond unnecessarily lengthy and complicated. With QP/WP, however, the process is streamlined and virtually instantaneous.
Applications for QP/WP
Lots of international traders are using QP/WP to move their goods In-Bond from their port of arrival to their chosen Foreign-Trade Zone (FTZ). However, it can also be used to export products from an FTZ out of the United States In-Bond so that they do not have to pay duties on their FTZ merchandise.
We wish to note that QP/WP is not exclusively for companies that use FTZs. Any company that needs to move its goods from a port of arrival to another port to make entry can use QP/WP to bond their merchandise. It can be used for literally any kind of CF7512 In-Bond movement or zone-to-zone transfers to and from any U.S. trade zones.