Did you know that there are over 300 Preferential Trade (PTA) or Free Trade (FTA) Agreements in place across the globe?
With so many trade agreements out there, how can your company leverage multiple trade agreements for the best possible impact? Despite the option to qualify for multiple trade agreements, most companies – due to limited resources and manual processes – are missing out on fully leveraging the potential. And there is good reason to utilize trade agreements not only to take advantage of duty savings potential, but also for the opportunities for improvements in the sourcing of products.
Leveraging multiple trade agreements means that companies are required to:
- Manage and maintain free trade agreement rules of origin
- Research each product classification number and qualification status
- Obtain product information and certificates of origin from suppliers
When done manually, satisfying these requirements can be a time-consuming task.
Utilizing an automated solution like Integration Point Free Trade Agreement Management, companies can automate the core functions and processes associated with managing trade agreements from beginning to end. This automation helps to increase productivity which leads to taking advantage of additional trade agreements without adding burden to the allocated resources.
For more information on how to manage multiple FTAs through automation, click here to download our Whitepaper.
If you are ready to reap the benefits of leveraging automation to manage multiple free trade agreements, contact us today!