July 06, 2017
Supply chain managers charged with leveraging preferential trade agreements can take advantage of opportunities in new markets for companies by simplifying the compliance and qualification processes, note spokesmen for Amber Road.
“With many new free trade agreements (FTAs) on the horizon or just passed, sourcing decisions can be made with an eye towards potential trade benefits from the start,” they add.
“There are new FTAs that will come into existence this year,” a spokesman told Supply Chain Management Review in an interview, noting that President Trump had recently signed a GSP for travel goods.
“Amber Road is still adding more global trade agreements through the year.”
Amber Road, a leading provider of global trade management (GTM) solutions, recently announced that they have added 89 trade agreements to their Free Trade Agreement (FTA) Management solution, bringing the total to over 120.
FTA identification and qualification in Amber Road’s solution is powered by its Global Knowledge database of global trade content, which contains the rules of origin, product classifications, and duties and taxes for the major trade agreements.
Amber Road now supports new agreements in North America, Asia, Europe and South America.
This includes many of the bilateral/multilateral agreements such as the African Growth and Opportunity Act (AGOA), the ASEAN-Japan Comprehensive Economic Partnership Agreement (AJCEP), the European Free Trade Association (EFTA), the China-Switzerland FTA, the Mexico-Central America FTA, and the many Generalized System of Preferences (GSP) programs that have emerged recently.
Utilizing Amber Road’s FTA Management solution can help open up new markets for companies by simplifying the compliance and qualification processes.
With new FTAs just passed or on the horizon, such as the EU-Canada FTA, sourcing decisions can be made with an eye towards potential trade benefits from the start.
“The Free Trade Agreements solution is a cornerstone solution of a GTM platform and our customers have been accelerating investments in this area over the last few years,” said Nathan Pieri, Chief Product Officer of Amber Road.
“By expanding the number of FTAs available on our platform, we can increase the percent of a supply base that qualifies for the duty savings benefit these special trade programs afford.”
The Amber Road GTM platform allows a multi-national company to manage all their FTAs under one centralized and common process.
Additionally, since the Trade Agreement module is tightly coupled with the Export and Import modules, the “reduction of duty” benefits are seamlessly integrated with the global supply chain execution processes.
With the recent addition of 89 new FTAs into its global trade content database, Amber Road has become the global leader in this area.
“We believe Amber Road supports more FTAs than any other vendor by a wide margin,” said Jim Preuninger, CEO of Amber Road.
“Amber Road has witnessed exceptional demand for its FTA solutions from both new and existing customers over the past four quarters.”
Amber Road’s FTA Management solution automates the supplier solicitation, qualification and certificate management processes, enabling importers and exporters to take advantage of preferential duty programs and save millions in duties and taxes.
About the author
Patrick Burnson is executive editor for Logistics Management
and Supply Chain Management Review
magazines and web sites. Patrick is a widely-published writer and editor who has spent most of his career covering international trade, global logistics, and supply chain management. He lives and works in San Francisco, providing readers with a Pacific Rim perspective on industry trends and forecasts. You can reach him directly at [email protected]