A mid-2018 public opinion survey conducted by Pew Research found almost 60 percent of Americans believe free trade agreements (FTAs) between the United States and other countries are generally a “good thing.”
This raises the question: Why then do the overwhelming majority of businesses not take advantage of the agreements, which, after all, are intended to facilitate export activity?
A survey of trade specialists by Thomson Reuters/KPMG found 70 percent of companies do not fully utilize FTAs, “which means they are likely paying more than necessary in tariffs and duties,” the accompanying analysis noted.
Subsequent Thomson Reuters/KPMG research drilled down to determine why the rate of usage is so low and found top concerns that include:
While these may certainly be legitimate concerns, each can be fairly easily addressed, thus clearing the way for a business to benefit from any of the 14 free trade agreements the United States currently has in place that involve 20 different countries.