Landmark Free Trade Agreements Ratified by Congress
Amber Road FTA Solution Poised to Assist Importers and Exporters to Capitalize on Reduced Duties
EAST RUTHERFORD, NJ, October 12, 2011 -- The United States Congress ratified several landmark free trade agreements (FTAs) with South Korea, Colombia and Panama. While still awaiting the President's signature, which is expected, these agreements are sure to usher in a new level of trade activity with these countries.
Proponents list a host of benefits from FTAs, including expanded access to markets for both goods and services, greater protection of intellectual property rights, and a growth in jobs that would accompany the opening of new markets.
Amber Road offers a comprehensive Free Trade Agreement (FTA) management solution that provides solicitation and qualification in order to determine if a company's product is eligible for preferential treatment. This can have a significant impact on the applicable duties for their products resulting in reduced total landed costs.
For example, upwards of 80% of the US goods exported to Colombia will be duty free under the FTA with Colombia --the third largest economy in Central and South America. The US International Trade Commission (ITC) stated that the discussed tariff reduction will increase US exports by more than $1.1 billion. (Source: http://www.ustr.gov/uscolombiatpa).
"As these agreements come into effect, exporters of all sizes will have the opportunity to benefit from the associated economic gains," said Anthony Hardenburgh, vice president, global trade content, Amber Road. "And, because Amber Road has a comprehensive suite, including import/export trade compliance and sourcing optimization, the solution ensures that FTA gains don't come at the expense of costly compliance errors or missed opportunities to reduce landed costs."
Amber Road' Trade Agreements software maintains and updates rules of origin, duties and taxes for major preferential trade agreements. The solution tracks inventory, manages bills of material and generates documents, fully automating the complex and time-consuming tasks associated with trade agreement management. Because of its flexible FTA framework, Amber Road can automate any free trade agreement, and quickly bring on new ones, like the three recently ratified.