Management Dynamics and FTZ Corporation Announce Strategic Partnership
Alliance will Integrate and Expand the Use of Foreign Trade Zones in Global Trade Management
EAST RUTHERFORD, NJ, May 12, 2010 -- Management Dynamics, a leading provider of Global Trade Management solutions, today announced a strategic partnership with FTZ Corporation, a leading provider of Foreign-Trade Zone consulting services and developer of the SmartZone Premier application. The partnership seeks to expand the use of foreign-trade zones integrated with core Global Trade Management (GTM) processes of import, export and trade agreement management.
Foreign-Trade Zones have been in use for nearly seventy six years with the passage of the Foreign-Trade Zones Act of 1934 to expedite and encourage foreign commerce. Foreign-Trade Zones are now a key component of U.S. trade policy and offer companies several opportunities to reduce costs with:
Exemption of duty payment upon re-export of goods
Relief from inverted tariffs where raw materials with high duty rates can be transformed to an end product with a low duty rate
Use of consolidated weekly entries to reduce merchandise processing fees (MPFs)
Deferral of duty on any inventory stored within an FTZ
TradeWizards.com is a streamlined version of Amber Road's Trade Wizards solution, which is presently used by companies around the world to make better global trade decisions. Upgrading to the paid version of Trade Wizards offers unlimited transactions and additional capabilities in the areas of export and import controls and trade documents.