Key Capabilities to Reduce Trade Barriers
Data and compliance integrity
Rapidly determine eligibility and perform integrity checks to identify missing and invalid origins determination data for transactions.
Inbound certificate of origin
Your organization can maintain accurate and valid certificates of origin for sourced materials at all times.
Compliance console
The console provides details on the FTA origin determination process and outlines the compliance checks conducted along with their results.
Auditing and reporting
The system offers a comprehensive audit trail documenting the origin determination process, establishing a permanent record for your organization.
Next Steps
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Frequently Asked Questions
What are free trade agreements?
Free trade agreements are pacts between nations establishing free trade zones. These zones are created by reducing international trade barriers between participating countries, typically through the decrease or removal of import duties and tariffs. A familiar example includes the North American Free Trade Agreement (NAFTA), now succeeded by the United States Mexico Canada Agreement (USMCA).
What advantages does a FTA provide?
Free trade agreements aim to boost international commerce between participating countries, primarily by reducing or removing trade obstacles and tariffs. For example, when an importer receives goods from a nation that shares a free trade agreement with their own, they anticipate decreased final costs and fewer trade restrictions. In this case, it encourages importers to favor sourcing from countries that have such agreements with their jurisdiction.
What challenges are associated with FTAs?
A major barrier for companies that wish to leverage free trade deals focuses on the complexity of FTA compliance. Furthermore, if a company works across many different geographies or trading blocs, the challenges become even more burdensome. Additionally, a key complication in FTA compliance is that not all products manufactured within a participating country qualify for tariff reductions or eliminations. Eligibility hinges on meeting the FTA's "Rules of Origin," which may involve assessing material origins, material costs, and in certain instances, the labor costs involved in production.
