Global trade management (GTM) software provider Amber Road has increased the global coverage of its Free Trade Agreement (FTA) Management solution with the addition of 89 global trade agreements, the firm said Thursday.
The FTA product now covers more than 120 global trade agreements, using its "global knowledge" database of trade content to track variables such as the rules of origin, product classifications, and duties and taxes for the major trade agreements, the East Rutherford, N.J.-based company said.
The platform now supports agreements in North America, Asia, Europe, and South America, including 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.
Customers apply the FTA Management solution to weigh the potential trade benefits of entering new markets and to simplify the compliance and qualification processes, the firm said. Further, the expanded Trade Agreement module is tightly coupled with Amber Road's Export and Import modules, allowing multinational companies to integrate "reduction of duty" benefits with their global supply chain execution processes, the company said. https://www.amberroad.com/solutions/free-trade-agreements.shtml
The FTA Management solution also 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, according to Amber Road.