Did you know that there are currently 291 regional trade agreements in force around the world? According to the World Trade Organization, RTAs have risen over the years and will continue to grow. Trade agreements has become a hot topic these days, especially when there’s been a lot of discussions around Brexit, NAFTA, and other trade-related treaties. How can companies prepare and adapt given changing trading policies?
While managing trade agreements is important for most organizations that import and export qualifying goods, it can be a tedious effort and most of this process is done manually. Organizations often sacrifice savings on import duties due to the significant paperwork required. You need a solution that will enable you to find potential duty savings and easily take action. If you’re looking to identify opportunities that will reduce your duty and tax payments, Oracle Global Trade Management Cloud allows you to proactively leverage these trade agreements opportunities, allowing you to reduce your duty payments, reduce your employee workload, as well as sell at a lower price to your customers.
Streamline Trade Operations with Automated Processes
Why is it important to have a global trade management solution that supports trade agreements?
- Proving origin under trade agreements is complex and challenging
- Compliance burden & risk is significant when tracking data and documentation required to administer a trade agreement
- Importer is held liable if reduced duty rates are incorrectly claimed and governments will want to recover lost duty
- Manual processes are costly and prone to error when managing trade agreements across a large product portfolio
Oracle Global Trade Management Cloud can help, learn more here.
Easily Leverage Tax and Duty Savings Opportunities
There is a growing list of trade agreements out there, with more countries establishing new agreements or joining existing agreements every year. We are continuously developing and adding additional enhancements to Oracle Global Trade Management Cloud, so you can easily leverage opportunities on tax and duty savings.
Manage trade agreements within the customs management module of Oracle Global Trade Management Cloud, and now available as part of our 19B release. Watch this short preview of the new features available.
Phase 1 of Trade Agreements will allow you to identify items and goods that are eligible for trade agreements, compare potential duty rate savings, work with suppliers on collecting data and certificates.
- Supplier Solicitation and Campaign Management: Collaborate with suppliers to collect data and documentation in support of declaring goods under preferential trade agreement rates.
- Rules of Origin Analysis: Analyze your bill of materials to see if it qualifies for any trade agreements and produce the necessary certificates when it does.
- Shipment Management: Screen shipments for opportunities to leverage trade agreements and ensure they comply with relevant regulations.
- Customs Entry Management: Prepare the needed entries and documentation and then either self-file or share the information with your broker.
Trade Agreements enables companies to create and manage campaigns soliciting data and documents from businesses in support of trade compliance and customs processes. These campaigns can be used for activities including country of origin management and certificate management associated with Free Trade Agreements and other reduced duty programs.
Learn more about what’s new in our current OTM-GTM release here.