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Free Trade Agreements - trade agreement compliance software solution
The North American Free Trade Agreement, or NAFTA, along with other global free trade agreements have opened the flow of trade. They have also tremendously increased the complexity of customs compliance. Determining whether your goods qualify for NAFTA or other preferential treatment can be a complex, time-consuming process. Working in a dynamic environment that involves thousands of products and hundreds of suppliers in an increasingly competitive market can turn this already complex process into an intimidating ordeal. Developing a workable, effective strategy to take maximum advantage of the opportunities presented by NAFTA and other free trade agreements can be a difficult task.
It's also a very necessary task since inadequate proof of origin can expose you to liability in the form of retroactive duties, serious penalties, fines, or the loss of import privileges.
U.S. Customs as well as other Customs officials of participating countries have substantially strengthened their regulatory audit divisions. In a typical inquiry, Customs requests to see Certificates of Origin supported by full documentary evidence. Compliance assessment teams expect to find a corporate strategy for complying with customs regulations. Without the proper customs compliance procedures in place, an audit could become a nightmare.
TAKE Supply Chain’s Free Trade Agreements software solution takes the worry out of NAFTA or other free trade agreements. It helps you to implement an organized, disciplined, self-documenting approach to compliance.
TAKE Supply Chain provides:
- A qualification process to a product’s bill of material to determine whether it qualifies for preferential treatment. The software produces worksheets that detail how that determination was reached or, in the case where a product does not qualify, documents the reasons why it failed to qualify.
- Extensive analysis utilizing the Specific Rules of Origin that applies to each product, tracking suppliers' Certificates of Origin and manufacturer's affidavits for the proper determination of origin of materials.
- Multi-country capability allowing the classification of the same product using country-specific HTS classifications.
- NAFTA and other free trade agreement Certificates of Origin in the formats approved by each country.
- A complete audit trail of what certificates were provided to what customers, what products appeared on each certificate, and what worksheets prove the products eligibility to appear on each certificate.
With Free Trade Agreements as a strategic tool, you can take advantage of the tremendous competitive advantage NAFTA and other free trade agreements provide. For more information on TAKE Supply Chain’s Free Trade Agreements solution, contact info@takesupplychain.com.