According to the Office of the US Trade Representative (USTR), the tariff reductions in the Agreement will expand exports of US goods alone by more than $1.1 billion, supporting thousands of additional American jobs. The International Trade Commission also projected that the Agreement will increase US GDP by $2.5 billion. The Agreement will remove significant barriers to US goods from entering Colombia’s market, as over 80 percent of US exports of consumer and industrial products to Colombia will become duty free immediately, with remaining tariffs phased out over the next 10 years.

Because the agreement specifies changes in rules of origin and HS codes, Amber Road was anticipating the formalization with the necessary updates to its extensive body of trade content, known as Global Knowledge^®. Amber Road’s trade specialists constantly monitor government information feeds from around the world to ensure that the Global Knowledge^® database is kept current as trade regulations change.

In fact, the US-Colombia FTA is affecting 20,681 HS codes and 858 rules of origin. Amber Road’s customers will see these changes within 24 hours of the effective date of the agreement. No other vendor in the industry provides that level of service when it comes to trade content.

You can read the full press release here. To learn how Amber Road can help your company realize the benefits of an FTA program, check out our Trade Agreement Management brochure.

The International Trade Commission estimates that the reduction of South Korean tariff and non-tariff quotas on goods alone will add between $10 and $12 billion to the annual US GDP, and around $10 billion to annual merchandise exports to South Korea.  According to Ron Kirk, Ambassador of the U.S. Trade Representative, once the agreement goes into effect, it will open up South Korea’s $1 trillion economy and strengthen our economy’s partnership with a key Asia Pacific Ally.  To read more about the new free trade agreement, click here.

Is your company prepared to take advantage of this duty-saving opportunity?

The most common reason companies do not take advantage of FTAs is the administrative burden of identifying applicable FTAs and qualifying products. With over 100 FTAs in place around the world, manually administering trade agreements is understandably difficult. Global Trade Management solutions, however, can help you manage the solicitation and qualification process with your suppliers.

To find out how your company can automate this complex process and take advantage of the US-South Korea Free Trade Agreement, check out Amber Road’s Trade Agreement Management solution.

According to Ron Kirk, Ambassador of USTR, the ITEC is among the most significant commitment of resources and expertise since the establishment of the USTR. The purpose of the Interagency Trade Enforcement Center will be to coordinate U.S. trade rights under international agreements, monitor unfair trade practices, as well as identify and eliminate foreign trade barriers. These tasks will hopefully curb the production of counterfeit and unsafe goods and improve market access for U.S. exporters. The ITEC will also strengthen trade enforcement of intellectual property laws.

Chairman of the House Trade Working Group, Rep. Mike Michaud (D-Maine), said, “Signing this order brings us one more important step closer to the level of trade enforcement we need to counter the predatory practices of countries like China.”

Based on the signed executive order, the mission and function of The Interagency Trade Enforcement Center will be to:

(a) serve as the primary forum within the Federal Government for USTR and other agencies to coordinate enforcement of U.S. trade rights under international trade agreements and enforcement of domestic trade laws;

(b) coordinate among USTR, other agencies with trade related responsibilities, and the U.S. Intelligence Community the exchange of information related to potential violations of international trade agreements by our foreign trade partners; and

(c) conduct outreach to U.S. workers, businesses, and other interested persons to foster greater participation in the identification and reduction or elimination of foreign trade barriers and unfair foreign trade practices.

Global trade experts will explain the importance of automating trade compliance processes and the difficulties oil and gas companies face, as well as present recent developments in the industry. By attending this webinar, you will walk away with:

-  A better understanding of the export compliance challenges oil and gas companies are facing
-  Various strategic considerations to think about when implementing an automated trade compliance solution
-  Best practices you can use to improve your company’s export compliance processes

Speakers will include:
Scott Byrnes, Vice President of Marketing, Amber Road (formerly Management Dynamics, Inc.)
Natalia Shehadeh, Director of Trade Compliance, Weatherford
Scott Johnston, Attorney, Specializing in U.S. Import/Export Law, Givens & Johnston, PLLC

Join us and find out how you can automate your trade compliance process!

Management Dynamics, a leading provider of Global Trade Management solutions, today announced that it has changed its name to Amber Road.  The name change comes during a year of rapid expansion, marked by a 40% growth in employees, a 325% increase in European bookings, and the opening of a flagship office in Tysons Corner, Virginia.  This breakout year is anchored by a 33% compound annual growth rate (CAGR) in overall revenue for the past decade. 

“Today, our SaaS-based solutions span fourteen software products that include global transportation management, import/export compliance, supplier management, supply chain visibility and a content knowledgebase covering trade regulations and tariffs for more than 120 countries, “  said Jim Preuninger, CEO.

To learn more, please read the full press release or visit www.AmberRoad.com.

Proponents list a host of benefits from FTAs, including:

- Expanded access to markets for both goods and services

- Greater protection of intellectual property rights

- Growth in jobs that would accompany the opening of new markets

Taking this into consideration, Management Dynamics offers a comprehensive Free Trade Agreement (FTA) management solution that provides solicitation and qualification in order to determine if a company’s product is eligible for preferential treatment. This can have a significant impact on the applicable duties for their products resulting in reduced total landed costs.

To learn more about the Free Trade Agreement Solution, read the full press release here.

Management Dynamics today announced the release of Export On-Demand 1.2, its export compliance solution for small and medium-sized exporters. The new release provides for enhanced compliance screening and management of export licenses. Easily configured and deployed in a SaaS-based model, Export On-Demand can be implemented in a modular fashion without the cost and expense of an on-premise solution.
 
“This latest release of Export On-Demand improves support for global exporters with enhanced embargo and restricted party screening, as well as a new license determination and management module,” stated Nathan Pieri, senior vice president, marketing and product management for Management Dynamics. “The modularity of Export On-Demand allows our clients to first establish a foundation by managing product compliance and screening parties, then adding successive capabilities such as global license management, document generation and filing.”
 
To learn more about the features available in Export On-Demand 1.2, read the full press release.
 

• Suzanne Richer, President, Customs & Trade Solutions, Inc.
• Scott Byrnes, Vice President of Marketing, Management Dynamics, Inc.
• Moderator: Lara Sowinski, Managing Editor of World Trade magazine

 Join us TODAY, Tuesday, April 19 at 2pm EDT.  Register now!
 

This pact is expected to increase U.S. exports to Colombia by more than $1 billion a year, and could result in the creation of thousands of American jobs. Congress must approve the agreement before it can be implemented.

So what are the benefits to U.S. exporters?

• A majority of U.S. agricultural exports to Colombia will become duty-free and almost all tariffs will be eliminated within 15 years
• 80% of U.S. exports of consumer and industrial goods to Colombia will also become duty-free, with the remaining tariffs being eliminated over the next 10 years

It’s unclear when the agreement will be sent to Congress for a vote, but many feel that confirming the deal now is critical. Doing so will allow the U.S. to maintain an economic foothold in the country.

For more information, check out the full article.

Join our webinar, Best Practices for Managing Free Trade Agreement Management Processes, to learn how your company can successfully implement and optimize NAFTA.  Broadcasting live on Tuesday, April 19 at 2pm EDT, presenters will address key findings from this industry benchmark study.  Presenters include:

• Suzanne Richer, President, Customs & Trade Solutions, Inc.
• Scott Byrnes, Vice President of Marketing, Management Dynamics, Inc.
• Moderator: Lara Sowinski, Managing Editor of World Trade magazine

 Join us on Tuesday, April 19 at 2pm EDT.  Register today!