International Trade Agreements
New and shifting free trade agreements present risks and opportunities for companies that move materials, parts, and products over borders. To navigate these risks and gain an advantage on the global market, complex manufacturers need deep visibility into their supply chains.
Compliance With Major Trade Agreements
To navigate free trade agreements, manufacturers need to know the origin, route, and destination of the parts in their products as well as the countries they travel through. Any changes to a product or its sourcing will impact whether or not it falls under certain trade agreements. And that’s just to manage existing agreements. If a new trade agreement is brokered, manufacturers need to know, as it could impact their supply chain.
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Keeping up With Trade Agreements
With so many trade agreements worldwide, manufacturers must expend resources scoping each product type for each country. This requires spending time and resources contacting suppliers, collecting data, and organizing that information. On top of that, the data is always changing, and it can be difficult to collect data from multiple suppliers to ensure your company can continue to trade.
The Risks of Non-Compliance With Major Trade Agreements
To keep up with changes and growing demands for transparency at international borders, manufacturers are spending significant internal resources on data collection instead of revenue-generating tasks. Without full transparency into their supply chain, instead of benefitting from discounts related to trade agreements, companies often overpay tariffs directly or through suppliers who pass tariff costs down to their customers. High prices related to unforeseen tariffs could also result in the loss of clients or market access.
Managing Data for Trade Compliance
Companies that effectively use free trade agreements lower their costs and streamline trade. This guide explains how to efficiently manage trade compliance data to take advantage of these savings and mitigate risk.
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The Assent Advantage
Assent does what no one else can. We’re the only platform built specifically for complex manufacturers, allowing you to manage compliance data in a single platform — built on industry best practices — across your entire company. Our subject matter experts can also provide insight into product classification codes and available trade agreements.
Solutions for Trade Compliance
Learn about our trade compliance capabilities and how it uncovers hidden risks and opportunities.
Industry Solutions for Complex Manufacturing
Discover how our automated supply chain sustainability management solutions help complex manufacturers see deeper, be smarter, and grow better.
International Trade Agreements Resources
Browse related education, regulatory information, and expert-led webinars from our resource library and blog.
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