Costs associated with managing and maintaining free trade status increase with every negotiated free trade agreement. In today’s economic climate, producers must find ways to protect their bottom-line from these growing operational expenses while capitalizing on new trade opportunities. Manufacturers need a system that will help expand their opportunities while controlling costs.
Managing free trade on an ongoing, annual basis is difficult. With hundreds or even thousands of suppliers and sometimes tens of thousands of products and parts coming from both domestic and foreign sources, obtaining accurate and supportable certifications of origin in a timely fashion from suppliers can be time consuming, error prone and costly. Relying on manual systems to obtain and review supplier certifications is inefficient and risky due to the high potential for human error.
Likewise, issuing accurate and timely origin certification to customers for self-produced products is a real challenge. Each bill of materials must be analyzed at the purchase level together with associated Harmonized Tariff classifications and supplier origin certifications to determine whether the requirements of each specific rule of origin have been met. Once issued, manufacturers must monitor the product qualification to ensure the accuracy or validity of the certification will not change.
PwC can help with origin automation that simplifies your free trade processes
Cost reduction, free trade optimization and compliance risk management can all come through proper execution of standardized, efficient processes that utilize technology to assist with high volume data gathering and crunching.
The OriginCompliance™ program provides a standardized and simplified certification process, automatically applies origin rules under multiple free trade requirements and offers a web-based means to collect and maintain supplier information.
Contact a member of our team today so we can help you automate and simplify your free trade processes.