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Global Trade Services: Why you need it and What are the Benefits?
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Global Trade Services: Why you need it and What are the Benefits?

Global Trade Services delivers automated services that allow enterprises to comply with various trade regulations, effectively move both goods and information across border, and manage financial risk while trading on a global basis.

Global Trade Services can be linked to one or more ERP systems. When the data is not in order, Global Trade Services (GTS) blocks further processing in the ERP system until the necessary license and legal data are up-to-date Business Package.

Why you Need Global Trade Services?

There is tighter national security and added legal responsibilities on businesses and strict enforcement after events of 9/11. More regulations are being drafted and implemented after events of 9/11 like Anti Terrorism Regulations - Companies have to screen, identify and KNOW their business partners, Cargo Security Initiative (CSI), C-TPAT (Customs Trade Partner Against Terrorism). Companies need to strictly adhere to changing regulations or risk costly fines

There is greater demand for automation. Governments are modernizing their systems and expect businesses to communicate electronically, such as AES (Automated Export System) in the US, NCTS (New Computerized Transit System) in Europe, ICS (Integrated Cargo System) in Austria

Streamline your cross-border trade processes. Know you import and export transactions are compliant and expedite clearance through customs. Helps you to claim duty concessions and refunds

Delivers integrated processes. Manage compliance, customs and risk as an integral part of your business activities, not as an after-thought

Global Trade Services (GTS) is an enterprise-wide, centralized application that enables your company to comply with worldwide trade regulations, communicate electronically with customs authorities and manage information that is relevant to foreign trade. It provides reporting features, especially for audits, that enable you to handle changing import and export requirements and controls.

The solution is designed to be integrated with multiple ERP systems in a heterogeneous environment. It can be implemented without changing your existing logistics processes.

Global Trade Services (GTS) facilitates interactions between companies and customs agencies, driving the efficient movement of goods and information across international borders. It enables companies to work in compliance with legal regulations and to adhere to standardized processes including, for example, the European New Computerized Transit System (NCTS). The overall result is an acceleration of cross-border trading and avoidance of shipment delays.

Global Trade Services Why you need it and What are the Benefits

Global Trade Services Why you need it and What are the Benefits

In addition, GTS supports the production of international shipping documentation, including commercial invoices, entry summaries, and pre-clearance notifications. It automates the process of assigning official commodity codes and Harmonized System numbers to the product master. A phonetic classification tool can be used to retrieve classification data from third party data providers and then associate the data with a customs product master.

Global Trade Services (GTS) also supports indicating goods for preferential customs treatment and assessing whether all the prerequisites for preferential customs duty rates have been fulfilled, thereby facilitating a competitive advantage over competitors due to reduced or zero rates of customs duty on goods with preferential origin.

Finally, restitution handling processes can be simply and effectively mapped into standard export processes in GTS to mitigate financial risks in global trading with the help of tools to monitor and control these customs processes.

  • Compliance Management ensures that complex international regulations are adhered to in the areas of: Sanctioned party list screening, Import/export controls and Embargo checks
  • Customs Management is used to handle cooperation with customs authorities with the main focus on implementing electronic shipping procedures. The main areas are: Customs communication service, Duty calculation, Product classification and Trade document service.
  • Risk Management provides mechanisms to ensure that all parties involved in cross-border trade meet their contractual obligations and helps mitigate financial risks while trading on a global basis. The main areas are: Restitution handling and Preference processing.

 

What are the Benefits of Global Trade Services?

  • Make the relevant information available to specialists in other departments besides the foreign trade department.
  • Reduce costs by blocking potentially non-compliant business transactions at an early stage.
  • Save time by reproducing information for different company associates, instantly.
  • The advantages of cloud service which require only a PC and a Web browser.
  • The quick overview and easy access of information through the Web browser
  • Make the relevant information available to specialists in other departments besides the foreign trade department.
  • Reduce costs by blocking potentially noncompliant business transactions at an early stage.
  • Save time by reproducing information for different company associates instantly.
What are the Benefits of Global Trade Services

What are the Benefits of Global Trade Services

What are the Trends and Issues in Global Foreign Trade?

  • Drive for inventory turns
  • Smaller, frequent orders
  • No margins for error
  • JIT (Just in Time)
  • Sourcing from overseas Suppliers
  • Corporations are restructuring with a global focus
  • Driving to reach economy of scale from global structuring
  • New competitors are moving into global markets
  • More regulations are being drafted and implemented
  • Vigilance and enforcement is on the rise
  • Governments are requiring more record keeping processes
  • Governments are requiring more electronic communication
What are the Trends and Issues in Global Foreign Trade

What are the Trends and Issues in Global Foreign Trade

What is Global Trade Services?

Global Trade Services (GTS) is an enterprise-wide, centralized application that enables your company to comply with worldwide trade regulations, communicate electronically with customs authorities and manage information that is relevant to foreign trade. It provides reporting features, especially for audits, that enable you to handle changing import and export requirements and controls.

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imanuel