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EAST RUTHERFORD, NJ, May 18, 2012 -- Amber Road, formerly Management Dynamics, a
leading provider of Global Trade Management (GTM) solutions, today announced
that its Global Knowledge® database of trade content was updated within 24
hours of President Obama's signature on a presidential proclamation putting the
U.S.-Colombia free trade agreement (FTA) into force.
"Because the agreement specifies
changes in rules of origin and HS codes, it is critical for our customers to
receive the updated content immediately," said Anthony Hardenburgh, vice
president of Global Trade Content at Amber Road. "In fact, the U.S.-Colombia FTA
is affecting 20,681 HS codes and 858 rules of origin. This is a significant
amount of content that required collection, analysis and interpretation so it
could be implemented in our software at the time of the president's signature."
Especially for organizations
already doing business with Colombia, the FTA could mean substantial reductions
in landed costs due to preferential treatment on thousands of items. In fact,
over 80 percent of U.S. exports of consumer and industrial products to Colombia
will become duty free immediately.
According to the Office of the
U.S. Trade Representative (USTR), tariff reductions in the agreement will expand
exports of U.S. goods alone by more than $1.1 billion, and the International
Trade Commission projected the agreement will increase U.S. GDP by $2.5 billion.
"While trade compliance
professionals understand the importance of having up-to-date trade content and
its critical role in applying for preferential duty status, embedding this
content into their business process is another challenge," said Scott Byrnes,
vice president of marketing at Amber Road. "Amber Road's Global Knowledge® is
not only the most comprehensive collection of trade content in the industry, but
also the fuel that powers hundreds of GTM implementations worldwide."
As countries around the world
continue to expand the scope of these preferential programs, companies engaged
in global trade need a GTM vendor possessing both trade expertise and the
ability to quickly operationalize dynamic trade regulations. For more
information on Amber Road's Global Knowledge®, Click Here.
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