Accurate, Real-Time Global Trade Content Helps You Get Over Any Trade Wall

Global support

Free trade agreements, foreign trade policies, sanctions and restrictions are making headlines more than ever in the past few decades. The significant renegotiation of the North American Free Trade Agreement (NAFTA) led to the US-Mexico-Canada (USMCA) agreement. Meanwhile, the United Kingdom (UK) has struck numerous bilateral preferential trade agreements with major economies that will be mutually-beneficial and are set to take effect after the completion of Brexit at the end of 2020.

These and other trade policy shifts are disruptive to global supply chains and to businesses and consumers depending on a steady flow of goods. Regulatory modifications require companies to be keyed-in to new or altered trade sanctions, export license requirements, customs documentation, tax and duty codes and stacks of legal mumbo-jumbo.

The UK has initiated 40 trade agreements, with over half already detailed on paper. Britain’s governmental trade negotiators wasted no time getting started, especially since trade is one of the supposed benefits of the split from the EU. According to a Bloomberg news article in July 2020, “The opportunity to secure free-trade agreements with non-EU countries was a key argument made in favor of Brexit, and the U.K. is in negotiations with countries including Australia, New Zealand, Canada, Japan and the U.S.”

To realize benefits from Brexit, however, companies doing any business transactions in the UK need to adhere to the various regulations, reporting and record-keeping requirements of all these new agreements. But even if duty savings aren’t on the table, anyone importing or exporting goods in the UK has the responsibility to comply with all of the new trade regulations. To do this properly, companies need to understand and apply massive amounts of legal information to their transactions. The trade content used for cross-border transactions includes harmonized tariff schedules, tax, duty and tariff rates, license requirements and any controls that might apply to the shipment. To efficiently import or export goods, shippers need fast access to data for all the countries where they trade. Relying on internally sourced trade content is difficult, especially in a turbulent trade environment.

Many companies lack the personnel and expertise to monitor trade compliance and manage supply chains. e2open’s Global Knowledge® application provides the industry’s most comprehensive database of trade content—and this includes government regulations and international business rules. This content powers the e2open Global Trade application suite by fully supporting import, export, duty management and logistics processes with the most current data available anywhere.

Global Knowledge is the digital embodiment of the legalese that makes up the trade regulations, similar to a digital twin. It allows data to feed into e2open’s applications for planning, sourcing, supplier management, trade compliance and logistics. Most other competing solutions don’t provide this kind of digital content, and, as a result, most other solutions lead to manual processes for each export and import transaction. With Global Knowledge, companies can realize productivity gains from eliminating these time-consuming tasks.

A few months ago, we committed to helping companies be “Brexit-ready in 24 hours.” As part of that commitment, our trade content team has been diligently building out the regulatory guidance for 21 UK trade agreements. We will continue to monitor the progress of the remaining agreements as the details come to fruition.

Whether your company needs to be Brexit-ready or ready to comply across a diverse global supply base, e2open has you covered.

Latest

December 9, 2024

Leveraging Data in Channel Management to Grow Market Coverage

At some point, you’ve likely heard the adage, “Go where your customers are.” Nowhere could this be truer than in channel management, where optimizing market coverage is a major priority and a driver of growth. However, the recent evolution of the channel landscape has added more complexity to the process. In just two decades, the number of channels available to both B2B and B2C consumers has expanded, creating a “good problem” for companies seeking to increase channel sales.

Read More
December 2, 2024

Employee Spotlight: Diana Olivera

E2open is powered by a strong global network of problem solvers and innovators driven by strong values and our company culture. Together, we are focused on doing what’s right in business and in our communities. Every month, we will shine a spotlight on an exceptional team member who is helping us transform the supply chain industry. This month, we held a Q&A with Diana Olivera, Solution Architect at e2open.

Read More
November 21, 2024

Improving Channel Performance with the Right Channel Management Software

Close your eyes and think about all the places you can now purchase products. There are traditional brick-and-mortar retail outlets like GAP or Dick’s Sporting Goods, or online e-commerce sites like Amazon or Newegg. You can click an ad you see on Instagram or Facebook, or maybe your favorite YouTuber shared a new product. It's never been easier for companies to reach customers. However, this proliferation of channels presents brands with a plate of jumbled spaghetti noodles – disparate partners and mounds of unorganized data – and they are left to try and sort out one strand of pasta from the next. Such complexity demands a more sophisticated, organized approach to channel management.

Read More
Subscribe to Receive e2open Updates

E2open Subscription Center

Interested in Learning More? Stay current with the latest e2open news – from company updates to thought-leadership pieces, and so much more!

Complete this form to subscribe to e2open updates.

Are you ready to boost your supply chain capabilities? Let's get started.

Let's Get Started