By using TNETS TradeMind Dashboard you can see at a glance which Free Trade Agreements or Preferential Tariff Agreements you could potentially take advantage of.
A Free Trade Agreement (FTA) is a legally binding agreement between two or more countries to reduce or eliminate barriers to trade, and facilitate the cross border movement of goods and services between the territories of the Parties.
Making Use of TNETS TradeMind
TNETS reporting engine is constantly reviewing the various facets of your transactions that need to be aligned in order for an FTA opportunity to emerge. Using TNETS TradeMind Dashboard will give you a very clear indication as to which products will qualify for preferential tariffs.
Start making your exports immediately more competitive and gain an edge over the competition.
Free Trade Agreement Glossary
Certificate of Origin – A document certifying the country of origin of specified goods.
Change in Tariff Classification (CTC) rule – A rule of origin that classifies a product as being domestically-made if the final product has a different tariff classification (HS code) from that of the imported or non-originating raw materials used in the product’s manufacture.
Harmonized System (HS) – An international system of six-digit codes developed by the World Customs Organization that allows all participating countries to classify traded goods on a common basis.
Most Favoured Nation rate (MFN rate, or MFN tariff) – The normal non-discriminatory tariff charged on imports (excludes preferential tariffs under free trade agreements and other schemes); applies only to World Trade Organization members.
Preferential Certificate of Origin – A document certifying the country of origin of specified goods that enables the importer to claim preferential tariff treatment for the goods under a free trade agreement.
Rules of Origin (ROO) – Rules that define how a product’s country of origin is determined for the purpose of establishing whether the product qualifies for preferential tariff treatment under a free trade agreement. For manufactured products, the main principle behind the concept of ROO is that the country of origin is the last country where substantial transformation took place.
Tariff (or import duty) – A form of tax levied on merchandise imports by customs in the importing country, giving a price advantage to similar goods produced locally. Tariffs can be levied on an ad valorem basis (percentage of value) or on a specific basis (a specific dollar amount per unit of measure).