WITA > FORBES: Most Exporters Don’t Take Advantage Of Free Trade Agreements, Survey Finds
FORBES: Most Exporters Don’t Take Advantage Of Free Trade Agreements, Survey Finds
Most companies involved in import and export don’t use free trade agreements that are available to them, according to a new survey by Thomson ReutersTRI +% and KPMG.
The reason they don’t use them is that complying with rules of origin and other requirements is so complicated and time-consuming that companies find it’s not worth the trouble or the risk of penalties for non-compliance.
“Not only can compliance with the regulations be burdensome and non-compliance result in costly penalties, but the fear of non-compliance can lead to savings opportunities not taken,” said James Carneiro, a Thomson Reuters trade expert. “The complexity for both importer and exporters in dealing with FTAs is already significant and bound to increase over time.”
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