What should trade practitioners of global companies “KNOW” about the operations they serve to take advantage of free trade agreements (USMCA, CPTPP, CETA, RCEP, AfCFTA, etc.)?

• Keep informed, awareness is critical, stay alert to any upcoming changes to the global FTA landscape (know your news)

• Identify existing and future duty reduction opportunities; has your business plan changed, can circumstances allow you to benefit from an FTA? (know your company)

• Exploit your transaction data repository to find trends and anomalies that may impact your FTA duty reduction yield. (know your data)

• Analyze supply chains; what tweaks can be made to restructure existing transactions into one or more of the various FTA requirements? (know your transactions)

• Collaborate with supply chain partners; can you structure transactions and fit into an FTA for your mutual best interests? (know your suppliers)

• Consider inclusion of FTA eligibility within the contractual terms and conditions. (know your contracts)

• Do not pursue an FTA just for the sake of doing so, it may not be cost effective. (know your landed costs)

• Lobby your legislators to adopt/join new FTAs or amend existing FTAs to your advantage. (know your government)

• Find a best-in-class FTA electronic solution that works with your ERP and supports what-if analysis. (know your systems)

• Stay compliant at all times, FTAs are very complex and are likely to be priority audit concerns for custom authorities. (know your regulations)

• Make sure you have the most well trained and competent staff and providers. (know your SMEs)

• Alert decision makers to opportunities and plans. (know your leadership)