70% companies fail to utilize FTA

As countries are signing free trade agreements (FTAs), around 70% companies are not fully utilizing such agreements and are paying more in tariffs and duties, an international survey revealed.

The biggest challenge companies face are manual processes, disparate systems, managing complex and changing regulatory requirements.

The Thomson Reuters and KPMG survey collected responses from 446 corporate trade specialists in 11 countries.

"Many corporates are struggling to meet complex compliance requirements using inefficient manual processes that can expose their companies to risk, consume time and resources, and don't leave time for activities that directly impact the bottom-line," says the survey.

Image credit: Indiatimes