WALLDORF, Germany -- Apr. 22, 2004 -- SAP AG (NYSE: SAP) today announced a new agreement with FedEx Trade Networks, a subsidiary of FedEx Corp. (NYSE: FDX), to help companies drive cross-border trade efficiencies and thrive in the global marketplace. Companies will now have the opportunity to integrate and utilize worldwide duty and tax data from FedEx Trade Networks through SAP® Global Trade Services (SAP GTS), a cross- function business application that is powered by the open SAP NetWeaver? integration and application platform.
FedEx Trade Networks and SAP are working together to help companies automate, standardize and enhance international trade processes. The seamless integration between FedEx Trade Networks, SAP GTS and the customers' SAP or non-SAP enterprise resource planning system helps mitigate trade risks and allows for enhanced supply chain transparency. Trade compliance managers are now able to review and calculate imports and exports accurately, since the flow of goods is visible via SAP GTS. Automatic updates, including harmonized tariff system numbers and duties supplied by FedEx Trade Networks, support cross-border transactions that ensure trade compliance and accuracy.
"FedEx Trade Networks will now offer SAP GTS customers a competitive advantage with up-to-date customs duty and tax information from more than 118 countries worldwide," said Ed Clark, president and CEO, FedEx Trade Networks. "Importers and exporters worldwide are now able to benefit from tariff schedules that are continuously collected, simplified, standardized and translated into English and uploaded into SAP GTS."
SAP GTS customers now have the ability to purchase and utilize FedEx Trade Networks data to plan, bid, operate and audit duty and tax data more effectively. Maintained by WorldTariffSM, a FedEx Trade Networks product, the continually updated data enables SAP GTS customers to:
Enhance supply chain compliance by having access to accurate product classifications and corresponding duty and tax information in one central location Audit product classifications in foreign markets ensuring subsidiaries (or affiliates) pay the lowest legal duty rate Save money in global purchasing by choosing the lowest-priced vendor based on total landed cost, which includes prices, taxes and shipping costs
"Complying with trade regulations, expediting customs clearance and reducing overall costs of cross-border trade are critical goals for companies that seek to remain competitive in today's market," said Shai Agassi, member of the executive board, SAP. "With FedEx Trade Network's duty and tax information, SAP GTS will help businesses further streamline international trade processes and drive enhanced customer service. This new relationship is representative of our commitment to providing a holistic global trade solution to our customers."
"In addition to enhancing global compliance, having country-specific duty and tax information enables companies to make informed decisions related to their product planning and manufacturing site selection," said Ed Clark. "It's this kind of market intelligence that will allow SAP GTS customers to make more informed international business decisions and take advantage of new market opportunities."
