Dulles, VA June 6, 2002 The Packaging Machinery Manufacturers Institute (PMMI), a non-profit trade association representing 508 original equipment manufacturers of packaging and related converting machinery, has licensed Vastera's TradeSphere solution with the goal of helping its members to trade more effectively around the world.
Vastera provides software, trade management consulting and managed services intended to streamline global business.
PMMI has licensed the TradeSphere solution to provide landed cost information for international shipments, which could help its members to make more educated decisions about buying and selling. Landed cost information from TradeSphere includes such information as duties, taxes, fees, insurance costs and transportation costs.
Vastera said PMMI members will also be able to classify products more quickly and accurately with the help of TradeSphere's Harmonized Schedule Number Lookup feature. By classifying products accurately, companies can eliminate overpayment of duties and avoid delays at customs due to inaccurate product information.
"PMMI member companies sell equipment to all parts of the world," said Jorge Izquierdo, director of global marketing at PMMI. "Vastera's TradeSphere capabilities will help members make sense out of all the duties, taxes and tariffs that are a part of international commerce. With more than 85 percent of PMMI members exporting equipment around the world, Vastera will provide a direct benefit to a large number of our membership by providing them with more comprehensive cost information to enhance sourcing decisions."
"More and more companies are beginning to realize the significant cost implications of the overpayment of duties and customs delays," said Greg Stock, vice president of marketing for Vastera, in commenting on PMMI's adoption of the solution.
The foundation of these solutions is Global eContent, a comprehensive, rules-based application of country-specific trade and regulatory content, which is updated daily.