WASHINGTON December 6, 2000 -- BUSINESS WIRE From2, a provider of international trade automation and intelligence solutions for companies that buy, sell or ship goods globally, today announced the release of TradeBase, an information technology that automates the process of identifying a country's applicable tariffs, duties and taxes and confirming import/export compliance with governmental requirements and procedures. This includes country-specific laws, regulations, trade rules, administrative rulings, import/export restrictions, embargo/boycott status, denied party status/screening, preferential programs and related information.
Built on an Internet technology platform, TradeBase includes a database that maintains the import/export costs and trade regulations for over 100 countries, a rules engine that can determine what documents are needed to move the goods from one country to the other, and the software that can produce the documents. Using any Internet browser, subscribers to TradeBase are able to search one or multiple countries for any product by harmonized tariff schedule code or key word description to obtain real-time tariff, duty and tax information, as well as confirmation of compliance with all governmental regulations and requirements pertaining to imports and exports. With online access to tariffs at the full 10-digit level and the most comprehensive and up-to-date trade information available today, TradeBase sets the standard for global trade information.
From2's experience in the fields of trade intelligence and compliance is derived from its world-class team of former U.S. Customs Service, Department of Commerce and other trade-related industry professionals. Based in Washington, D.C., with affiliate offices throughout the Americas, Europe and Asia, From2's Office of Trade Compliance is headed by Sam Banks, former acting commissioner for the U.S. Customs Service, and Lenny Feldman, former senior attorney for the U.S. Customs Service.
Ten to 25 percent of every product's cost is in some way related to a logistics function, said Charlotte Gallogly, president of the World Trade Center Miami. With more than $10 trillion in global trade, companies that take advantage of TradeBase will be able to bring products to market faster, reduce inventory investments, lower costs, improve customer satisfaction and grow their business globally.
Companies involved in global trade are faced with increased legal risks and greater liability. According to Forrester Research Inc., In the past quarter alone, 20 percent of all U.S. imports were not in compliance with trade regulations, and 10 percent resulted in fines. During the first half of 2000, U.S. Customs closed over 300 Section 592 civil penalty cases and assessed more than $22 million in fines. With TradeBase, companies will now have access to accurate, current information that will result in more seamless, predictable cross-border transactions and fewer delays clearing customs.
TradeBase will be offered on a subscription basis for qualifying companies that need current and regularly updated trade data.