What is 'preference processing' in SAP SLL - Global Trade Services?

preference processing - Overview

• Component: SLL

• Component Name: Global Trade Services

• Description: Process that is used to determine whether a product is authorized for preferential customs duty due to the origin of the product or its processing.

preference processing - Details

• 
  Key Concepts: 
  Preference processing is a feature of SAP's Global Trade Services (GTS) component that allows companies to manage their international trade operations more efficiently. It enables companies to identify and apply preferential trade agreements, such as free trade agreements, to their transactions. This helps them to reduce costs and increase profits. 
  
  How to use it: 
  To use preference processing, companies must first identify the applicable preferential trade agreements for their transactions. They can then configure GTS to recognize these agreements and apply them automatically. GTS also provides tools for monitoring and managing the preference processing process. 
  
  Tips & Tricks: 
  It is important to keep up-to-date with changes in preferential trade agreements, as these can have a significant impact on a company's operations. GTS provides tools for monitoring changes in preferential trade agreements and updating the system accordingly. 
  
  Related Information: 
  For more information on preference processing, please refer to the SAP Global Trade Services documentation.