It’s easy to take for granted our accessibility to products native to or manufactured in countries on the other side of the world. International trade makes it possible to enjoy a dinner of Kobe beef from Japan, tropical fruits from India and a bottle of wine from France, without having to wait days (or weeks) for all the ingredients to arrive. From the days of the Silk Road between Europe and Asia in the 1200s, international trade has facilitated the exchange of goods and services between nations. As transportation evolved to make doing business internationally more practical, the result has been a global economy where events in one county can impact product supplies, demand and prices in countries thousand of miles away. For consumers, global trade means more business competition, which (despite tariffs and other additional costs that do not apply to domestic trade) typically results in lower prices for the products they want to purchase. It also opens up more markets where countries can sell the goods that are more abundant within their borders. The Cycle of Global Trade Relationships International trade can, over time, change the nature of relationships between two countries. One familiar example is when a poorer nation provides labor and facilities to more developed trading partners, acquiring wealth that can then be channeled into greater domestic productivity. When that happens, it could eventually result in a reversal of roles, where the product importer becomes an exporter. One sees elements of this in the trade relationship between the U.S. and China.
Maersk Infuses $600 Million into Nigeria’s Port Infrastructure, Bolstering Maritime Trade Expansion
A.P. Moller-Maersk (Maersk) has unveiled a substantial $600 million investment geared towards enhancing Nigeria’s port infrastructure, marking a pivotal step… Read More
New UK International Trade Secretary Visits Los Angeles
The British American Business Council Los Angeles hosted UK Secretary of State for International Trade Dr. Liam Fox at a… Read More
Expanded Information Technology Agreement is Here
On July 1, the global production, trade, and usage of information and communications technology (ICT) products received a long-awaited boost… Read More
Brexit: Bad News for UK Trade and Economy
While many are still grappling to understand the complexities of Brexit, its clearest message lies in the trail of political… Read More
Expanding U.S. Digital Trade and Eliminating Digital Trade Barriers
Digital trade issues continue to grow in importance to the U.S. economy as people and businesses find new and innovative… Read More
Criminals Using 3D Printing Present Growing Threat to Global Shipping
While 3D printing has existed since the 1980s, advances in technology mean that the process now costs just hundreds of… Read More
New Initiative Helps Developing Countries Develop Ecommerce Opportunities
Developing countries should grasp the rapidly growing opportunity of ecommerce, worth $22.1 trillion in 2015, up 38 per cent from… Read More
UK Facing Problems Over Brexit As European Economy Improves
The uptick in household consumption reflects restored confidence among households and companies in Western Europe. This positive dynamic has led… Read More
Advantages of Outsourcing in the Global Marketplace
Although it’s developed a bad reputation over the years, outsourcing is on the rise. And with good reason: it’s a… Read More
Chinese Overcapacities Affect More Than Just Steel
The European Commission is considering a deal for the steel sector in exchange for granting China the coveted Market Economy… Read More
WWL to Pay $98.9 Million for Fixing Prices of Ocean Shipping Services for Cars and Trucks
Wallenius Wilhelmsen Logistics (WWL), a Norwegian corporation, has agreed to plead guilty and pay a $98.9 million criminal fine for… Read More
Come Fly with Me … to Cuba!
A recent move by the Department of Transportation (DOT) will make business travel to Cuba more available. On June 10… Read More
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