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.
Logistics Trade Bodies Urge Action on New EU Import Rules
Global and European trade associations representing shippers, forwarders, and vessel operators have issued an urgent alert for businesses involved in… Read More
EU Trade in Services Continued to Rise in 2015
The international trade in services of the European Union (EU) has increased steadily and significantly over the last six years…. Read More
EU signs Economic Partnership Agreement with Southern African Countries
The European Union and six countries of the Southern African Development Community (SADC) have signed an economic partnership agreement (EPA),… Read More
Global Growth Forecast Again Revised Lower
The World Bank has downgraded its 2016 global growth forecast to 2.4 percent from the 2.9-percent pace projected in January…. Read More
European Parliament Backs Deal to End Duties on High-Tech Devices
A WTO deal struck by the European Union and 24 countries, including Japan, China, and the United States, to stop… Read More
Treasury Attempts Clarity on State of Iran Sanctions
Despite the easing of sanctions against Iran, following the implementation of the Joint Comprehensive Plan of Action (JCPOA), also known… Read More
Canada Signs Agreement with Latin America’s Pacific Alliance
Last week, Canada today became the first observer country to enter into a strategic partnership with the Pacific Alliance. Chrystia… Read More
What Will Happen to London’s Tech Startups if Brexit Goes Through?
Supporters of Brexit— the movement for the United Kingdom to leave the European Union—are adamant that wages will rise and… Read More
India 3D Printer Market Projected to Reach $62 Million by 2022
Over the last few years, India is registering growth in demand for 3D printers for preparing prototypes in the areas… Read More
BOEM Initiates California Offshore Renewable Energy Task Force
The Bureau of Ocean Energy Management (BOEM) has initiated planning with the State of California to establish an Intergovernmental Renewable… Read More
The State of Renewable Energy
Last year was a record year for renewable energy installations. Renewable power generating capacity saw its largest increase ever, with… Read More
How Technology is Changing Manufacturing
When Walmart pledged last year to buy an extra $250 billion in U.S.-made goods over the next decade, it appeared… Read More
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