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.
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European Commission Seeks Views on How to Facilitate Crossborder Services
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U.S. Ethanol Exports Up 42 Percent
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New Law Places Focus on International Trade Secret Theft
The Defend Trade Secrets Act of 2016 (DTSA), passed by the U.S. Congress in late April, came about largely because… Read More
As OPEC Infighting Continues, U.S. Becomes Energy Swing Producer
When OPEC members couldn’t agree at their April meeting to cap oil output in an effort to boost prices, did… Read More
Apparel Manufacturing has Potential to Create 1.2 Million New Jobs: World Bank Report
At a time when nearly one million people are expected to enter the workforce every month for the next three… Read More
Pakistan’s Economy Needs to Accelerate Growth
Pakistan continues its modest growth recovery; its growth rate in 2017 is expected to rise to 4.8 percent a World… Read More
Leaked TTIP Documents Met With Furor in Europe, Silence in U.S.
After Greenpeace Netherlands released a package of 248 leaked documents relating to negotiation over the Transatlantic Trade and Investment Partnership… Read More
Problems in Steel Sector Prompting Rise in Trade Remedy Measures
The problems in the global steel sector are prompting governments to increase their use of trade remedy measures to protect… Read More
WTO Supports Pakistan’s Economic Reform Efforts
World Trade Organization Director General Roberto Azevêdo visited Pakistan last week for a series of high-level meetings with the government,… Read More
Defend Trade Secrets Act Passed U.S. Congress
The Defend Trade Secrets Act (DTSA) was passed by the United States House of Representatives by a 410-2 margin on… Read More
U.S. Manufacturers Call on Government to Address Trade Issues with India
The National Association of Manufacturers (NAM) released a set of priorities outlining specific steps the U.S. and Indian governments should… Read More
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