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.
WTO Report Highlights Remarkable Five-Fold Surge in Global Trade Over 28 Years
In a significant milestone marking its 30th anniversary, the World Trade Organization (WTO) unveils remarkable findings showcasing a five-fold increase… Read More
Trade Part of EU-Ukraine Association Agreement Operational as of First of the Year
As of January 1, 2016, the EU and Ukraine started applying the Deep and Comprehensive Free Trade Area (DCFTA) which… Read More
USDA Report Warns Climate Change Likely to Impede Progress on Global Food Security
Climate change is likely to impede progress on reducing undernourishment around the world in the decades ahead, according to a… Read More
EU and the Philippines Launch Negotiations for a Free Trade Agreement
EU Trade Commissioner Cecilia Malmström and Philippine Secretary of Trade and Industry Gregory Domingo have started negotiations for an EU-Philippines… Read More
Economic Integration of ASEAN Countries Fosters New Logistics Expansion Plans in Thailand
The logistics industry, along with trade expansion and foreign capital inflows, are quickening the pace of Thailand’s economic growth, according… Read More
Washington Axes COOL Import Labeling Rules
A potential trade war between Canada, Mexico and the U.S. has been averted with the recent Congressional passage of spending… Read More
No Outcome Reached at Final Meeting on the EU-Ukraine Free Trade Area
EU Trade Commissioner Cecilia Malmström, Ukrainian Foreign Minister Klimkim, and Russian Minister for Economic Development Ulyukayev failed to come to… Read More
Infectious Disease Spread by International Trade
International trade and travel has opened up new vistas for humans, ranging from travel to exotic places to enjoying the… Read More
Spanish Mobile Sites Deliver Immediate, Sustained Growth with U.S. Hispanics
Smartphones and tablets have transformed how consumers communicate and shop. These days, one in five people worldwide own a smartphone,… Read More
Qualcomm Inks New China Patent License Agreement
Qualcomm and Chinese smartphone and Internet company Xiaomi have entered into a new 3G and 4G China patent license agreement. Under… Read More
U.S.-Mexico Aviation Agreement a Win for Travelers, Trade
The United States and Mexico have a strong, longstanding relationship when it comes to aviation. And I’m happy to announce… Read More
Canadian Exporters See Higher International Sales Despite Concerns About Global Economic Conditions
Canadian exporters remain optimistic they will be able to increase their export sales over the next six months, even though… Read More
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