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.
Supply Chain: Challenges and Key Solutions
No business can exist without a supply chain! Supply chains are the nerves of the business ecosystem. Supply chains are… Read More
Post Embargo: U.S. Exports to Cuba Could Grow By $1 Billion
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U.S. Steel Producers Take Aim at Cold-Rolled Steel Imports
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Economics and Trade High on the Agenda at the U.S.-Egypt Strategic Dialogue
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New Tech Hub Enables Collaboration Among UK and Vietnamese Companies
Plans for a new tech hub enabling collaboration between UK and Vietnamese technology companies were made public last week. The… Read More
Georgia Tech and National University of Singapore Launch New Logistics Research Center
The National University of Singapore (NUS) and the Georgia Institute of Technology recently launched a Center for Next Generation Logistics…. Read More
Virginia Governor Announces International Trade Initiative
Governor Terry McAuliffe of Virginia announced recently the creation of the Virginia International Trade Alliance (VITAL), a new initiative managed… Read More
Doctors Without Borders Slams TPP
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Hopes for India to Modernize its IP Regime
Earlier this month, the Department of the Industrial Policy and Promotion (DIPP) of the Indian government announced several reforms to… Read More
WTO Approves Kazakhstan’s Membership
The World Trade Organization formally adopted Kazakhstan’s WTO terms of entry at the organization’s General Council meeting yesterday. Kazakhstan has… Read More
What’s Keeping Manufacturers Up at Night?
U.S. manufacturing is experiencing a growth revival, but concern around labor shortages is escalating. In fact, 98 percent of manufacturers… Read More
Three Containerships Test Waterway as New Suez Canal Nears Opening
Three container-laden ships have transited a new portion of the New Suez Canal this past weekend, two weeks ahead of… Read More
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