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.
Reimagining Africa’s Economic Growth: Insights from Okonjo-Iweala
Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, emphasized the imperative for Africa to bolster trade and investment in value-added… Read More
Alabama State Port Authority Outlines Port of Mobile Expansion
The Port of Mobile, Alabama, is enhancing its cargo handling capabilities with a new steel handling facility, the addition of… Read More
East African Nations Form New Free Trade Zone
Twenty-six African nations have created a free trade zone that spans the eastern half of the continent from Egypt to… Read More
U.S. Company Inks Deal During Africa Trade Trip
Teras Cargo Transport of Houston signed a partnership with the South African firm Grinrod Limited during a U.S. government-sponsored trade… Read More
WTO Overturns India’s Restrictions on U.S. Poultry Imports
The World Trade Organization (WTO) Appellate Body has agreed with a previous panel report, handing the U.S a major victory… Read More
Tampa Bay and Panama Foreign Trade Zones Sign Agreement
Tampa Bay’s Foreign Trade Zone (FTZ) No. 79 and the Free Zones Association of Panama recently signed a memorandum of… Read More
Liquidity Squeezes in Greece, China Prompt Private Funding Program
In reaction to the Greek financial crisis and other liquidity events around the globe, Paragon Financial Group of Fort Lauderdale,… Read More
U.S.-Brazil Talks Emphasize Business, Trade
Wide-ranging talks between U.S. President Barack Obama and Brazilian President Dilma Rousseff at the White House last week had business… Read More
Sustainability Now on Global Business Agenda
Marking the 15th anniversary of the launch of the UN Global Compact, the global body’s corporate sustainability initiative, a study… Read More
Turkey May Be Biggest Buyer of U.S. LNG Exports
The complicated pricing of natural gas in global markets, with a myriad of long-term and short-term arrangements, sometimes linking gas… Read More
Ex-Im-Guarantee Helps Small Business Export Forklifts to Brazil
Wiggins Lift Co. Inc., a manufacturer in Oxnard, Calif., is exporting its forklifts to marinas in Brazil with the support… Read More
U.S. Moves to Ease Some Export Controls
The U.S. Departments of State and Commerce proposed earlier this month new rules to transfer certain items from more restrictive… Read More
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