Globalization is not only driving a new business paradigm for large companies and e-commerce startups, it’s also fueling a vigorous national debate on the parameters of free trade. Recent executive orders even direct the U.S. secretary of commerce to review each of the country’s free trade agreements, measuring their past and potential economic value.
The recent election of Emmanuel Macron as France’s new president is widely viewed as good news, both for the European Union (EU), which Macron supports, and for the future of international trade between France and countries around the globe, including the United States. As our country’s eighth largest trading partner, France is key to the global trade prospects of thousands of U.S. companies – including many in the aerospace and technology sectors – and its continued ties to the EU could prove essential for future planning and success.
When U.S. businesses think of top international trading partners, they rightly often turn their attention to the Asia-Pacific region. But while China does rank as our top trading partner in both exports and imports, and while Japan and South Korea are not far behind, some might be surprised to find that Germany ranks extremely high on the list, and the highest among European Union (EU) member nations.
There is a powerful new reason to shift your company’s import/export strategy in to higher gear, and it comes in the form of a groundbreaking Trade Facilitation Agreement (TFA) that was recently ratified by the World Trade Organization (WTO) through its member countries. By seeking to make it easier, faster and more affordable to move goods across borders, the TFA is good news for your business and your ability to engage with customers on a global scale, especially through e-commerce. It will help if you are truly ready to make international trade a meaningful part of your overall mission through careful planning.
Businesses across the United States, especially small and medium-sized organizations, are looking abroad for new customers and profitable new partnerships. Increasingly, they are turning to countries in the Asia Pacific region to bring strategies to life. This post takes a closer look at trade with Asia as part of our continuing examination of key global markets.