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.
For businesses engaged in global trade or those just considering an international strategy, it is critical to research and assess the economic, social and political conditions of potential new markets as well as the trade policies, history and outlook of your home country. In this post and in following segments, we will take a closer look at key markets across the globe, beginning here in the United States, where a new year will bring a new President to Washington, D.C.
As 2016 comes to a close, companies across the United States are carefully considering global economic predictions for the year ahead.
Many, including small and medium-sized businesses, have already integrated an international trade component into their business plans, recognizing that 95 percent of the world’s consumers live outside of our borders. Even some of the smallest startups are harnessing the power of e-commerce and advanced logistics to reach previously untapped audiences worldwide.
But with 2017 approaching, many companies are wondering just how robust the global marketplace will continue to be.