More people seem to be talking about international trade than they have in years, whether they are directly involved in importing and exporting, or they are merely engaged as citizens while the latest policy changes shake out.

With all of the publicity surrounding Brexit, CETA and NAFTA renegotiations it’s no wonder chins are wagging. So we thought this was the perfect time to ask the experts what’s in store for global business, and where tomorrow’s biggest threats and opportunities will be.

FITT’s upcoming Your Future in Global Markets conference will address just that, so there were no better experts to ask then those who will be leading these discussions at the conference. Five of the #YourFuture2017 speakers obliged us and shared their insights in this month’s #TradeElite Twitter chat.>

Here’s what they had to say.

Panelists:

Nicole Verkindt (@OffSetMarket) – Founder, OMX, “Dragon”, Next Gen Den, Panellist, CBC News, The Exchange based out of Toronto, Canada

Amy Karam (@AmyKaram) – Author, speaker, instructor and global expansion and competitive strategy consultant based out of Ottawa, Canada

Jyll Saskin Gales (@jyllsaskingales) – Export Consultant, Google based out of Toronto Canada

Marcos Vaena (@MarcosVaena) – Chief, Sector and Enterprise Competitiveness, International Trade Centre, based out of Geneva, Switzerland

Adrian Mutton (@AdrianMutton) Founder and CEO of Sannam S4 and U.S. Business Centers, based out of Washington D.C. and London, England.

Let’s get the threats outta the way first. What’re the biggest threats global businesses will face in the next year, 5 yrs, beyond?

A1 Biggest = macro threats e.g. politics. Micro = resistance to change. Focus on micro threats, they’re in your control #tradeelite

— Jyll Saskin Gales (@jyllsaskingales) August 17, 2017

A1. Consumers moving to more minimalist lifestyles, the move from rural to urban (esp. China), Climate change. #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

A1: A big threat is increased protectionism and a halt to global trade #tradeelite

— OMX (@offsetmarket) August 17, 2017

A1. It would be obvious to link politics and uncertainty. Uncertainty can breed lack of confidence. #globalbiz needs confidence #tradeelite

— Adrian Mutton (@adrianmutton) August 17, 2017

A1: One of biggest threats for #globalbiz is lack of cross cultural IQ in business practices #tradeelite

— Amy Karam (@AmyKaram) August 17, 2017

@FITTNews #TradeElite A1: Volatility (incl political), accelerating technological change/disruption. SMEs need to be on top of their game.

— Marcos Vaena (@MarcosVaena) August 17, 2017

Q1. But uncertainty also presents opportunity. I prefer to think in those terms! #TradeElite

— Adrian Mutton (@adrianmutton) August 17, 2017

What are some things businesses of all sizes can do today to prepare to face these threats?

@FITTNews #TradeElite A2: Business need to leverage global networks to diversify risk. More engagement with youth to understand the future.

— Marcos Vaena (@MarcosVaena) August 17, 2017

#TradeElite Great innovation networks at global level @impacthub @seedstars are some great examples! @ITC_Youth another excellent initiative

— Marcos Vaena (@MarcosVaena) August 17, 2017

A2 Focus on growing your core competencies (product, customers, culture), not on becoming a diplomat, currency expert, etc. #tradeelite

— Jyll Saskin Gales (@jyllsaskingales) August 17, 2017

A2: Biz can increase partnerships with ‘the other side’ in order to gain more insight & clarity on dynamics eg enlist govt help #tradeelite

— Amy Karam (@AmyKaram) August 17, 2017

A2. In short, get out there. Work hard to with pinpoint the opportunities. Don’t rely on hyperbole. Trade can mitigate risk #TradeElite

— Adrian Mutton (@adrianmutton) August 17, 2017

A2. Nothing! Most are out of Biz control. Make a product / service you believe in & treat your customers ?#TradeElite

— audrey ross (@tresAudrey) August 17, 2017

@FITTNews #TradeElite A2: eCommerce still holds huge opport 2 expand markets and go global, esp. for SMEs @ebaygr has good data to prove it

— Marcos Vaena (@MarcosVaena) August 17, 2017

Is there any emerging tech that could help businesses and individuals mitigate risks in tomorrow’s global trade environment?

A3 Must have tech that enables easy analysis, collaboration and communication within companies. Necessary for #globaltrade #tradeelite

— Jyll Saskin Gales (@jyllsaskingales) August 17, 2017

#TradeElite Q3: Great tools can be used by companies to spot threats and identify opportunities: https://t.co/8PFXf4e2m1 @ITC_MktAnalysis

— Marcos Vaena (@MarcosVaena) August 17, 2017

A3. More agile transportation like drones & being more diligent about who is in your supply chain. #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

A3: tech definitely helps eg. ecommerce good way to access new markets, comms improved etc. Also present own challenges though #tradeelite

— Adrian Mutton (@adrianmutton) August 17, 2017

#tradeelite A3: No tech foolproof. Need to understand how 2 use it and interpret the data. Digital skills a must 4 future-proofing yr biz

— Marcos Vaena (@MarcosVaena) August 17, 2017

A3 We’ll be talking more about emerging tech at the Your Future in Global Markets conference #tradeelite

— Jyll Saskin Gales (@jyllsaskingales) August 17, 2017

Moving into opportunities, what are some of the biggest, opportunities tomorrow’s global businesses can take advantage of?

A4 1) Billions of people still coming online globally 2) For Canadian biz, non-English markets are often untapped opportunity #tradeelite

— Jyll Saskin Gales (@jyllsaskingales) August 17, 2017

A4. Staying in-the-know about Free Trade Agreements so that you can have extra benefits for selecting that market. #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

A4: Opports tomorrow’s #globalbiz can take advantage of: growing number of #emerging mkts customers and their rising income #tradeelite

— Amy Karam (@AmyKaram) August 17, 2017

A4. It’s always about finding a niche product / service that makes lives easier. @offsetmarket found one! #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

#TradeElite A4: Google “Fast Expanding Markets” (FEMs), great concept and interesting opportunities. Credit to @Exp_Mark @Terencecmtse

— Marcos Vaena (@MarcosVaena) August 17, 2017

Are there any markets that may challenge the BRICS in terms of import/export opportunities for global businesses?

A5. Sorry – Brazil & Russia are not markets you want to be in right now. South Africa good market. Indonesia, volatile. #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

A5. IMHO BRICS is dead. Move on to CIVETS (Columbia/Indonesia/Vietnam/Egypt/Turkey/South Africa) (ok, except Egypt). #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

A5 BRIC sounds fancy and got good marketing, but they are just 4 of 100s of markets out there, ready for your products/services #tradeelite

— Jyll Saskin Gales (@jyllsaskingales) August 17, 2017

A5 No “one size fits all” magic market for everyone, depends on your business goals. Lots of data out there to inform decisions! #tradeelite

— Jyll Saskin Gales (@jyllsaskingales) August 17, 2017

A5. Big question. Having worked a lot with the I in BRICS, there is a lot to go after! Not easy to unlock but tough to ignore #TradeElite

— Adrian Mutton (@adrianmutton) August 17, 2017

#TradeElite A5: Size of market not always the answer. Many firms go for niche and specialization. Finding your right market “fit” is key!

— Marcos Vaena (@MarcosVaena) August 17, 2017

In your view, do the opportunities of tomorrow’s global marketplace outweigh the challenges for those just getting started?

#TradeElite A6: Born-global SMEs show that the sky is the limit. Digital is a great equalizer, lower barriers n levels playing field 4 SMEs

— Marcos Vaena (@MarcosVaena) August 17, 2017

A6. Yes. There are so many resources to help you & it’s worth it. #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

A6: absolutely. its an indisputable necessity to pursue tomorrow’s global mkts despite the challenges. else #leftbehind #tradeelite

— Amy Karam (@AmyKaram) August 17, 2017

Any other thoughts you’d like to share on tomorrow’s global marketplace?

#TradeElite A7: Check out the “DRIVE” framework at https://t.co/x6NyJwgnJB great resource on future-proofing your business @Exp_Mark

— Marcos Vaena (@MarcosVaena) August 17, 2017

A7: the world is becoming smaller, so we hope everyone starts to jump in and participate. #tradeelite

— OMX (@offsetmarket) August 17, 2017

A7. The ONLY way to succeed in #GlobalBiz is to be @FITTNews Your Future in Global Markets conference Oct 2-4 Ottawa. #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

Thanks Audrey! We won’t say ONLY, but it will help for sure! #TradeElite #YourFuture2017 https://t.co/hHoSHXBpFA https://t.co/ZgETejVgoj

— FITT (@FITTNews) August 17, 2017

Read the rest of the chat and follow future discussions by following the #TradeElite hashtag. Stay tuned for the next #TradeElite chat, coming up Thursday, September 14 at 2:30-3:30PM ET.

The post The biggest threats and opportunities in tomorrow’s global marketplace appeared first on Trade Ready.