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10 global trade trends we’ll be watching in 2021

Sheena Koo — Fri, 29 Jan 2021 22:14:59 +0000

From 2020 reactivity to 2021 adaptability

It’s an understatement to say that 2020 was an unpredictable year. But, with it done and businesses around the world adjusting to the new normal, there are many silver linings to be found. Namely, we’ve seen that with unpredictability, companies have become more resilient and adaptable, pivoting in record-breaking time to ensure their viability from now and into the future.

Bearing this in mind, our global trade trends for 2021 all focus on the theme of adaptability—each showcasing the innovative solutions that businesses and trade professionals are adopting to innovate with the ever-changing circumstances.

Of course, the pandemic remains a top concern in all regards, but this year is less about reacting to the unexpected and more about coming up with solutions that push us into flexible, future-forward planning.

With that said, here are 10 global trade trends that we’ll be keeping our eye on throughout the coming months.

1. Virtual trade missions (VTMs)

Before COVID-19, trade missions saw government officials and businesspeople travel from one country to another to promote trade between the two. A hands-on, in-person social affair, these missions explored a multitude of business and networking opportunities that solidified key contacts, suppliers and government networks.

Of course, with today’s travel restrictions, in-person trade missions have mostly been postponed, and virtual trade missions (VTMs) are now taking their place.

What does this mean?

For starters, virtual missions focus on video chat and virtual conference meetings that cover the fundamental topics of interest, such as trade, markets, import and export opportunities, contact introductions, Q & A sessions and more. With zero travel and all networking and mission business occurring in a virtual environment, VTMs provide a practical solution for those seeking to keep their trade missions moving and active.

Bernadette Fernandes, Founder & CEO of The Varanda Network, in FITT’s Save Money & Recover Faster webinar saw these VTMs in action, stating:

I’m seeing a lot of virtual trade missions and site visits that we weren’t seeing before. And in some cases, when physical site visits are absolutely necessary to visit a supplier or a buyer, I’m seeing a lot of temporary outsourcing. An example of temporary outsourcing, as I call it, would be contracting local boots on the ground to visit and gather the decision-making criteria that you need.”—Bernadette Fernandes, Founder & CEO of The Varanda Network

Of course, there are some caveats to VTMs. Elements like meet and greets over meals and general cultural exposure cannot accurately be accomplished through virtual settings—but many businesses are working within the confines of the limits to ensure that the most important details are conveyed through online discussions and presentations.

As more countries get used to executing VTMs, we expect an onslaught of new formats to evolve—from schedule planning and the order of events all the way to the individual meetings and how they are conducted to maximize time. Specifically, with VTMs, participants will have to be mindful of time zone differences, virtual chat/conferencing fatigue and technical snags.

While most believe VTMs to be an interim solution to the current pandemic restrictions, they do have benefits. Such as lower costs (no hotels, airfare or food expenses) and new approaches to international business in an online setting.

2. Increased cross-industry collaboration

As experienced in the latter half of 2020, many businesses will branch out to other industries to stay afloat. Dr. Halia M. Valladares, panellist in FITT’s TradeElite chat last year said of this trend:

“It is a great time to find new partnerships; by collaborating you can share the costs and reduce your risks, plus increase your reach.”—Dr. Halia M. Valladares, CITP and Chair of Internationa Business, Entrepreneurship, NPRO and Aviation

Dr. Valladares’s sentiments have been seen in action too. Many innovative cross-industry collaborations and partnerships between companies around the world have made waves over the past few months. A report by Deloitte, for instance, showcased how OpenTable, a restaurant reservation platform, “entered into new partnerships with a variety of supermarket chains and other essential businesses to turn a visit to grocery and other retail stores into a reservable event.”

In other cases, companies pivoted and collaborated across industries to provide essential products to consumers during COVID-19. Cosmetics giant LVMH, for example, switched its perfume manufacturing for Christian Dior, Guerlain and Givenchy to hand sanitizer production. Working with the French health authorities, this sanitizer was offered for free to help prevent the spread of COVID-19.

Similarly, governments also reached out to other industries to provide support for SMEs. The Government of Canada partnered with Shopify to create Go Digital Canada, a central resource hub for Canadian entrepreneurs to help their businesses get online and grow with Shopify resources and tools.

How these collaborations will transform in the post-pandemic era remains to be seen, but the same Deloitte survey found that

78% of executives said that they “would retain the new partnerships to some extent after the pandemic—the highest of all business model changes.”—Deloitte report, Fusion: Organizations can better help the people they serve by creating innovative experiences through cross-industry fusions.

3. Localization

Localization was a hot topic in 2020 in response to COVID-19 related travel and trade restrictions. But it was on the rise even prior to the pandemic, with growing nationalism in many countries and grass-roots movements to “buy local” and keep supply chains local.

The trend continues to gain steam in 2021. Supply chains are still feeling the strain of restricted travel, resources and suppliers. However, many see this not as a restriction on using international supply chains, but more of a modification. One that keeps chains open to specific regions that can provide reliable trade support during challenging times.

In an IMD article Carlos Cordon, Professor of Strategy and Supply Chain Management, noted this. Stating that “Global trade is going to become much more regional than before. Companies realized the risk of having either a single supplier or suppliers that are located in the same region or country.”

However, some experts, such as Pierre-Olivier Bédard-Maltais, an Economist who contributed to the BDC blog, argue that international business and exporting in particular, will benefit in the long run by keeping their trade relations international: “Businesses that export have higher sales, grow faster and are more resilient in an economic downturn.”

Sonia Galat, Co-Founder and Managing Director of Africa Business Venture echoes these sentiments. In our last webinar, she suggested that now is actually a great time for new markets:

“Especially now, this is the period where everybody’s at home, everybody’s more open to discussion, so this is a very good time for SMEs to position themselves in a market they may have never previously considered.”—Sonia Galat, Co-Founder and Managing Director of Africa Business Venture

4. Agility

For many businesses, agility in 2021 will come from becoming virtually nimble. From bringing brick-and-mortar sales online to turning in-house teams into remote teams to transitioning from travel-based events, negotiations and missions to virtual equivalents, companies who are succeeding at being agile will continue to innovate in the online arena.

Companies will have to look outside their traditional business plans to re-think their customer bases and consumer needs. The pandemic has drastically shifted the commodity demand, whether it be for online learning, masks, sanitizer and beyond.

5. Market diversification

While some believe in the benefits of localization, others feel market diversification is the best route to success in 2021. According to Beiling Yan, Senior Research Economist at Export Development Canada, “Exporters tend to perform better than non-exporters for several reasons: They specialize their production and enjoy economies of scale; they interact with, and learn from, foreign consumers and suppliers; and they face stronger competitive pressure that prompts them to make investments and improve their business practices.”

And while many may instinctively want to reduce their exports in a time of financial duress and travel restrictions, experts are warning that limiting your market to one country or region may reduce your sales, especially if your base market is a small portion of the global market.

“Diversify your markets geographically,” advises the Business Development Bank of Canada (BDC) in their blog, “Don’t abandon a market in which protectionist sentiment is on the rise if it’s still a viable market. On the other hand, it is worthwhile to consider other markets or contemplate expanding into other Canadian provinces.”

They also point out that the Canada-European Union Comprehensive Economic and Trade Agreement is creating new opportunities for Canadian exporters who can benefit from the elimination of tariffs.

6. Supply chain as a service (SCaaS)

Adequately managing and executing all your supply chain tasks in-person, in-house and with only one team isn’t easy. Especially in our current times. Many companies are outsourcing these tasks to outside vendors who provide this support as an on-demand service.

Taking a cue from the SaaS acronym, SCaaS, or supply chain as a service, provides supply chain services on-demand. Both through innovative software integrations and external support systems. Some areas where these systems are prominent include logistics, accounting, transportation management and distribution services.

In light of travel restrictions, many are relying on these outsourced services. They ensure that people are on the ground to assist with in-person tasks in place of their own teams. Providing convenience and peace of mind, many believe that even after the pandemic these SCaaS relationships will remain strong. Being that they make managing a supply chain easier overall.

7. Supply chain risk mitigation

Business supply chains were hit hard by the pandemic in 2020. In our article “How COVID-19 delays could affect your supply chain from contracts to insurance and customs clearance,” Rahim Mohtaram, Professor of Business and Supply Chain Management at Saskatchewan Polytechnic, pointed out the many difficulties, such as

– The delay and non-delivery of goods and services

– Factory shutdowns

– Production with low capacity

– Governmental prohibitions and restrictions on export and import

– Drastically increased prices for certain goods

– Transportation and logistics companies’ limitations

– Order cancellations by the customers

In order to mitigate these risks moving forward in 2021, businesses are reassessing their supply chain strategies and developing innovative solutions, such as focusing on only the products that have the highest returns, developing stronger contract stipulations and reaching out to government trade agencies, legal, trade, finance compliance teams, insurance companies, transport and shipping companies, banks and financial institutions to discuss the changes to operations and systems in the current climate. By reaching out to these contacts, companies can better understand where their supply chain deficiencies exist. And furthermore, how they can work with stakeholders to find solutions.

8. Elastic logistics

Much like the name suggests, elastic logistics is all about flexibility. In 2021, some businesses will pivot away from a lean and streamlined approach to logistics that reduces costs and improves profit. They, instead, will diversify their activities and investments so they can compete with a rapidly changing global economy. This could mean the integration of new technology like transportation management systems (TMS) or branching out to international partnerships and outsourced support in other countries.

The focus here is to have the nimble ability to scale at the drop of a hat. As well as having systems that can assist with tasks that were hampered by travel restrictions, economic downfalls or emergencies. A larger up-front investment might be hard to hand out in these times. Although many argue that the short-term costs provide monumental long-term returns.

Having enhanced technological insights and capabilities, better global partnerships and an expanded reach all make the elastic approach compelling and attractive.

9. Exporting rebound

EDC’s Global Export Forecast-Autumn 2020 predicted a moderate improvement in the overall conditions for 2021. Specifically, they saw exports rising by 9%.

Meanwhile, a more recent BDC blog found that “Canada’s 2021 economic outlook is similar to that of other developed countries: After the largest economic contraction since 1945 (a dip we estimate at 5.5% of GDP), the economy should grow sufficiently to largely offset the losses of 2020.”

Of course, experts warn that these forecasts are not set in stone and heavily rely on the current pandemic situations. Especially the vaccine roll-outs and case rates.

Luckily, government support initiatives have helped consumers keep spending throughout the pandemic. However, the postponement of business investments across the board by cautious companies means a slow recovery overall.

10. Transparent messaging and sustainability

It’s hard to emphasize the importance of your business when the pandemic is really at centre stage. Businesses want to sell their products and services but they don’t want to appear insensitive to the real struggles of the public during COVID-19. Unsurprisingly, this awareness has changed the way businesses approach communications in 2021. Not only are companies are making it clear that they are prioritizing health and safety during business operations, but they are being transparent about their business struggles, letting customers know about supply delays, transportation setbacks and product or service delivery modifications.

Businesses are also noting how consumers, who are spending more time outdoors, want more involvement from brands on sustainable initiatives, whether it’s through waste reduction or better manufacturing practices.

This sustainability trend was already on the rise before the pandemic, but the focus on outdoor activities has made it a high-profile initiative in 2021.

The changes we see in 2021 will pave the way for new forms of international trade, business and communication. Proving that not only are international businesses resilient in the face of adversity, but they are innovative too. That’s one point of consistency that we can always rely on, no matter the global situation.

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10 global trade trends we’ll be watching in 2020

Pamela Hyatt — Fri, 20 Dec 2019 16:51:48 +0000

It’s that time again where we like to look ahead at the incoming year and pinpoint the biggest trends to keep an eye on in the global trade environment. 2019 was another year full of challenges, surprises, and continued volatility. This year looks to be less explosive, with fewer conflicts but a general slowdown in trade growth. However, more small businesses are jumping into international markets than ever before, and new trade deals and tech continue to bring ample opportunities for those willing to make the leap.

Here’s what we’ll be watching in 2020.

1. Slowing economic growth

After a difficult 2019, most global outlooks were projecting subdued 2020 global trade growth late this year. This was largely due to a sharp downturn in manufacturing activity and global trade volatility with Brexit and China-US relations.

“The weakness in growth is driven by … higher tariffs and prolonged trade policy uncertainty damaging investment and demand for capital goods,” stated the IMF blog.

In Canada, specifically, global growth forecasts were downshifted in EDC’s fall update to the 2020 outlook.

“With the slowing global economy and lingering trade tensions weighing more heavily on Canada’s exports than previously expected. EDC now forecasts export growth to moderate further to 2.6% in 2020, revised down from the 3.4% growth forecast in spring 2019.” – EDC Global Export Forecast 2019

However, with the very recent and significant progress made on the Canada-US-Mexico Trade Agreement and the “phase one” US-China trade deal, growth forecasts into 2020 may soon be revised again, to the positive this time.

2. Service export opportunities growing in new regions

Canadian trade in services continued to grow for the 9^th year in a row, with industries such as travel, finance, resource development, technology, transportation, and agriculture presenting the best opportunities. While the U.S. is still the biggest importer of Canadian services, the fastest growing relationship in commercial service exports was with African nations (13%).

In the U.S. service exports are increasing as well, reaching $71.1 billion for the year as of October.

Service exports also seem to have been immune to the downturn weakening goods exports.

“Goods exports have been more negatively impacted by softening global conditions and are expected to grow at a modest 3.3% in 2019, slowing further to 2.3% in 2020. ”

“Alternatively, services – exports have been resilient, and continue to be steady with forecasted growth of 5.1% this year and 3.9% next year.” –EDC Global Export Forecast 2019

3. China – “Decoupling,” or in “phase one” of renewing trade relations?

After almost three years of escalating tensions and retaliatory tariffs between the US-China and Canada-China, talk began to emerge of a “decoupling” strategy. This would see China drastically reduce trade with North America, replacing it with domestic inter-regional trade.

Already, China’s foreign direct investments in the U.S. dropped 88% from 2016-2018. The potential for a drastic drop in China-U.S. trade is raising alarms about possible tech wars, and remapping supply chains to leave out the west all together.

However, this fall saw the U.S. and China put much of the contention behind them and most recently, sign off on “phase one” of a China-U.S. trade deal. Details have yet to be released, but during a press conference it was announced that,

“Trump agreed to scale back some tariffs (which was China’s top demand and was cheered on Wall Street). In exchange, China said it will buy more U.S. farm products (which Beijing had wanted to do anyway), enhance its intellectual property protections and allow U.S. banks and credit card companies full access to China.” – according to the Washington Post

Canada is watching the developments between China and the U.S. closely, as increased trade between the two nations could have either a positive or negative effect on Canada’s energy and agricultural exports.

The shifting dynamics between China and North America will send shockwaves through the global market so we will certainly be watching for any developments.

4. Tariff workarounds

Because of the continued uncertainty between China – North America trade, companies have started looking for workarounds to avoid getting caught by tariffs. Other nearby regions, such as Vietnam, South Korea and Taiwan, as well as Mexico have been seeing increased imports as North American companies have tweaked their supply chains to reroute around China.

A little less on the up-and-up, some North American-based companies have been exploiting loopholes in trade policy to circumvent paying increased tariffs on Chinese-manufactured goods. Specifically, section 321 of the Tariff Act of 1920’s de minimis rule. Some are stretching the legitimate rules, which U.S. Customs is aware of and claims to be cracking down on. Others are using the rule to apply correctly to their goods.

Either way, some of those that can’t avoid China-North American trade uncertainty are finding ways around paying the tariffs, for now. We’re keeping an eye on new manufacturing hot spots as they pop up and trade policy continues to shift. It’s a good time to be a trade lawyer.

5. More new supply chain tech

The adoption of buzzworthy technology, such as artificial intelligence, blockchain, drones and robotics have been revolutionizing supply chains for the past few years. This is reaching a new level of maturity as companies big and small take agility and automation to the next level into 2020.

Some predictions we’re seeing illustrate the level of adoption of this technology,

“By the end of 2021, half of all manufacturing supply chains will have invested in supply chain resiliency and artificial intelligence (AI), resulting in productivity improvements of 15%. And,

By the end of 2020, half of all large manufacturers will have automated supplier and spend data analysis, resulting in a 15% procurement productivity gain.” – MH&L Magazine

Shippers are recognizing this and have gotten on board in a big way. Two of the world’s leaders in moving containers, Maersk and DAMCO, are doubling down on streamlining logistics processes with higher integration of inland services. This will help shippers to route their transportation at reduced cost, as the two companies connect sea and land, beyond the port of call. Digitization plays a huge role in this integration, giving them access to real-time data and creating more agile and efficient processes and operations.

See more 2020 supply chain trends to watch here.

6. Beyond greenwashing – Demand for truly sustainable products/services increasing

Research is showing that people are voting for sustainability with their wallets. According to a 2019 study by NYU Stern’s Center for Sustainable Business, 50% of the growth in consumer packaged goods from 2012-2018 came from sustainable products, accounting for 16.6% of the total market. That’s a 29% jump in that five year time period.

A recent report from the International Trade Centre found that consumers in the EU are increasingly seeking sustainable and ethical products and have increased savviness on what makes a product or company truly “sustainable.”

The numbers are compelling –

85% of retailers report increased sales of sustainable products over the past five years and 92% of retailers expect sales in sustainable products to increase in the next five years.

The message from the report is clearly summed up by Arancha González, Executive Director, ITC in the introduction:

“This report carries an important message for small businesses seeking to export to major industrial nations in the European Union: Retailers consider sustainability key, when buying from suppliers.”

We’ll be watching to see how impactful the growth of sustainable business practices and purchasing behavior is in 2020, and how businesses respond.

7. Localization in supply chains and communications

The last three trends – tariff work arounds, new supply chain tech, and increased demand for green/sustainable goods – together usher in a new era of localization. Businesses are looking for ways to bring manufacturing closer to their consumers, allowing them to sidestep tariff uncertainty. They are engaging new tech in wringing every last drop of inefficiency and waste out of their supply chains, a move that will please their climate conscious consumers.

As consumers are getting increased access to a wider range brands and products and the concern for climate issues accelerates, many are also turning to products and services that speak more directly to them and come from closer by. Here’s where the other type of localization – adapting your product or service to a local market – will be increasingly important into 2020.

The need for proper translation and transcreation is growing, alongside machine translation and video creation.

8. SMEs going global from the outset

Today, more companies are born with a global mindset than ever before. Companies are often factoring in global market entry from the outset, and a majority are planning on going into at least one international market within the first five years. This is a major change from the recent past where international business was seen as a large corporation’s game.

According to Rochester PR Group’s UK Market Entry Index,

“64% of Canadian respondents stated that the vision for their companies had always been global rather than local. The peak age of a Canadian business first starting to trade overseas was 2–5 years at 39%, compared to 23% for under a year.”

In an article for Hockeystick Deanna Horton, a Fellow at the University of Toronto’s Munk School of Global Affairs and Public Policy explains further,

“One always thinks that companies, especially small companies, need to be a certain size before they expand to other markets. But the digital economy is different. Canadian tech companies in particular are going global from a very early stage. For them, going global means opening a small office with a few people in another country. So, it’s not always as complex as it can be for manufacturers.”

But many SMEs still feel too intimidated or unprepared to make the international leap. Here’s where training in the right areas can make a big difference in a company’s global market entry success. Doing the right research to be prepared to face the local competition, draft your business plan, build the right team, and adapt your products/services are the main keys to success. Fortunately, there are a multitude of training, resources and support for businesses preparing to make the journey.

9. Consumer-driven data privacy

Privacy issues have been in the spotlight over 2019 with several large organizations being scrutinized for data leaks and questionable practices. With the implementation of the European Union’s General Data Protection Regulation (GDPR) in May, 2018 companies were more or less forced to sit up and take data protection seriously.

Into 2020 companies will continue to feel the implications of GDPR around the world, and other regulations are making their way through approval processes as well, such as the California Consumer Privacy Act (CCPA) which will come into effect on January 1, 2020. South Korea and Brazil are also working on similar protection policies.

E-Privacy and the transferring of personal data will also be under the microscope this year, along with the application of artificial intelligence technology. Companies who have put little priority into complying with privacy regulations should re-evaluate their stance, as more companies are being outed for breaches in privacy and data leaks, which comes with fines, fees, and often significant losses.

We’ll be watching to see how oversight and consumer behaviour changes alongside the developments in online technology in 2020.

10. Global trade volatility easing

After a few years of increasing uncertainty and upheaval, most outlooks are finally showing a trend for an easing of global trade volatility into 2020.

Towards the end of 2019 massive uncertainty around the state of North American trade relations started to dissipate with some of the last hurdles being cleared in the ratification of the United States Mexico Canada Agreement. Canada and the U.S. agreed to revised terms in December and it is expected to be signed in early 2020.

Tensions between China and U.S. that have seen the U.S. impose tariffs on more than $350 million worth of Chinese goods have been eased by “phase one” trade agreement reached last week. Already additionally scheduled tariffs have been cancelled and some of the existing ones have been cleared as well. Exporters dealing in the regions can breathe a tentative sigh of relief for the year ahead.

In the UK, Brexit uncertainty seems to be clearing as well after a decisive election has paved the way for the conservative party to move forward on their plans to leave the European Union. It remains to be seen what Canada’s trade relationship with the UK may look like after the UK-EU split.

Another massive piece of trade policy is on track to be signed in 2020. The world’s largest ever trade agreement, the Regional Comprehensive Economic Partnership or RCEP, is made up of 15 mostly Asian nations and includes all 10 ASEAN members as well as China, Australia, New Zealand, Japan and South Korea.

If the last few years have taught us anything, it’s that in the global trade environment, nothing is certain and staying on top of the latest developments is the best way to plan for the years ahead.

Here’s to a peaceful and prosperous new decade!

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6 global supply chain trends to watch in 2020 and beyond

Dimple Gandhi, CITP|FIBP — Wed, 11 Sep 2019 13:18:50 +0000

In the current international business environment, heightened customer expectations impact every part of the supply chain. At the same time, next-generation delivery and logistics management solutions are making global supply chains smarter, faster, more customer centric, and sustainable. Here are six trends to pay attention to in the world of global supply chain management for 2020 and beyond.

1. Using green logistics to cut costs and win customers

Logistics companies are integrating sustainability efforts into their overall strategy, motivated by keeping the environment “Green” and eliminating pollution. The trend is often referred to as “Green Logistics”. This will not only help the environment, but also it will enhance corporate reputations, lower supply chain costs and most importantly increase customer loyalty.

2. Supply chain integration an increasing focus for large companies

The enhancement and improvement of technology has played a major role in changing supply chain processes. Recently, top ocean carriers have started trying to move increasing numbers of documents through online processes, with the goal of streamlining the entire supply chain.

Maersk and DAMCO are two of the world’s leaders in moving containers, and their idea is to double down on the logistics processes with higher integration of inland services. This will help shippers to route their transportation at reduced cost, as the two companies have planned to connect sea and land, beyond the port of call. Alongside that initiative, digitization plays a huge role for them as it helps them to access to real-time data and information, create more agile and efficient processes and operations and more importantly, develop a more flexible “Elastic Logistics” strategy.

3. Is TradeLens technology the tool of the future?

A lack of visibility and transparency affects end to end supply chains negatively. Professionals are now trying to minimize risk and get the results for the whole process in one go!

TradeLens is a new software powered by blockchain technology, which will support global trade as a possible single platform to track the end-to-end shipping journey, making the entire process more transparent. Carriers, major shipping lines, ports, 3PLs, freight forwarders and other shipping and logistics players would all share and use the one single portal to update their customer.

Though it’s going to help for tracking freight, continued access to and use of the information is crucial. While streamlining the inventory management and improving the asset utilization is important factor for logistics, it’s important to keep an eye out for any downsides for customers and the industry as a whole from continued adoption and usage of this tool.

4. The hidden costs of taking humans out of the equation

While many companies are moving to an increasingly digital workflow to reduce costs, in my opinion going digital is itself a big cost as investing in technology would be. While it will be beneficial at some point, investing in infrastructure and training humans will help to increase the productivity of supply chain and eliminate the additional cost of maintenance.

This lack of infrastructure and service can lead to rising costs. Several carrier charges double the money for a simple local delivery, and include high fuel rates and excessive bunker charges. All 3PL try to minimize the cost and work efficiently, but due to high amount of load and issues, even 3PL are helpless and clueless when it comes to booking the carrier for the load. They tend to charge high and here company tries to utilize its all the resources book the lowest carrier on time.

Investing in infrastructure and delivery options will ease this, and is leading to exploration of alternatives to traditional delivery. For instance, drones have started playing a huge role in the supply chain industry. This would highly impact the trucking industry, as drones could be the future for delivering goods.

5. Increasing numbers of partnerships to reduce logistics costs

The aim of any company’s logistics strategy is to minimize the freight cost and provide highly efficient service. Partnerships will often not only help to reduce the costs, but also minimize the risks associated with shipping cargo. In some cases, an effective partnership can also decrease delays in delivery and enhance customer value and satisfaction.

In international markets, companies are trying to find partners that use innovative digital solutions which will help them to seek new opportunities. Increasing forecast accuracy, reducing inventories by using JIT (just in time) system, gaining new, more accurate delivery ETA estimates and decreasing the amount of required administrative work are a few of the crucial areas businesses aim to address through partnerships.

6. Will tariffs reduce business competition?

New trade disputes are impacting operations as well. Due to Trump’s new tariff policies, B2B and B2C supply chains alike are greatly affected. Retailers are worried about the how rising tariffs will escalate prices and reduce consumer demand. In some instances, this could leave fewer businesses still able to compete and may even result in a monopoly in particular industries.

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10 global trade trends we’ll be watching in 2018

FITT Team — Thu, 04 Jan 2018 21:04:14 +0000

What should you look out for or expect in the international business world in 2018? Let’s take a look and see what could be dominating the headlines you read over the next twelve months.

1. The CPTPP

Though President Trump withdrew the U.S. from the TPP in January, the remaining 11 countries are working to resurrect the deal as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This deal, if signed, would eliminate approximately 95% of tariffs on trade between these countries, who have a combined GDP of over $10 trillion USD.

In November, Canada surprised the other 10 countries by declining to sign the agreement, to the surprise of the negotiators and the Canadian international trade community. However, amid efforts to diversify exports beyond the American market, it seems unlikely that Canada will continue to drag its heels on an opportunity to gain preferential access to the Japanese market in particular. Expect any final issues to be resolved and the CPTPP to be signed sometime in 2018.

2. Ongoing, contentious Brexit talks

By December 2017, the UK has completed the first phase of Brexit negotiations with the EU, covering issues such as the Irish border, citizens’ rights and financial settlements. The second phase of negotiations will cover the UK’s transition period after formally leaving the EU in March 2019. Discussions over the long-term relationship between the UK and EU will be included in phase three.

This process was complicated on December 13, when several Conservative British MPs joined the opposition to vote for an amendment requiring British Parliament to debate and vote on any final deal with the EU before it can be approved.

The second phase of Brexit negotiations are planned for 2018, and are expected to present few greater challenges than the first phase. The final phase on the long-term relationship between the UK and EU, however, presents several important questions about economic integration and free trade that Britain’s politicians and citizens have not yet agreed upon.

With two sets of challenging negotiations, and the extra hurdle of parliamentary approval, the odds that talks will drag into the final three months before the UK leaves the EU on March 29, 2019 remain high.

3. Sustainable, cleantech exports

If you’re involved in the clean tech and sustainability sector, 2018 should be a strong year for you. Despite the U.S. withdrawal from the Paris Agreement, global regulations are still trending towards stricter environmental and emissions regulations, requiring businesses to invest in cleaner technology in order to meet those standards. According to EDC President and CEO Benoit Daignault, total global investment in cleantech has now exceeded $1 trillion and will reach $2.5 trillion by 2020.

Canada in particular is placing great emphasis on this industry. The Canadian government promised $1 billion towards clean tech in its 2017 budget for R&D. The Trade Commissioner Service is also hiring 15 new Trade Commissioners to focus specifically on cleantech.

4. India, Brazil, and New Zealand – the rising stars of global trade

If you’re looking for new markets over the next 12 months, Morgan Stanley recommends you take a hard look at India. They argue the country’s increased digitization, new tax laws and younger demographics present a bright future, and predict 7.5% GDP growth in 2018. Morgan Stanley also predicts that India will be the world’s fastest growing economy over the coming decade.

Brazil will also see a quick recession recovery, growing an expected by 3.1% in 2018, according to the Brazilian government.

If you’re more interested in fully developed markets, Forbes ranked New Zealand second on its 2018 Best Countries for Doing Business rankings, citing its 3.6% economic growth in 2017, among other factors. The country also ranked highly in several categories for ease of doing business, including first in IP rights, bureaucracy/red tape levels surrounding business, and Transparency International’s Corruption Perception Index.

5. Meaningful action to reduce oil dependency

As Venezuela continues to suffer through the collapse of its oil-dependent economy, and the U.S. plans to become a net exporter of oil within 10 years, several oil-dependent economies are taking steps to diversify their economies.

In Russia, Putin’s approval levels are dropping as the economy struggles through lower oil revenues. Despite making fiscal changes to reduce the national budget’s dependence on oil revenues, he may push for new measures to improve his chances in the country’s 2018 presidential elections.

Saudi Arabia has plans to sell about 5% of Saudi Aramco, the state-owned oil company, through an IPO in 2018 and expects to generate up to $100 billion for the country’s Vision 2030 program, designed to shift the Saudi economy away from oil dependency towards tech and entertainment services.

Nigeria and Angola, meanwhile, are looking to agriculture to reduce their oil dependency issues. Nigeria, dependent on oil for 70% of government revenues, has launched a new program to increase yam exports to Europe and the U.S., as the country produces 60% of the world’s yams. Angola are instead focused on a broader approach to tap into their agricultural potential, which includes producing more cereals, milk, chicken, cassava, and other products.

6. Banks taking on blockchain

It is practically impossible these days to tune into the business or financial news and not hear a story about the latest blockchain or cryptocurrency development. Blockchain technology, allowing multiple players to have access to a live, unalterable digital ledger, offers game-changing possibilities for international trade finance. In 2018 this buzzworthy fintech is moving beyond Silicon Valley start-ups, into the mainstream world of global financial institutions.

In March, 2017, we reported on how banks were working to bring the advantages of blockchain technology to their corporate clients. In May, the R3 Consortium, made up of of 70 of the world’s biggest financial institutions and created to research and develop blockchain adoption, announced it had secured its largest ever investment. Then in October 2017, seven major banks partnered with R3 and Finastra to develop a blockchain-based marketplace for syndicated loans. On December 6, Amazon joined the blockchain party, announcing a partnership with R3 to allow the Corda platform to be the first distributed ledger technology to operate on the Amazon Web Services Platform.

What will we see in 2018? Swiss global financial company UBS has led an initiative to create a “utility settlement coin” that would represent each major national currency. If this coin is launched, the Corda platform could be adapted to facilitate its use.

IBM is working on launching their own blockchain platform that would allow banks to rapidly clear global payment transactions. There are also several start-ups working on digitizing the bill of lading process.

2018 could be the year some of the blockchain-based payment initiatives move from development to adoption.

7. Adoption of futuristic supply chain technology

Machine learning, automation and robotics, self-driving vehicles, new tracking technology – all of these futuristic supply chain tools will see major developments and implementation in 2018.

The past year was a big one for self-driving vehicles, culminating with the reveal of Tesla’s new fully electric semi, gaining pre-orders from big players such as PepsiCo, UPS and Walmart. Companies invested over $1 billion into self-driving and other trucking technologies in 2017.

Speaking of investing in supply chain technology, over $4 billion was invested in AI by U.S. venture capitalists in the past year. One application that has seen immediate return for companies adopting machine learning capable AI is Multi-Echelon Inventory Optimization (MEIO), which has been shown to reduce inventories by 30% while maintaining or improving customer fill rates.

Robots will also continue to play more of a role in warehouses in 2018. While some are increasingly capable of working independently, replacing human workers on the floor, others are working alongside humans, or being controlled by humans using VR applications. There’s no doubt that the demand for the skills needed to work with robotics will continue to rise in the year ahead.

8. Planning for the possibility of a world without NAFTA

The sixth round of NAFTA talks is set to kick off in Montreal January 23. But as the negotiations near, there doesn’t seem to be a lot of positivity. The first five rounds reportedly saw very little progress, putting even more pressure on this next round.

What’s the problem? The U.S. is seemingly immovable on five issues that pose major problems for the agreement’s other two member countries, Canada and Mexico.

The five issues include:

Removal of reciprocity in government procurement at the sub-national level
Changes to the rules of origin in the auto sector
Elimination of the independent dispute resolution clause
End of Canadian supply management of the dairy, eggs and poultry industries
Addition of a “sunset clause” on NAFTA itself

“NAFTA, by itself, will not collapse,” said Mexico’s Economy Minister ldefonso Guajardo in October, but even if Mr. Guajardo is right, it may change drastically from what we have in place today.

If this really does spell the end of NAFTA, the Canadian auto, pulp and paper, chemicals, mining, aerospace and oil and gas industries are likely to be most affected, according to BMO chief economist Douglas Porter.

Even without NAFTA, trade between the three nations is inevitable. Supply chains between Canada and Mexico criss-cross the U.S. How businesses adapt to the realities of a new – or non-existent – NAFTA, is something we’ll be watching closely in 2018.

9. Cyber threats and IP risks

As technology gets more sophisticated and ingrained in our work and personal lives, so too does the threat of cyber security breaches, which in turn compromises our intellectual property. Sixty-four percent of companies surveyed reported some experience of web-based attacks in the past year. Companies of all sizes are targeted and face the risk of cyber threats from simply being connected to the internet. And the costs are large – the average cost of a data breach in Canada is a jaw-dropping $6.03M.

So what types of threats are growing in 2018? Phishing, social engineering attacks, malicious code, botnets, denial of service attacks and ransomeware are all on the rise.

Ransomware in particular is growing in frequency, attacks rose an alarming 50% in 2016. Demonstrative of the damage a ransomeware attack can cause was the aftermath of the WannaCry attack in May 2017. Hundreds of thousands of individuals lost access to their data, compromising intellectual property, private customer information, and disrupting commercial processes.

As a business, it has never been more crucial to include cybersecurity programs directly in your strategy, and engage IT professionals to help cover all aspects of your web-based properties.

10. Demand for global trade skills higher than ever

Despite continuing turmoil and uncertainty on the global political stage, Canadian businesses still hold an optimistic outlook about their export opportunities. According to Export Development Canada’s Fall 2017 Survey, the majority of respondents believe that export sales will increase in 2018, citing new opportunities, growing demand, and expansion into new markets as stimulating factors.

As more businesses of all sizes get involved in international markets, the demand for talent skilled in global trade processes, is also growing.

“We hear from exporters all the time that knowledge is one of the most important tools for building international success,” said EDC Senior VP, Business Development Mairead Lavery.

In 2017, the FITTskills international trade training program underwent a major update, including the addition of 60% new content to reflect the changes we’ve seen in technology, ecommerce, trade agreements and more. In October, FITT also partnered with EDC to expand access to the available resources for businesses of all sizes looking to take advantage of international opportunities.

There’s no doubt that we all face an exciting year ahead, full of innovation, an ever-shifting global political environment, and risks, alongside ample new opportunities for business growth.

What trends will you be watching in 2018?

The post 10 global trade trends we’ll be watching in 2018 appeared first on Trade Ready.

How training and education is keeping up with the ever-evolving global trade environment

Pamela Hyatt — Wed, 10 May 2017 15:03:47 +0000

Not even halfway through 2017, it has already been a momentous year for global trade. The year was off to a rocky start with a big ideological shift towards protectionism in U.S. trade policy, the UK taking steps to leave the EU, and the fate of some major multilateral trade deals in jeopardy. Fortunately, things seem to be transitioning to a brighter outlook as the year progresses.

Growing commodity prices worldwide, robust financial markets, and a strong China has led the IMF to increase their growth prediction for the global economy to 3.5% by the end of 2017, up from 3.1% in 2016. And in Canada, we can celebrate the CETA trade deal that could bring trade relations between our nation and Europe closer than ever.

2017 also brings some reasons for FITT to celebrate. This year marks FITT’s 25^th year of empowering global trade professionals to succeed in international markets. You can celebrate with us at the Your Future in Global Markets international business conference in October, where we’ll be bringing together global business experts from all over the world to share insights, practical advice and network as we look to the future of global trade.

In a year of so much change and hope for the future of global trade, it seems only fitting that this is also the time to launch the 7^th edition of the FITTskills international business program. There are new challenges to be faced in the global business environment, new technologies to take advantage of, and new success stories and market entry failures to learn from.

A blueprint for comprehensive global business training

Another tool at our disposal is the recently developed CITP Competency Profile.

“The Competency Profile was updated in cooperation with over 260 private sector international business professionals. The standards set by the CITP Competency Profile provided the blueprint for designing the 7^th edition program,” said Caroline Tompkins, CITP, President & CEO, FITT.

Zeeshanali Fazal, CITP, Account Manager, EDC, a key contributor to the 7^th Edition’s International Trade Finance course, agrees.

“In the 21^st century, things evolve significantly, and the dynamics of doing business in the international market changes day after day. The markets are growing and business across borders is evolving. As such, it is critical to update learning material so that it remains relevant for international trade professionals and gives the right knowledge to the learners.”

Involving experienced global trade practitioners who are currently working in the industry was instrumental in updating the program with leading-edge material, terminology and features that are applicable to today’s professionals.

“Working on the new 7^th edition FITTskills Program and on the CITP Competency Profile that underpins it, has been an extraordinarily rewarding experience,” recalled Albert Knab, CITP|FIBP, Professor/Coordinator, International Business Program, Fanshawe College.

It was an honour to work with the leading trade professionals across the nation to craft what can truly be called a blueprint for professional success.

“The experience was the greatest professional development opportunity I have experienced in my four decades of professional life. We now have a baseline that will only improve with time.”

Providing relevant information in a way that works for busy professionals

Paula Greene, CITP, President & CEO, BEYOND Ventures Group, has made valuable contributions to the FITTskills course content over multiple editions of the program, including the 7^th edition, and speaks to the importance of building content that is internationally focused, rather than regionally.

“The level of expertise involved in developing the FITTskills 7^th edition program was unbelievable.”

As an international business professional who navigates the global business environment every day, I recognize the importance of current, leading edge education.

“In working with Canadian companies looking to export, I realize that the face of trade changes with trends in retail and B2B preferences, renewable energy, sustainability, and drastic changes in technology in recent years. The team that developed the 7^th edition FITTskills courses worked to ensure that case studies, course content and resources encompass these issues that are worldwide, and not just from a Canadian focus,” Paula said.

When it comes to the importance of having relevant, leading-edge education, the content isn’t the only aspect that needs to be revisited and continually modernized.

“With the FITTskills online courses, there has always been a focus on making the program really accessible for individuals who work full time, travel frequently and have full, busy lives. The 7^th edition takes that approach to a new level, providing the flexibility to access content in whichever order you choose,” related Silvia Baptista, FITT’s Vice President and project lead in the 7^th edition development.

You’re really in control of your own learning and can prioritize the content that is most relevant to you.

Other new features include cross-content references that link to areas in the course where a subject is covered in more detail, and sections at the beginning of each course module that allow learners to build on all levels of their existing knowledge and experience. But one of the features we’re most excited about is the interactive exam prep quizzes.

“The exam prep quizzes are really cool because they are now interactive. You can check your answers question by question and take the quizzes as many times as you want as an extra study guide,” said Ewan Roy, Content Marketing Specialist at FITT, who has been working hard preparing the courses for users to access the 7^th edition program online.

“The online learning centre is now easier to use than ever, with new case studies provided in an improved format, separated modules allowing for you to design your own learning plan, and each module also has a page for additional outside resources including Youtube videos, blog articles, and valuable info sources.”

Shelly-Ann Bhawanie, from ExporTT, Trinidad & Tobago was among the first group to experience the FITTskills 7^th edition program.

The training session exceeded my expectations and opened my eyes to the true potential of my organisation’s ability to assist our local exporters.

And we want to hear from you! Share your experiences on Facebook, Twitter and LinkedIn, or in the comments below.

As international trade continues to evolve, the individuals who work every day in the multitude of sectors and professional roles that keep global business flowing will need to have the tools at hand to do their jobs well. Staying current at the forefront of the industry requires continual education and training, and a willingness to adapt to the latest trends and technology. We look forward to continuing to empower global trade practitioners to do just that.

This project is funded in part by the Government of Canada’s Sector Initiatives Program (SIP). The opinions and interpretations in this publication are those of the author and do not necessarily reflect those of the Government of Canada.

The post How training and education is keeping up with the ever-evolving global trade environment appeared first on Trade Ready.

Is now a good time to start importing or exporting?

Pamela Hyatt — Mon, 12 Dec 2016 17:31:16 +0000

It’s no secret that the international business environment is currently going through a pronounced period of change, politically, geographically, and economically.

Some of this year’s biggest headlines followed trade-related events such as the Brexit and the U.S. presidential election, successful and halted trade deals such as CETA and the TPP and some major currency fluctuations around the world.

All of this change begs the question for businesses of all sizes considering going global for the first time – is now a good time to pursue importing and exporting your products and services?

We decided to pose the same question to some of the most knowledgeable global business professionals in the Twittersphere in our latest #TradeElite chat, and here’s what they had to say.

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

Panelists:

Clarecia Christie, CITP|FIBP (@ClareciaChriste) Project Manager and Team Lead, Trade Information Services at Trade Facilitation Office of Canada, based out of Ottawa, Ontario.

Idalia Obregon (@Idalia_Obregon) Executive Director at Belgian Canadian Business Chamber, based in Toronto, Ontario.

Craig Atkinson, CITP|FIBP (@CraigAAtkinson) Director, International Trade and Development Consulting with Lexmerca, formerly with the ITC, based in Halifax, Nova Scotia.

William Bush (@BillKBush) International Business Consultant, and Professor of US Foreign Policy, International Relations, Emerging Markets, Latin America-Caribbean, based in New York, NY.

Petra Benes (@PetraBenes) Owner of export development company @TopLatinExport, and Partner at Alliance Exports, based in the Netherlands.

Erica A. Murray, PhD (@EricaAMurray) iHeart Syndicated Radio Host, Author, Keynote Speaker, Dr. of Philosophy and International Business Consultant, based in Houston, Texas.

Bernadette Fernades (@On_the_varanda) Founder of the Varanda Network and international development expert, based out of New Brunswick.

Are nations’ imports and exports likely to a) increase b) remain the same or c) decrease with current global politics/economics?

A1 Countries always prefer to export more than to import but some really have to because of economic situation, like Brazil. #TradeElite

— Petra Benes (@PetraBenes) December 8, 2016

A1 there are a lot of variables to consider such as a country’s exchange rate, who are their trading partners #TradeElite

— Clarecia Christie (@ClareciaChriste) December 8, 2016

#TradeElite Despite Brexit and other economic and political developments, countries will increase their exports A1

— William Bush (@billkbush) December 8, 2016

#TradeElite While this economic environment may not be ideal for everyone, it has created the perfect opportunity for Canadian companies A 1

— William Bush (@billkbush) December 8, 2016

@craigaatkinson Are we likely to see a new set of cross border #Trade flows then? #TradeElite

— Adrian Mutton (@adrianmutton) December 8, 2016

@craigaatkinson @adrianmutton strongly agree. Issue is transition measures to cushion impact on protected sectors moving to free trade era

— John Treleaven CITP (@jht4x4) December 8, 2016

We will have to see but some political factors can definitely change the rules, for example with bans towards Russia. #TradeElite https://t.co/E2sZdm3ySj

— Petra Benes (@PetraBenes) December 8, 2016

How much should SME’s be following currency rates, and do they make a big difference to their export prospects?

A2. Currency rates greatly impact #buyerdecision so keep an eye out to determine priorities of where to #export your goods #TradeElite https://t.co/VORcL7BuPD

— bernadette fernandes (@on_the_varanda) December 8, 2016

A2: Both SME/large businesses, esp. those in GVCs, should be following currencies that impact operations and & where opps may be #TradeElite

— Craig A. Atkinson (@craigaatkinson) December 8, 2016

A2. Currency affect B2B transactions: selling price quoted to a buyer in a country where a drop in rates may be a loss to seller #TradeElite

— Clarecia Christie (@ClareciaChriste) December 8, 2016

A2 Currency is of huge importance to SMES, especially with globalized operations. #tradeelite

— ericaamurray (@ericaamurray) December 8, 2016

How aware are SME’s of FTAs (free trade agreements) and do these agreements really impact their import export potential?

A3 #TradeElite #CETA they’re definitely incentives for SME’s, however, its hard for governments to get feedback from SME’s and get…1/2

— Idalia Obregon (@idalia_obregon) December 8, 2016

A3 2/2 #TradeElite #CETA ..and get the right agts, plus is hard for SME’s to get the right info on agts from governments..

— Idalia Obregon (@idalia_obregon) December 8, 2016

A3 Lack of FTA should not be a reason not to/export. Must step up your game and it is then possible to get ahead of competition. #TradeElite

— Petra Benes (@PetraBenes) December 8, 2016

Q3 UNFORTUNATELY, SMES are unaware of FTA, but need to read more data to be well informed #tradeelite

— ericaamurray (@ericaamurray) December 8, 2016

A3. Most SME don’t know FTAs that exist I have had occassion where even an export promotion agency is not aware of one with Cda #TradeElite

— Clarecia Christie (@ClareciaChriste) December 8, 2016

A3 FTAs do facilitate trade but trade will happen with or without them #tradeelite

— Caroline Tompkins (@carolineFITT) December 8, 2016

Has exporting become a)harder b)easier c)much the same in the past 5-10 years? Why or why not?

A4 #TradeElite a)easier because of globalization, however we have new challenges too i.e. security, but we create new rules, we adapt & grow

— Idalia Obregon (@idalia_obregon) December 8, 2016

A4 #exporting is harder with increased competition; easier with FTAs & collaboration; the same cuz no nation is self-sufficient #TradeElite

— bernadette fernandes (@on_the_varanda) December 8, 2016

A4. According to EDC CAD Businesses can expect a 3% growth in exports of goods & services in 2017 @on_the_varanda @FITTNews #TradeElite

— Lynda Arsenault (@LyndaEllenA) December 8, 2016

A4 Its become harder and more difficult. At the same time there easier access to knowledge resources to support SME trade #tradeelite

— Caroline Tompkins (@carolineFITT) December 8, 2016

Will Donald Trump’s policies affect companies’ abilities to import supply chain components to the U.S.?

A.5 @realDonaldTrump will protect US businesses and jobs. Too early to tell what this platform means for the #supplychain. #TradeElite

— Michael Green (@MJGreen0101) December 8, 2016

A1 I agree Bill! Trump’s Trade War with #China & #Mexico provides an opportunity for non-US markets to step up their #exports #TradeElite https://t.co/Ap6IjCuME5

— bernadette fernandes (@on_the_varanda) December 8, 2016

A5 True. In addition to potential #supplychain impacts, we need to how the affects other country’s #trade policies & relations #TradeElite https://t.co/uBnCmClSbv

— bernadette fernandes (@on_the_varanda) December 8, 2016

Good question! I wonder whether @realDonaldTrump himself already has any idea? #TradeElite https://t.co/3OSPS0g2vV

— Petra Benes (@PetraBenes) December 8, 2016

Which countries are best placed to capitalize on global trade trends right now?

A6: As businesses trade, not countries, it is vital that gov ensures an enabling environment for trade #TradeElite

— Craig A. Atkinson (@craigaatkinson) December 8, 2016

I second that however government needs to engage business on expectation for international trade #TradeElite @carolineFITT @craigaatkinson

— Clarecia Christie (@ClareciaChriste) December 8, 2016

A6. I think Mexico could start to open up as I’m reading about how it’s trying to invest in infrastructure. #TradeElite

— audrey ross (@tresAudrey) December 8, 2016

A6 Countries that are positioned to trade #imports & #exports with #EmergingMarkets will see a reciprocal market capitalization #TradeElite https://t.co/3yMDdUIMUy

— bernadette fernandes (@on_the_varanda) December 8, 2016

Will Brexit and other political decisions make importing more restrictive/costly in the future?

A7. #Brexit will make us more creative to continue moving forward #TradeElite

— Idalia Obregon (@idalia_obregon) December 8, 2016

A7: Certain bilateral relationships will change, but multilateral efforts (esp. #Tradefacilitation) will net reduced risk/costs #TradeElite

— Craig A. Atkinson (@craigaatkinson) December 8, 2016

A7 Businesses are now hesitant to make major moves, opting to ’wait and see’… don’t wait, find an #InternationalTrade expert #TradeElite https://t.co/ok0KZl1TGR

— bernadette fernandes (@on_the_varanda) December 8, 2016

Is now a good time to start importing or exporting or both?!

A8 If you have the right strategy and the right people to implement it then its a good time to trade if it is profitable #tradeelite

— Caroline Tompkins (@carolineFITT) December 8, 2016

A8: It depends, but rhetoric is not a reason to dismiss opportunities associated with the promise of global #trade #TradeElite

— Craig A. Atkinson (@craigaatkinson) December 8, 2016

A8. Absolutely. More data available to help you make choices. More funding avail to help small biz get started. #TradeElite

— US Commercial Svc (@USCommercialSvc) December 8, 2016

A8 Now is the BEST time, but do ur homework 1st: do you know where ur buyers are, state of #freetrade agreements/tariffs, etc. #TradeElite https://t.co/8x0CK5Cjfb

— bernadette fernandes (@on_the_varanda) December 8, 2016

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, January 12 at 2:30-3:30PM ET.

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