In today’s dynamic job market, the hiring landscape is rapidly evolving. Employers are shifting focus from traditional qualifications to prioritizing practical expertise and tangible skills. This move towards skills-based hiring is transforming the job market, creating both new prospects and challenges for professionals looking to progress in global trade. 

Keeping pace with these changes, FITT sees continued value in offering practical training and credentials to address the current challenges in global business and reflect professionals’ earned skills and knowledge. 

In this brief recap, we invite you to celebrate the achievements of the FITT learning community in 2023 – a testament to resilience, dedication, and the transformative impact of education. 

It’s inspiring to observe the vast number of individuals from varied sectors, job positions, and organizations who have dedicated themselves to enhancing their skill sets and achieving their professional objectives by obtaining FITT credentials in 2023. 

FITT Certificate earners: Nurturing the next generation of trade experts

The FITT Certificate in International Trade is presented to individuals who’ve successfully completed any 3 FITTskills courses, or the equivalency thereof. In 2023, 263 new FITT Certificate holders emerged, showcasing the program’s continued relevance and impact. Notable organizations such as Global Affairs Canada, MUJI, Invest Alberta Corporation, Sumol+Compal Marcas SA, Block 4 Oilfield, LLC, North Atlantic, Export Québec, La Molienda and World Intec Co are now home to professionals equipped with FITT Certificates. 

Geographically, the FITT Certificate holders are making their mark in Asia-Pacific, North America, and Europe. The job roles, including Trade Commissioner, International Trade Advisor, CEO, and Export Consultant, reflect the diverse career paths of those who started the training to get the FITT Certificate.

Value of FITTskills Courses: 89% of respondents find FITTskills courses valuable. – 2023 FITT Customer Satisfaction Report

FITT Diploma holders: A growing force in global business

The FITT Diploma in International Trade holders are on the rise, with 487 graduates joining the league in 2023.

87% of respondents find FITTskills courses relevant to their jobs and responsibilities. – 2023 FITT Customer Satisfaction Report

The number of FITT Diploma holders not only eclipses the previous year’s count but also emphasizes the increasing importance placed on trusted international trade credentials. This year’s FITT Diploma earners span diverse sectors, including agriculture, food, manufacturing, finance, logistics, and technology.

The extensive list of companies these diploma holders are now associated with includes enterprises like RBC Royal Bank of Canada, TD Bank Group, Epiroc, SGS Canada Inc., Haya Solutions Inc., Coca-Cola Bottling, and Tjx Canada. From government agencies to private enterprises, the FITT 2023 Diploma holders are weaving a rich tapestry across the international trade spectrum. 

Their reach extends globally, with professionals working with business divisions located in Europe, Latin and North America, Asia, and East Africa.  

Among the Diploma holders, the job roles include Export Sales Manager, Business Development Officer, Commercial Officer, Project Manager, Import & Export Analyst, Supply Chain Specialist and more. 

Having gained expertise in the 6 key  knowledge areas that make up the FITTskills program, the FITT Diploma holders have achieved one of the main requirements to apply for the Certified International Trade Professional (CITP) designation.  

CITPs: A community of validated trade leaders represented world wide

The Certified International Trade Professional (CITP) designation stands as a beacon of excellence in global trade. With CITPs present in 47 countries, the community represents a network of certified international trade practitioners, contributing to various sectors and industries. 

The list includes a wide range of job positions, spanning from Trade Commissioners, Managers, Directors, and Presidents, to various specialized roles in logistics, finance, law, marketing, supply chain management, and education.  

The company list exhibits a diverse array of industries, ranging from government and trade organizations, such as Global Affairs Canada and Export Development Canada, to educational institutions like the University of Calgary and Niagara College. It also includes technology giants like IBM and Google, manufacturing and aerospace companies such as Airbus Helicopters and Teck Resources, as well as consulting firms like Deloitte. The presence of financial institutions, retailers, healthcare, logistics, and mining companies underscores the broad spectrum of sectors involved in international trade and business development. 

From professionals who specialize in logistics, law, finance, and education, CITPs are leading the charge in shaping the future of international trade and business development. 

FITT continues the mission of advancing the international trade profession. The growing numbers of FITT Diploma and Certificate Holders, coupled with the global presence of CITPs, paint a picture of a community that is not only expanding, but also influencing the trajectory of global commerce.

As we reflect on the accomplishments of FITT’s learning community in 2023, we anticipate an even more impactful journey ahead, shaping the future leaders of international trade. Whether you’re a government official, a private sector professional, an aspiring entrepreneur or a leader looking for training to upskill your team, you can be inspired by the 2023 FITT credential achievers and begin your own journey through skills development and professional certification.

More than ever, validated skills are the gateway to success in the complex world of international trade. 

The post From public to private sector, Europe to Africa and beyond – here are the 2023 FITT credential achievers appeared first on Trade Ready.

Business growth often has to include an eye to international expansion and FITT was there to connect women entrepreneurs to the know-how they need to be successful in global markets. In this article, we will cover 10 of the key learnings that were shared at this productive event.

1. Stay on top of the changing landscape of global challenges

It’s essential for business owners and entrepreneurs to stay informed about the critical issues and trends that may impact their operations and decision-making. The global challenges which are currently affecting businesses worldwide include the debt ceiling, fallout from banking turmoil, inflation, interest rates, China’s reopening, geopolitics (war in Ukraine), and climate change.

Each of these factors can significantly impact the global economy and have a ripple effect on businesses in various sectors. Staying informed about these challenges will enable entrepreneurs to make well-informed decisions and adapt their strategies accordingly.

2. Re-globalization is shaping supply chains

After experiencing both globalization and deglobalization, the world is now witnessing a process known as re-globalization. This process is characterized by a renewed emphasis on global interconnectedness and can be seen as a response to previous trends of isolationism in certain countries and regions.

This transition involves the adoption of new trade policies, such as switching trading partners, revamping supply chains, and focusing on domestic production.

3. Friend-shoring may be the best way to react to China’s “de-coupling”

Another notable aspect is the concept of “de-coupling,” where countries like China aim to reduce their dependence on the United States. While re-globalization offers potential benefits, such as increased stability and reduced vulnerability to disruptions, it also presents risks.

Friend-shoring, a strategy of engaging in trade with friendly nations, ensures continuity, but may come at higher costs and potentially disrupt global trade leading to inflationary pressures.

4. Closely monitor inflation trends

Inflation has been a significant concern in 2022-23. The goal is to bring inflation rates down from their current levels, such as Canada’s 4.4%, to a target of 2%. The decrease in goods inflation can be attributed to a decline in demand as China reopens, and supply chain stability improves.

However, services inflation remains elevated, mainly due to higher wages and salaries. Business owners should closely monitor inflation trends and consider the potential impact on their costs, pricing strategies, and overall financial health.

5. Beware of currency risks and other economic shifts

In the face of these challenges, business owners must remain vigilant and prepared.

Monitor the economy for signs of a potential downturn or recession, which some experts predict may occur in Q2 and Q3.

In addition, the persistence of sticky inflation calls for a cautious approach and the expectation of restrictive monetary policies in the foreseeable future. Markets, including currencies, interest rates, and equities, are likely to remain volatile, demanding attention and proactive risk management.

6. Global ambitions require global skills

Having a strategic mindset is crucial when venturing into international trade. Instead of relying on opportunistic approaches, businesses must develop a well-thought-out strategy, including an organizational pillar, financial pillar and operational pillar.

This mindset ensures that decisions are based on thorough research and analysis, and identifying opportunities aligned with long-term goals.

Going global requires trade-capable individuals within the team who possess the necessary skills and knowledge to navigate global markets effectively.

7. Consider the “double half rule”

The “double half rule” highlights that it often takes twice as much time and efforts to achieve only half the value (compared to domestic business) when expanding internationally. Never underestimate factors such as the amount of time, money, and effort required.

Cultural differences and language barriers can also pose significant obstacles. In addition to that, being up to date with customs regulations, policies, trade agreements and other regional regulations will be the base to establish and maintain the relations with partners.

8. The power of networking

Networking and leveraging available resources play a vital role in addressing these challenges. Establishing connections with organizations such as chambers of commerce, Trade Commissioner Service (TCS), Export Development Canada (EDC), Business Development Centers (BDCs), and Small Business Development Centers (SBDCs) can provide valuable support and guidance throughout the export journey.

Being a part of WPO 2023 Entrepreneurial Excellence Forum proved this point of the value of leveraging the network and mutual support of female leaders.

9. How to determine if your business is export ready

A strong export plan is a critical component of success in international trade. Research is the foundation of such a plan, enabling businesses to make informed decisions. We highlighted five key considerations while creating an export plan:

1. Clearly define objectives
2. Select the right market based in extensive research
3. Choose the right product(s) to enter the market gradually (sometimes you don’t need to go with all your products at once)
4. Establish an appropriate financial model
5. Determine the most suitable fulfillment process

It is important to continuously update and adapt your export plan based on new insights and market dynamics.

10. Get the right people on the bus

Great organizations make sure they have the “right people on the bus” and the right people in the key seats before they figure out where to drive the bus.

Does your business have the right talent in place with solid experience in international trade?

It does not matter where your business originates from or what it does – your priority is to recruit the right talent with relevant experience. So, when it comes to business expansion, you need a team that understands how to:

• Research target markets effectively
• Manage international finance and FX intricacies
• Navigate the complex landscape of international shipping, logistics and transportation
• Engage in appropriate cross-cultural marketing and sales
• Adapt products and services to the many regulations in international markets

Regardless of the position, what is exceptionally important for the success of your team is the amount of professional experience and training they have.

Additional resources:

• How to Take Your Business Global – 5 Important Steps for Female Leaders
• How To MacGyver Your First Export- Laurel Delaney
• EXPORTING: The Definitive Guide to Selling Abroad Profitably

The post Top 10 things we learned at the WPO 2023 Entrepreneurial Excellence Forum appeared first on Trade Ready.

In 2001, As a student in the Customs Clearance bachelors’ program, Rahim Mohtaram began his journey in international trade with an internship in the most important port in Iran. This experience made him sure that international trade, logistics, and business negotiations were paths that he wanted to pursue throughout his life. It wasn’t long before he finished his MBA at the University of Tehran in 2006 and started his first job at a customs brokerage company.

As is the case with many young, hard-working individuals in international business, Rahim worked in various departments and organizational levels, learning a lot about international trade activities along the way. Specifically, he learned the ins and outs of business negotiations, cargo insurance, multimodal transportation, documentary credits and collections, compliance, and customs clearance formalities. Eventually, in 2014, he took on a supply chain and procurement position at a trading company, garnering even more experience to bolster his knowledge and career. Clearly, his initial instincts about his future in trade were correct.

Exciting travels, contracts, and negotiations

It’s no surprise that travel has been plenty during Rahim’s career, bringing him to more than 10 countries and countless exhibitions as a chief negotiator. These travels have become more compact too, including a three-day journey to China, two days on a plane, and a one-day negotiation meeting.

Despite the demanding schedule, he enjoyed so much of his work, gathering many favourite stories from his travels, including one that took place in China:

“One of my most memorable experiences was a five-day trip to China, in which I negotiated with 7 companies in seven different cities, from Shanghai to Guangzhou. My team and I drafted and signed 4 contracts during those five days, and it was an amazing experience. Business Travel with a professional team is the best way of learning skills in international trade and business negotiations.”

Putting knowledge into action to help businesses around the world

Rahim has merged his lengthy experience and knowledge to help many companies to handle their international business. Since 2006, he’s:

• negotiated and implemented more than 160 international contracts for various products
• worked with companies from more than 25 countries in different industries
• trained more than 6000 people in large and small companies
• published 13 practical books about international trade

These books cover many trade-focused topics, such as customs clearance procedures, cargo insurance, international transportation, international payments, and international business letter writing. He has also guest authored a TradeReady blog on discount strategies and appeared in several FITT events as a panelist.

Experience that leads to sage advice

With so many experiences, Rahim has become exceptionally seasoned in international trade, offering up plenty of sage advice to his colleagues:

“My advice to anyone who wants to improve his/her skill in international trade is to work at customs brokerage or logistics companies for a while. You can gain valuable experiences in different industries and about different products in a short time. In a single day, you must handle challenges about a wide range of products, and after a few months, your knowledge and experience will be extraordinary.”

Want to learn more about the Certified International Trade Professional (CITP®|FIBP®) designation? See why it’s the world’s most recognized designation for competency and credibility in global business.

Adding credibility to experience and expertise with the CITP designation

Understanding the importance of expanding his credibility and professionalism in the field, Rahim decided to pursue his CITP through the Executive Path in 2021. His reasons for doing so were simple:

“I selected the Certified International Trade Professional designation, simply because I believe it is the best option available. The CITP is the world’s most credible and recognized designation in international trade, and it helps me to add value in my services to my customers. I am thrilled to be a CITP, because, after 15 years of hard work, my expertise is now validated by the most credible international trade entity in the world.”

Where the CITP designation will take him

Now, as an accomplished international business professional, Rahim is teaching, consulting, and coaching businesses on how to do business the right way. He believes that the CITP designation will open new windows for him, improving his credibility as an experienced consultant and coach, allowing him to help more companies achieve their goals in global markets.

Already successful within the field and ever-hungry to achieve more, we know that Rahim will be a face to watch for in the international business ecosystem for years to come.

The post CITP Spotlight: Rahim Mohtaram, Supply Chain Management Program Coordinator, triOS College appeared first on Trade Ready.

This factor distinguishes them from indirect investments in securities, bonds, funds, or currencies. Understanding these different investment options is critical to researching which ones best suit a given organization, target market, and/or venture.

Ownership-based investments

One type of foreign direct investment is based on establishing an ownership position over an asset or assets. The following are some of the most common types of ownership-based investments:

Greenfield

The investing organization establishes a completely new operation in a target market, building it from the ground up.

Brownfield

Similar to Greenfield, this is an aggressive market entry strategy. Brownfield investments are an acquisition of existing facilities in the target country. Often this strategy involves some site remediation, such as the clean-up of soil chemicals.

Acquisition

The investor purchases an existing operation in the target market.

Joint venture

The investor identifies a partner with complementary capabilities, and they set up an entirely new operation in the target market, each of them owning a stake proportional to the value of their original contribution. The original founding organizations continue operations as entities distinct from the newly formed joint venture.

Merger

The investor identifies an operation with complementary capabilities, and the two organizations abandon their original distinct identities to join forces into a single, combined new firm. Situational Analysis

Looking to determine if your new trade opportunities are viable? Check out the FITTskills Feasibility of International Trade online course!

Investments based on strategic alliances

This is a category of investment in which resources are contributed directly but do not create a distinct asset. Usually, such investments create partnerships in which the relationship is the only real asset. Investments based on strategic alliances are as follows:

Supplier alliances

Many organizations are investing in stable long-term relationships with suppliers of parts, technology, equipment, or other key inputs. Such investments require more than simply entering into a long-term supply contract. In many cases, they involve harmonization of standards, agreements on quality control, and integration of manufacturing and delivery processes. In technology-driven industries, supplier alliances can include agreements to share research and development (R and D).

Research consortium

There is a growing number of organizations in particular sectors pooling their R and D efforts to improve their ability to face related challenges. In some cases, such consortia focus on developing common standards that allow products to interconnect and interact. In others, they organize something akin to a division of labour by apportioning research tasks to the consortium members best able to carry them out. This can be significant internationally if organizations from different countries bring different kinds of expertise into a relationship.

Co-marketing alliance

Some organizations enter into an agreement to market each other’s products or services as part of their own set of offerings. They do this to fill out product lines and to provide consumers with a comprehensive offering. When the two organizations operate in different countries, this type of arrangement allows one to sell its products in the other country without setting up its own marketing organization. Such arrangements are not cost-free; partners must invest not only in making the relationship work but also in costs such as relabeling and rebranding.

Co-production alliance

Just as organizations exchange marketing services, they can also exchange production facilities. Rather than shipping finished products to a distant market, an organization can enter into an alliance with a local manufacturer to assemble components or manufacture a complete unit according to original specifications. Again, this can be a cost-effective way of entering a market, but it requires an investment in the relationship as well as in the transfer of knowledge, skills, and design.

Bidding consortium

Perhaps the loosest form of strategic alliance occurs when organizations enter into a consortium to bid on a project that none of them could carry out individually. Such consortia are very common in large international infrastructure projects. Even though the organizations retain their distinct identities, entering into a consortium does require some longer-term commitments, especially if the bid is successful and the winners are obliged to work together for several years. The simple fact of participating in a bid can require a significant investment of time, human resources, and money, especially if bid bonds are required.

The post The most common forms of foreign direct investment (FDI), including ownership-based investments and investments based on strategic alliances appeared first on Trade Ready.

There are many important details that need to be covered when dealing with cargo insurance—defined as the transfer of risk to a third party, the insurance company, who takes on the risk for a fee called an insurance premium—and every stakeholder involved in the international trade transaction has insurance.

Want to learn more about how to manage your company’s supply chain and logistics? Check out the FITTskills Global Value Chain online course!

For those who are aiming to obtain insurance, they must be aware of the process, which requires the following agreements by the insured and the insurer:

Setting the insurable value

The shipper can insure the cargo for the invoice value of the goods, plus freight and other charges. Most insurers offer insurance at 110 percent of the CIF value. The additional 10 percent is included as compensation for loss of profit. Generally, the beneficiary of the insurance policy determines which risks should be covered by insurance and negotiates to include that degree of coverage in the sales contract. It is rare to obtain insurance for more than 110 percent of the CIF value of the goods. The purpose of insurance is to compensate the insured for loss or damage, not to generate profit to the insured for the accident or event that led to the loss or damage.

Determining who takes out the policy

Usually, the terms of the sales agreement indicate which of the parties must obtain insurance. The Incoterms® 2020 rules for CIF or CIP require the seller to obtain cargo insurance to protect the buyer against the risk of loss. The rules require a policy that will allow the buyer to claim directly from the insurer, and requires the seller to provide the buyer with a copy of the insurance policy or other evidence of insurance coverage.

The remaining Incoterms®2020 rules leave the purchase of marine cargo insurance to the discretion of the buyer. Most insurance brokers are familiar with the requirements applicable to each trade term. The insurance ramifications of the Incoterms® rules being considered should be investigated before entering into a sales contract. Insurance can be quite costly, and in some cases it is unavailable.

Do you need a better understanding of Incoterms^® 2020 definitions/rules and obligations? The Incoterms^® 2020 online course, presented by FITT and the Canadian Chamber of Commerce (CCC), is designed to help international trade professionals gain an understanding of the latest edition of the Incoterms^® rules (which came into effect on January 1, 2020).

Finalizing the policy

Once all details of the policy are determined and the insurance premium paid, an insurance policy is issued to the insured. The insurance policy is the contract between the insurer (i.e. the insurance company) and the insured (the shipper on the B/L or waybill) in which the insurer promises to pay the beneficiary (the person named in the insurance policy) for damage to, or loss of, the insured goods due to particular risks.

Legal Considerations

In terms of risk, it is also important to understand the protections that may be provided to international trading organizations based on the conventions, treaties and agreements to which countries are signatories. It is important to understand the geopolitical aspects of international trade in order to determine how international conventions, treaties and agreement may be beneficial.

The answers to the following questions will assist in this assessment:

• What is being shipped?
• What is the shipment’s final destination?
• Who owns the land, air and sea en-route to the final destination?
• Where is it stopping along the way to the final destination?
• Are there passage rights, bans, boycotts, wars or trade restrictions on specific goods that could hinder the transportation of the goods being shipped?
• What is the process if an accident or natural disaster destroys some or all of the goods?
• What is the percentage of coverage, and where do the obligations of different stakeholders begin and end?
• What is the notice period to file a claim or initiate liability litigation? How should the notice be given?

The post Necessary agreements and legal considerations for cargo insurance in international trade appeared first on Trade Ready.

As far back as he can remember, Maxime Anselme Laleye had envisioned a career in international trade. Initially, his goal was to sell manufactured agricultural products across borders. After completing his Bachelor’s in Business Management at Ecole Nationale d’Economie Appliquée et de Management, Université d’Abomey-Calavi, Benin, and gathering a few years of professional experience, he decided to enroll in a master’s in business management program in the same school. 

“My objective was to develop an analytical capacity to be able to solve entrepreneurial problems and understand the opportunities that a company could seize, both in the national and regional markets.”

His interest in international markets and the ban on small Beninese companies from marketing seafood in European markets spurred his research work for his master’s degree that entailed analyzing the complexity of regulations that governed the continuous supply of products to international markets. 

This set the trajectory for his career in global trade as he found his niche in guiding small and medium-sized enterprises/industries on how to seize opportunities in international markets. 

Recommending solutions that helped boost international purchases 

While working as a Head of Administrative Service in a company where a large part of the activities was import-oriented, his CEO asked him to form a team to collaborate with an external purchasing consultant. Maxime then came up with a well-researched document that recommended solutions to translate the objectives of the collaboration into measurable actions. His efforts were immensely appreciated, and he was publicly applauded by the top management, which also resulted in an upgrade to his professional responsibilities. 

Contributing his skills to the design of a unique project 

Maxime’s proudest professional accomplishment happened when he was working as Marketing and Sales Manager in a company that designed and manufactured light equipment for processing agricultural products like cashew nuts and palm nuts. These production processes greatly increased the volume of goods customers were able to manufacture. He began by collecting information on regional markets and succeeded in identifying a few niches of captive markets. 

This is when his skills were called upon to contribute to the design of the “Project for the popularization of construction techniques and the use of light agricultural product processing equipment”—a project that aimed to: 

• improve the arduousness of artisanal transformation processes through the popularization of construction techniques and the use of semi-mechanized processing equipment for agricultural products (cassava, palm nuts, cashews, etc.)
• strengthen the marketing of goods to improve the income of small and medium-sized enterprises

The rewarding aspect of this project was getting to analyze and identify regional captive markets and offering turnkey project solutions:

“Providing high value-added solutions that improve the manufacturing practices of small and medium-sized enterprises and seeking regional market opportunities that increase the income of manufacturers and vulnerable layers is rewarding and empowering.” 

Find a happy middle ground that satisfies all parties 

Maxime believes that each market and every customer has its own set of constraints and specificities; nothing is concrete until a transaction is completed to the satisfaction of all stakeholders. Therefore, although the process of settling an international transaction can be very laborious, he recommends ensuring the conformity of all commercial documents and building a relationship of trust with the stakeholders. 

Maxime’s favourite FITTskills course 

“That’s a difficult question to answer, but I’d say my favourite is “Products and Services for a Global Market.” 

Learn how to adapt and conform your products and services to different regulatory, legal, cultural, and consumer/client requirements in international markets with the online FITTskills course, Products & Services for a Global Market.

Creating trust and establishing business relationships with a designation that spells excellence 

Maxime had been aiming to earn the elite CITP | FIBP designation since 2012 to be able to truly embody all that it stands for. Being conferred with the designation is the culmination of a goal that he had envisioned for himself almost a decade ago.  

“It is a feeling of accomplishment. I am proud to belong to this elite group. As a CITP, I am an asset to any organization with which I can interact”

Maxime now looks to expand his expertise to newer horizons. He is confident that his qualifications and credentials will lead him to exciting opportunities in Canada within the international trade finance industry, where he could gainfully use his skills to help companies go global. 

With his single-minded focus and keen business acumen, Maxime is all set to expand his horizons to limitless possibilities. 

The post CITP Spotlight: Maxime Anselme Laleye, Export Trade Specialist  appeared first on Trade Ready.

It was a short-term summer job way back in 1993 that introduced Subha Sundarajan to the fascinating world of international trade. To gain some work experience before starting her post-graduate study, she joined the British Embassy in Chennai, India, to fill a six-week temporary vacancy. That brief tenure gave her a taste of the kind of work the commercial sector was involved in and it spurred her on to equip herself with the skills necessary for a career in international trade. 

Subha completed an MBA, a Diploma in Export Management and also obtained an Advanced Certificate in International Trade from the Institute of Export, UK. Through her career journey spanning 28 years, she has worked on a range of sectors including agribusiness, automotive, clean technologies, infrastructure, ICT, life sciences, oil & gas, forestry, etc for British and Canadian clients. 

Playing a pivotal role in resolving a two-year payment dispute 

Business disputes are an inevitable part of international trade and that’s where problem-solving skills come into play. Subha’s favourite career story consists of the time she helped an SME to rightfully get back the dues owed to them. Products had been supplied for a project in a third market by a Canadian company and they were unsuccessful in receiving payment for over 2 years.  

“The client approached me for help as the HQ of their customer was based in India. Finding the right connection and approach resulted in getting dues settled in a couple of months. The client was an SME and would not have stayed in business without this payment.”

Providing end-to-end support for a multi-million dollar auto industry project in Chennai

Subha’s proudest professional accomplishment includes managing a project consisting of an investment of CAD 200 million in an auto-industry venture. The scope of her work ranged from getting approvals to setting up three manufacturing facilities, identifying potential partners, offering advice on leveraging funding, and problem-solving to meet deadlines for the commencement of production. 

International business best-practice—always cross-check facts 

A valuable nugget of wisdom gathered from Subha’s long and rich repertoire of experience in international trade is to double-check and confirm all information received, leaving no room for any assumptions. This proves to be a critical point especially while dealing with business disputes. 

“Acting on incomplete or inaccurate information can be disastrous.” 

Validating decades of work experience by earning a global credential 

Knowing that she already had the requisite experience and qualifications to be considered an expert in her field, Subha wished to progress her professional profile to the next level. She believed that the  CITP®|FIBP® designation would give her clients added confidence in her abilities to provide support to their business. The application process also offered her an opportunity to brush up her skills in international trade. Subha earned the prestigious, globally recognized designation in July 2021. 

“I feel the CITP adds to my professional credibility. Interactions with Canadian clients are mostly online, and I feel the CITP is a brand that is recognized by clients for excellence in professional skills and the ability to understand their business requirements. It highlights my capability to provide high-quality service.”

With a wealth of knowledge and experience in international trade, Subha already has a plethora of achievements to her credit. Now equipped with a designation that vouches for her expertise, there is no limit to how high her career graph is set to soar.  

Twitter: @subhasundarajan

The post CITP Spotlight: Subha Sundarajan, Trade Commissioner at Global Affairs Canada  appeared first on Trade Ready.

Colleen’s Spanish language skills are what spurred her into an international trade career. She had just returned from working in Uruguay on a Master’s curriculum program in ocean management, when she came across a vacancy in the Department of Foreign Affairs Latin American Bureau. That marked the beginning of a fulfilling career journey—and there has been no looking back since. 

Covering large gaming events as a Trade Commissioner in Brazil 

Among Colleen’s favourite career stories was her involvement in covering major gaming events, including the FIFA World Cup. She also was part of preparations for the 2016 Olympic Games while working in Brazil as a Trade Commissioner. 

“I was lucky to be able to visit and tour a large shipyard project, as well as some of the stadiums while under construction, the Rio Olympics locations, and headquarters—really great opportunities to see things in action.” 

Proud to work with the “Canadian Olympic Family” 

Helping Canadian companies that provide products and services related to large gaming events like the Olympics is what Colleen finds extremely satisfying. She takes pride in assisting them with the procurement process so they can succeed in different markets. She also enjoys training the large network of her trade commissioner colleagues, helping them enhance their performance.  

“Meeting more than 1000 of our staff members all over the world–we have a really amazing trade team at Global Affairs Canada and being a part of making them better every day is really great.”

Be prepared for hiccups and sudden changes 

Experience has taught Colleen to always be prepared for the unforeseen, as things rarely unfold as expected. It’s important to be open to any situation and seize opportunities as they present themselves. 

“You might have gone to a meeting with one expectation and a completely different opportunity, even in a different sector, suddenly appears—you need to be able to turn around quickly, grab it and run. Those are golden moments.” 

Gaining more confidence with FITTskills training 

For Colleen, the FITTskills courses proved extremely useful as she didn’t have any trade/MBA background. The in-depth and practical training helped her become a more knowledgeable and confident business advisor to her clients.  

“Systematically reviewing the various market entry strategies, the international financial instruments available to companies…it was a great overview that gave me a solid base from which to help clients (and help our trade commissioners in the TCS help clients).”

Colleen’s favourite course: 

“International Trade Finance was the most useful for me, as this area can feel opaque and a bit confusing, yet is so important for our clients and our Canadian companies.”

Achieving the next important milestone—the elite and industry-recognized certification in International Trade 

Colleen wanted the best way to validate her skills, experience, and hard work, and she knew the prestigious CITP®|FIBP® designation would help her do this:

“I wanted to highlight the skills I had developed, the studies I’d finished, and the experience I’d gained over the last 10 years. This seemed like a good way to both demonstrate those and connect with others in the international trade field.” 

Colleen is confident that her newly acquired designation will her network with other international trade professionals and allow them to connect with her as well.  

“I think it demonstrates my commitment to the field” 

Colleen’s love for her profession, combined with her knowledge and enthusiasm, has already set her on a successful path. There is no doubt that this is just the beginning of many more accomplishments just waiting to happen in the years to come.   

The post CITP Spotlight: Colleen Sutton, Program Manager at Core training for Trade Commissioners Workshop  appeared first on Trade Ready.

That’s why, last week, Startup Canada hosted a Twitter Chat with FITT and an all-CITP®|FIBP® (Certified International Trade Professional) panel of business experts. These seasoned professionals gave practical advice on “How to weather-proof your business.” With varied markets, supply chain disruptions and so many other hurdles in the international business landscape right now, they offered up international market entry strategies, risk-mitigation techniques, and personal stories on how to best navigate these waters.

The Twitter Chat featured:

Daniel Lewis, Author, and International Speaker, CITP
Lora Rigutto, Loyalty and Engagement Manager, FITT, CITP
Craig Atkinson, Founder and Director, Lexmerca International Trade, CITP

Question 1: Staying agile and adaptable

The chat started off with this question: “Business is always changing, but some changes, we never see coming. How do you stay agile and adaptable?”

CITP Lora Rigutto had sage advice about upskilling and updating your knowledge in different areas of business.

While CITP Daniel Lewis answered with the following:

“To stay agile and adaptable I suggest diversifying and developing your skills. Become more knowledgeable about your products, industry, or new industries to gain a competitive edge. Consider becoming an educator, expert, or content creator in your field.”

While I was building my tea business over the past 10 years, I also found opportunities to put myself out there as a Public Speaker and Brand Strategist. When the pandemic hit and rattled my supply chain, I switched on my virtual keynotes and brand strategist superpowers. As a result, I have been able to weather the storm and still generate good business. #StrategicPivot—Daniel Lewis, Author, and International Speaker, CITP

Meanwhile, CITP Craig Atkinson talked about remaining on top of your sector specifics: “I think the best way to stay agile and adaptable is to stay abreast of what is going on in your sector and the potential impact of disruption. Adaptability depends on having a business structure that is flexible.

The second question prompted some excellent advice as well:

Question 2: Planning for global growth

Daniel Lewis chimed in first, suggesting that businesses need to start by asking the questions “why?”:

” I always suggest starting with ‘WHY?’ Whether starting or expanding your business internationally, asking WHY first can provide you with all the reasons (or lack thereof) for a specific course of action. WHY are you expanding?  WHY now?  WHY this market?”

“At the same time, I decided to polish my professional image and sharpen my international business knowledge by becoming a #CITP. With these tools on my belt as a foundation, I was ready to rock n roll!”

“If your WHY is compelling enough, then you can get to the HOW? Approached my global growth plans by first going through international business training where I developed an export plan to better materialize my goals and ambitions.”

Meanwhile, Lora Rigutto gave this nugget of wisdom:

If you fail to plan, you plan to fail. You need to determine how to move goods or deliver services to a target market, overcome regulatory or cultural hurdles, and use market entry and international sales and marketing strategy with clear and measurable sales and marketing objectives.—Lora Rigutto, Loyalty and Engagement Manager, FITT, CITP

Question 3: Weather-proofing and risk mitigation

Question three, “How do you weather-proof your business your own business as you grow globally?” got down to the details and surfaced some great insights, including notes on addressing knowledge gaps from Lora Rigutto.

Daniel Lewis, on the other hand, talked about creating multiple contingency plans with an “If this” guide:

Question 4: Risk and business

Question four addressed an important reality about business: that it always comes with risk.

There were multiple answers for this one from panelists and participants alike:

Question 5: How to expand

Question five dove into global expansion, a quintessential topic for SMEs, and it garnered advice that ranged from influencer adoption strategies to joining trade shows and trade missions.

Question 6: When to expand

Knowing exactly when you’re ready to expand your business is critical for success, and that’s what question six tackled:

Questions 7 and 8: Economic risk and opportunity

While questions seven and eight talked about economic risk and the opportunities they present. Panelists and participants recounted their experiences during the pandemic and how they used these to create opportunities for themselves:

Final Thoughts and Questions

And with that, the official questions were over and the panelists and participants were given an open mic to talk about topics, such as their CITP experiences:

And the single most important thing they did to weather-proof their business over the past year:

A fantastic gathering of great business minds, the Startup Chat gave emerging entrepreneurs and SMEs a lot to think about, in addition to access to Startup Canada and Startup Global’s plethora of resources, contests, and funding opportunities too.

Learn more about Startup Canada’s Startup Global Portal here: http://ow.ly/OBns50FXewH

Don’t forget, once you register, you can access several FITT presentations, workshops, videos, and even a discount on FITTskills training.

The post How to weather-proof your business: CITPs weigh-in with Startup Canada appeared first on Trade Ready.

Editor’s note: This content was last updated May, 2024. There are ongoing developments in the trade relationships between CUSMA members that are not reflected in this article.

In July 2021, Mary Ng, Canadian Minister of Small Business, Export Promotion, and International Trade, along with Tatiana Clouthier, Mexico’s Secretary of Economy, and Katherine Tai, United States Trade Representative, marked the one-year anniversary of CUSMA, also known as the Canada-United States-Mexico Agreement. This historic all-female gathering took place in Mexico and saw all three women converge, in person, to mark “their commitment to North American supply chains and economic competitiveness, which have created significant economic growth and benefits for people and workers in all three countries,” according to the official Trilateral Joint Statement.  

New 2023 Trilateral Joint Statement

For many, the acronym CUSMA is still not second nature—even prompting some to refer to it as the “New NAFTA” (the North American Free Trade Agreement) or “NAFTA 2.0,”—and there are many reasons for this. For starters, the countries that are part of CUSMA each refer to it differently, with the U.S. calling it “USMCA” and Mexico often calling it “T-MEC.” Beyond the name, the details surrounding CUSMA aren’t as clear-cut as they were with NAFTA (which came into effect January 1st 1994), prompting many questions about the trade agreement that have yet to be answered to this day.  

To understand what CUSMA is, the history leading up to its enactment, and where it stands today, read on below: 

What is the Canada, United States, Mexico Free Trade Agreement (CUSMA)?

Many refer to CUSMA as the “New NAFTA” or “NAFTA 2.0” because it is largely a revised version of NAFTA. Similar to NAFTA, it is a free trade agreement between Canada, the United States and Mexico that defines the National Treatment and Market Access for Goods between the countries, determining rules and regulations on tariffs, rules of origin, customs administration, trade facilitation, and many other trade-related matters.

The CUSMA trade agreement covers a long list of items, from agriculture and textiles to regulatory matters such as government procurement, macroeconomic policies, Intellectual Property (IP) rights, and rules for Small and Medium-Sized Enterprises (SMEs). 

The tumultuous history of CUSMA 

CUSMA was created at the insistence of former U.S. President Donald Trump. He was outspoken about his dislike of NAFTA during his presidential campaign and pushed for a new trade agreement that favoured American interests—even going so far as to threaten to terminate the agreement altogether if the other countries did not acquiesce to a new agreement. Unsurprisingly, the negotiations for many of these changes were tense, and leading up to the signing, the U.S. increased the tariffs on specific imports from Canada to the U.S., causing Canada to do the same in retaliation. Mexico also had criticisms of the trade deal agreement in many areas.  

Eventually, CUSMA was ratified on March 13, 2020, with Canada being the last country to ratify. Following this, the agreement officially came into effect on July 1, 2020. In a State of the Union Address, former President Donald Trump said of the agreement, “The USMCA will create nearly 100,000 new high-paying American auto jobs, and massively boost exports for our farmers, ranchers, and factory workers. It will also bring trade with Mexico and Canada to a much higher degree, but also to a much greater level of fairness and reciprocity.” Meanwhile, critics noted that Canada, in particular, was consistently treated as an “enemy” instead of a partner throughout the negotiations. 

What were the main changes in CUSMA? 

To ensure that the new trade agreement was beneficial for all, the participating countries used the new trade agreement as an opportunity to revise items from NAFTA, adding new sections on digital trade, labour, the environment, and small and medium-sized businesses.

Additionally, there were increased incentives for automobile production in the United States, a higher duty-free limit for Canadians who buy goods from the U.S. online, and greater access to the Canadian dairy market from the U.S.—a move which has had large financial repercussions on the Canadian dairy industry. However, many see the provision on labour, especially for workers’ rights in Mexico, as largely positive and progressive. 

How is CUSMA doing today? 

The views on CUSMA’s impact in North America one year after it came into effect are varied. Many, especially those with U.S. interests, view it as a success, while critics say that other countries were forced to make unfavourable agreements. Currently, there are disputes in several areas including labour rights violations in Mexico and a USMCA dispute panel has been initiated over dairy tariff rate quotas (TRQs) applied by Canada. 

Learn more about trade tariffs and quotas in our FITTskills course, Feasibility of International Trade.

To complicate the matter, COVID-19 delayed the implementation of many CUSMA measures, with all countries focusing their efforts on pandemic relief. As such, much of the impact of CUSMA remains to be seen, though, initial predictions found the economic impact to be modest, with Global Affairs Canada projecting that Canada would benefit from CUSMA by 0.249 percent of GDP by 2025 when compared to a scenario without NAFTA in play. 

In a news release on the Government of Canada website, there were noted next steps for CUSMA, including the following: 

“As our countries continue to combat the COVID-19 pandemic and continue our shared recovery from an economic downturn that has disproportionally impacted SMEs and underrepresented communities, we recognize that the CUSMA has an important role to play in revitalizing our region. As we continue implementing the CUSMA and ensuring that this Agreement benefits those that have historically been left behind by trade agreements, the Parties have agreed to continue to hold engagement meetings with underserved communities and to hold a Trade Deputies meeting before the end of this year to assess progress on the areas highlighted today and identify ongoing opportunities for future engagement.” 

CUSMA and SMEs 

CUSMA’s chapter on small- and medium-sized commercial goods businesses could be very beneficial for these businesses. The CUSMA additions for SMEs are moving forward with items like establishing a committee that will study how small businesses engage in trade and determining how SMEs in all countries can benefit from the agreement.

This is especially important now, as many SMEs have suffered great financial losses due to the pandemic. 

Perhaps on future anniversaries of the agreement, SMEs in all three countries may conclude that the true legacy of CUSMA  is that it serves as a catalyst for equitable growth, a model for competitiveness, and a stoke for innovation while also protecting the shared environment in North America.

Decision No. 5 of the FTC of the CUSMA, T-MEC, and USMCA

In February 2023, the Free Trade Commission (FTC) sought to enhance coordination and consultation to support the region’s trade flows in times of emergency, acknowledging how such situations can harm North America’s domestic economies. As such, the FTC required the participating countries to identify relevant agencies or maintain domestic committees to ensure that trade isn’t disrupted, or at least only minimally affected, by emergency situations.

In such events, the United States, Canada, and Mexico must also proactively consult and coordinate with relevant industries and non-governmental stakeholders (including workers) who may be involved, and inform them promptly of important mechanisms on a free and public website for transparency.

The FTC also set to establish a Trilateral Coordination Sub-Committee on Emergency Response to handle the delivery of information and the coordination of activities related to matters affecting trade during an emergency. Each country must designate a contact point for the Sub-Committee, which shall be endorsed to the other countries, and provide information on domestic procedures for emergency responses. The Sub-Committee must then reconvene annually to discuss comprehensive risk management as they see appropriate.

The FTC also directed the North American Competitiveness Committee, through its Sub-Committee, to develop a proposal on procedures for coordination and consultation during specific emergency events. It was also tasked to establish a trilateral Working Group to share each country’s approach to defining and protecting critical infrastructure under CUSMA and to reconvene periodically to update reviews and reports and to make any modifications as appropriate.

In all this, the FTC emphasized the importance of labour rights and worker health and safety, especially in emergency situations. The Sub-Committee must ensure the protection of these while maintaining trade flows.

The Latest on CUSMA in 2023

Three years after CUSMA entered into force, North America has felt the effects of the agreement. These were discussed in the third meeting of the T-MEC/USMCA/CUSMA (Agreement) FTC on July 7, 2023, in Cancun, Mexico.

The last two years have seen aggressive steps towards increasing dynamism and competitiveness in the region, particularly through trilateral workforce development events held in all three participating countries. These gatherings are expected to continue as they present an opportunity for each country to exchange best economic practices and explore solutions to regional and national challenges.

SMEs continue to be a hot topic, as organizations push these businesses (primarily indigenous organizations) to actively participate in international trade, as facilitated by CUSMA.

Workers’ rights are also increasingly emphasized as the agreement highlights a commitment to uphold these, including freedom of association and collective bargaining rights. In relation, CUSMA leaders are taking steps to ban the importation of goods produced by forced labour consistently, and to give labour stakeholders (particularly those in Mexico) a voice in trade policies.

CUSMA plays an important role in empowering North American economies, and with occasional reviews and assessments, it’s expected to continue to bring benefits and opportunities to the United States, Canada, and Mexico.

The post What is CUSMA? An overview of the trade agreement appeared first on Trade Ready.