In the ever-evolving world of international trade, standing out requires more than just ambition—it demands continuous learning, adaptability, and recognized expertise. For one accomplished professional, the journey from a biology student to a Certified International Trade Professional (CITP) has been transformative, marked by diverse roles, global projects, and a relentless pursuit of growth.

Hardik Panchal, Director, Export sales at Worldest Exports, has built a career that spans global market expansion, international joint ventures, and sustainable trade initiatives. His contributions have driven multimillion-dollar export growth, created hundreds of jobs, and positioned him as a leading expert in global trade facilitation.

Helping companies diversify into new global markets from the start

Hardik’s journey in international trade began in 2007, when he joined a multinational pharmaceutical company Vipro Lifescience as an International Marketing Officer. His talent for cross-cultural negotiations and market strategy enabled him to facilitate new trade deals in Asia, the Middle East, and Africa.

“I started my career in international trade because of a combination of personal interest and strategic opportunities,” Hardik recalls

Over the years, Hardik has played a pivotal role in expanding exports for companies across multiple industries, including pharmaceuticals, plastics, chemicals, food, and textiles.

In his tenure at a leading chemical producer from 2017 to 2023, he successfully increased international sales by an impressive 60%, helping the company establish a strong presence in South East Asia, North America and Europe.

One of his key projects involved transforming a domestic chemical brand into a leading global name by expanding its global reach and distribution network within a short span of time.

I thrive on helping businesses enter new markets and achieve sustainable, long-term growth.

In addition to his job, Hardik has been representing WhipAppeal Inc. company based in Ohio, USA for over a decade. His involvement with WhipAppeal has been instrumental in the marketing, sourcing, and OEM production of their Sportswear, School uniforms and boxing products as well as negotiating key trade agreements with vendors and customers.

Through his representation, Hardik has led global marketing initiatives, positioning WhipAppeal as a competitive brand in international markets,identified and sourced reliable suppliers across various regions, ensuring the quality and cost-effectiveness of products, managed OEM production relationships, coordinating production schedules and ensuring product quality and timely delivery, and negotiated favorable terms with both vendors and customers, ensuring mutually beneficial contracts and expanding WhipAppeal’s market presence.

These efforts helped WhipAppeal Inc. significantly expand its product distribution network, secure major contracts, and successfully navigate complex international trade regulations.

Formal international business training and a multicultural learning environment in Singapore

Recognizing the need to enhance his business acumen, Hardik pursued an Advanced Diploma in Business Management from AEC College, Singapore in 2011. This experience immersed him in a multicultural learning environment, allowing him to gain deep insights into international market trends, trade policies, and supply chain optimization.

Training in Singapore, with classmates from diverse nationalities, gave me firsthand exposure to global business strategies and trade regulations.

During this time, he visited Singapore’s world-class shipping port, where he learned about merchanting exports and advanced supply chain models, skills that later helped him streamline complex export operations for multiple businesses.

Driving multimillion-dollar international trade projects

Hardik’s global business impact extends beyond individual companies, as he has played a direct role in major international trade and investment projects.

One of the achievements he is most proud of was his leadership in a $6 million foreign direct investment (FDI) joint venture in South Africa between Vintron Infotech (a division of VLCP Ltd) and Ventura Infotech (Pty) Ltd., where he co-managed market research and entry strategies, regulatory compliance and trade facilitation, JV structuring and supply chain coordination, and installing the manufacturing facility.

This major initiative led to the creation of 170 sustainable jobs in Johannesburg and positioned the company as a key player in the African market.

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.

The CITP designation as a strategic move

After over 15 years of hands-on experience, the desire to benchmark his skills led Hardik to the CITP designation.

“I was curious to see what credentials I could earn to validate my experience. I googled ‘top standards in international trade’ and found FITT.”

Conversations with existing CITPs and those in the process of applying for the designation confirmed its value.

“The CITP designation aligned perfectly with my career goals. It’s one of the most prestigious credentials in international trade, recognized globally, including by the Canadian government and the World Trade Center Association in New York.”

The certification process, supported by FITT’s responsive team, was seamless and Hardik considers achieving the CITP both a professional milestone and a personal triumph.

“It symbolizes my commitment to lifelong learning and excellence in international trade. It has enhanced my credibility, allowing me to connect with senior industry leaders and be available for new opportunities.”

Sharing international trade expertise through teaching and mentorship

Beyond business success and personal achievements, Hardik is passionate about mentorship. Throughout his career he’s had the support of leaders who took the time to help develop his industry knowledge.

He has also acted as a mentor himself, service as a faculty member at IMPEXPERTS, where he trained over 500 MSMEs and entrepreneurs in export strategies and a trainer for international business programs teaching trade finance, buyer identification, and market expansion.

“I believe in knowledge-sharing because I had mentor who guided me early in my career. Now, I want to do the same for others.”

His guidance have helped numerous businesses scale internationally, directly impacting trade volumes and economic growth.

Looking ahead to a future rooted in sustainability

Looking ahead, Hardik is focusing on sustainable trade practices and ESG compliance, aiming to help SMEs transition to low-carbon supply chains and eco-friendly products.

“The next five years will see a massive shift toward sustainable trade. Companies that adopt green alternatives early will have a competitive advantage,” he predicts.

He is currently working on export promotion initiatives that assist businesses in aligning with global ESG standards, ensuring compliance with new trade regulations in North America and Europe.

“I want to introduce sustainable business practices to SMEs globally, helping them offer low-carbon products and green alternatives.” He foresees significant shifts in international trade trends over the next 5-10 years and aim to help businesses stay ahead.

“I want to help businesses stay current with the market trend so they are ready to offer low carbon emission products and green alternatives and take advantage of this trend before it becomes too competitive.”

Hardik foresees his CITP designation will continue to play a an important role in further building his career.

“It enhances the credibility of my work, expands my influence in international trade, and unlocks new opportunities.”

Reflecting on his career journey so far, one piece of advice stands out: “Focusing on building relationships and being consistent is the way to go.”

The post CITP Spotlight: Hardik Panchal – Export Marketing Manager, Worldest Exports 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.

From my more than 20 years in Asia Pacific experience, I believe the 3 key parts of an effective ASEAN entry strategy are as follows:

1) Strategic planning

2) A sales and marketing strategy

3) A channel design process.

1. Strategic planning

Strategic planning is about identifying and deciding where and how to compete and, more importantly, determining how to win based on keen analytics, facts and logical thought processes. We want to minimize assumptions and biases as best we can to reduce risk exposure.

This all starts with marketplace research and analytics derived from both secondary and primary data. This needs to go well beyond basic and generalized economic data such as GDP. The GDP formulation is simply Consumption + Investment + Government Spending + Net Exports. It doesn’t peel back the onion layers of a market, nor does it tell us where we fit in the GDP formulation.

Companies should include a comprehensive macro-analysis, including social, legal, economic, political and technological factors (known in the marketing world as the SLEPT factors).

In brief summary

Social and cultural factors shape consumer and customer behaviours.

Legal encompasses compliance and IP related issues—obviously, we need to make sure we meet product compliance standards and properly register our trademarks and copyrights.

Politics drive Economic as well as trade and investment policies (which should influence business decisions).

Technology refers to market sophistication, technology adoption and the competitive landscape.

The strategic planning process must also include micro-analysis to help select the best markets based on economic opportunity, the probability of success and ease of entry. Things to consider are market size and addressable market (your target customers), segments, key competitors and potential customers.

I cannot emphasize strongly enough how important it is to vet the SLEPT factors. For example, Singapore and Malaysia are bordering nations and members of ASEAN, but they’re very different in the context of SLEPT factors. What works in Singapore might not work in Malaysia.

Secondary data sources

Regarding secondary data sources, there’s lots of free stuff available online, but paid subscriptions are better. In any event, companies need to review samples and select the best resources for their unique purpose and business needs. Personally, I use multiple sources and cross-reference them to ensure accuracy. Moreover, we need to be able to convert raw data into meaningful information—otherwise, it’s just useless data without direction.

Primary data sources

With regards to primary data sources, at some point, you need to validate secondary data via a reconnaissance mission. You need to be in the marketplace to feel the pulse and vibe of the people you want to sell to.

Trade shows rule in Asia and are restarting. But rather than participating in a mega Asia-Pacific tradeshow in Singapore, consider participating in a country and industry-specific trade show.

For example, if your target country is Vietnam, and you’re selling building materials and supplies, participate in a Hanoi or Ho Chi Minh City construction trade show. The reason being that 100% of the participants will be from the market you want to develop. Plus, intraregional travel to attend trade shows will be somewhat hampered due to the COVID-19 situation.

• As I mentioned, trade shows in Asia are restarting and I’m sure trade show costs will be favourable, as will travel expenses as the markets restart and recover later in the year.

• Participating in the right tradeshow leads to channel partnerships and accesses potential customers. I would suggest you stay a week after the trade show to follow up on gleaned opportunities, and take the time to visit potential and competing distributors.

• Survey the voice of potential customers (VOPC) and determine whether there is there a gap in the market and a market in the gap.  This is a crucial step to aligning product mix, positioning, pricing and your sales and marketing strategy.

• After completing your analysis, you may very well decide to enter one or two markets to start with—but that’s okay. It’s important not to overextend by allowing your ambitions to exceed your capabilities.

2. Sales and marketing strategy

Ultimately, you need to define your differentiated and unique value proposition and execute your strategic plan through an effective sales and marketing strategy.

I recently wrote a Forum for International Trade Training (FITT) article about selling in the ASEAN region. I felt that there were lots of international trade, strategy and marketing articles on how to successfully enter and develop new markets. But there were very few about B2B selling. I think we need to realize that eventually someone, somewhere in a faraway land actually needs to sell something to make it all happen. So selling is important.

Selling in an international marketplace is very different and involves cross-cultural or multicultural selling. What works in a domestic home market is usually very difficult to replicate in an international setting. A marketplace like the ASEAN region is highly fragmented, hyper-competitive and contains many multinationals and a myriad of local producers all competing at varying levels of quality and price points. Companies need to establish themselves as a partner of value and rise above the crowd of competition.

As such, companies should not underestimate the importance of high-calibre salespeople and should invest in the right people, the right selling methodology and process, and also the supporting Customer Relationship Management or CRM technologies. The article I referenced earlier can explain different selling methodologies that you may want to consider. But, speaking from experience, how your salespeople—agents and intermediaries— sell will make the difference between exceptional or mediocre results. Some of the things to keep in mind include the following:

• The ASEAN marketplace is not just about products and price points, it’s about buyers and relationships founded on symbiotic trust, confidence and collaborative partnerships.

• As an example, in the West, salespeople can build relationships as they’re selling. In Asia, relationships come first and usually before the business. Establishing trust, confidence and credibility is important.

• Companies should not take a blanket approach to a trade region like the ASEAN. Each one of the ten countries has its own unique nuances and cultural norms, perceptions of value and buying behaviours.

• When you set-up a distribution, don’t just train them on product knowledge. Support them with training on how to effectively and efficiently sell your products using your sales methodology and process. Then, co-develop the biggest and best customer opportunities.

• Selling cycles are usually longer, especially in complex, high-value B2B selling. They generally involve multiple stakeholders, a hierarchical decision-making process, with decisions being reached by consensus and usually approved at a senior level. So be patient.

Example of a selling methodology and process

With respect to marketing, it can be challenging for any company to unify marketing and sales teams that are operating in different continents. Companies must clearly define individual and shared responsibilities and accountabilities. Marketing and sales, together, should establish and execute the best practices to reach and connect with target prospects, and sales should qualify and convert these prospects into customers. Companies must avoid siloing and misalignments and establish collaboration to rally around a unified and focused goal—which is to sell and help sell.

Technology is playing a huge role in international sales and marketing. The globalization of technology and the ease of connectivity and accessing information has created a global marketplace of sophisticated, tech-savvy and discerning customers. A marketplace like ASEAN is digitally engaged and technology proficient, so integrating digital marketing into your overall marketing strategy is crucial.

Use social media wisely; it’s a valuable tool. But instead of posting a cut and paste product image and call-me-if-you-need-me advert, consider posting a customer experience that mattered and how you made the difference. Then direct that to a landing page featuring the customer gain story, and allow that to evidence how you can help others leading to new conversations.

3. Channel design process 

If you’re selling B2B internationally, you’ll need channel partners to help sell your products. Designing a channel or distribution network is about building an effective integrated multi-channel network that accesses target segments, optimizes customer reach and accelerates market penetration and growth. Channels should be appointed before pursuing customers. It’s also important to recognize that channels own the end-customer relationships, and companies need to tap into these established relationships in order to scale.

Your channel partners should be selected based on their ability to access your target segments and customers, their financial resources to support market entry and growth, and their sales and marketing competencies and learnability to proactively sell your products.

Partnering is reciprocal; channel partners seek products that are innovative and saleable and provide an equitable return on effort and investment. Moreover, they seek partners who are willing to participate and adapt to their unique marketplace and support their needs. From a distributor’s perspective, they’re sharing their treasure trove of customers, and they’re very cautious about doing this. So, building trust is crucial—and this can take some time. With careful planning and use of these methodologies, success with them and within the region is certainly attainable—and lucrative.

The post Demystifying market entry strategy: The three key parts of an effective ASEAN entry strategy appeared first on Trade Ready.

Reason 1: they don’t build a strong local base.

Before businesses can grow in the international market, they need to grow a foothold in their local markets.

When businesses flourish in their base market, they build their brand and grow capital that can be used to fuel expansion and adjust their products and services before they reach out to a broader base of consumers.

Establishing this base within your local markets is usually easier than trying to build within a foreign market because you usually have a good understanding of your local market and consumers. Companies can leverage this knowledge to launch a product or business and grow momentum that propels their successful entry into international markets. It’s also important for businesses looking to expand internationally to know whether their local market shares a need with their prospective international market—as this crucial factor will determine the demand abroad.

Reason 2: they fail to connect with potential markets.

To move a product into a new market, the product has to be scalable. While a company benefits from having a strong localized base to bolster expansion efforts, products that are too localized can’t scale well to new markets. Many businesses assume that scaling their product is a matter of transferring the same product with a similar marketing plan into a new market. But gaining traction from new markets requires buy-in from local investors who can help businesses understand international market needs and make connections to international consumers. Every business needs to understand how their product will be perceived by their new potential market and how it may need to be changed to help it succeed. Small details like package colouring or phrasing can have huge consequences when entering a new market, so having a local investor to help you understand these critical nuances is foundational to success.

Reason 3: they don’t find the right markets for their products.

There’s more to connecting with a potential market than finding the right investors and beginning to connect with consumers. The market also must generate enough income to warrant investing there.

Many companies expand using overly simplistic qualifiers for new markets: They choose markets because of geographic convenience or cultural similarities to markets that have already seen success. In addition to meeting a need or solving a problem within the market, an expanding business must be sure that the market has enough consumers with enough income to support the product. On top of that, the product must be culturally relevant to the market.

Avoiding common mistakes made by international startups

Careful planning is the best way to avoid failure when expanding your business internationally. If a business launches with global expansion in mind, they should plan for both local and international business growth. That means developing an original localized market that can be focused on initially. As the business strengthens with localized growth, the focus can turn to exploring potential markets and then onto how the product or marketing plan may need to be tweaked to appeal to the new market. Smart businesses also use the lessons they learn with their initial launch to create a more effective plan for the new markets they enter. By balancing a local base with the possibilities created by new markets, businesses can seek international growth while having a solid foundation and understanding of markets that are likely to bring continued success.

The post 3 common reasons why startups fail internationally (and how to avoid them) appeared first on Trade Ready.

Diversification is crucial, even more so in the current global business climate where instability is increasing. When looking at new markets to pursue, the African continent offers many opportunities through its various markets, regions, and growing economy.

FITT and Africa Business Venture have partnered to help the international trade community gain knowledge and prepare to launch or grow their businesses with confidence anywhere in the world. Together we will be launching new initiatives to help businesses diversify and learn about valuable market opportunities within the 54 African markets and beyond.

Sonia Galat, Director of Africa Business Venture and Founder of Pacific Trade Global Carolina Vasquez, discuss the key elements to consider when entering new markets, and explore valuable countries in Africa for businesses to consider as they determine their next move.

Sonia: Let’s start with diversification. What does it mean and why is it so important for businesses especially right now?

Carolina: It’s a risk reduction strategy that involves adding products, services, customers and markets to the business portfolio of the company. It’s important to remember, don’t put all your eggs in one basket. If for some reason, one single market fails – success in others elements of our business portfolio will reduce the impact on the business, especially in situations like COVID-19. It’s very important to have a diversification strategy.

Watch Sonia and Carolina’s full interview

Sonia: Can you give me a bit of insight into what the starting point is? And how should businesses prepare to enter new markets?

Carolina: Well, entering a new market requires time, research and a lot of patience for businesses to be successful. Market research is the most important task. Don’t make assumptions and take the time to do a detailed market analysis or else your product or service could fail in a new market.

Understand the cultural taste preferences, the laws and regulations, and where your product will have a competitive advantage. Consider all the factors that might affect your business in order to mediate and to reduce the risk in that new business venture.

The business owner needs to be familiar with the entire process, and the more they understand the whole process for the product to get to that new market, the better they will be aware of the challenges and how to deal with them.

You don’t have to learn all these things the hard way, and that’s why training is so important.

Sonia: What are some of the strategies businesses can use to enter new markets, and how can they select the right strategy, especially when they want to go to emerging markets such as Africa?

Carolina: Businesses can build all their product service offering using their own resources in that target market, or they can collaborate with partners that are already established in that market to form a strategic alliance. They can also work with a representation agency or distributors. And the advantage of that is that those partners are already there and know the market and the regulations that may apply to your company’s product.

Carolina: Sonia, I understand you advise clients on entering African markets. What are the most common myths that you hear from people about doing business in Africa?

Sonia: There are some persistent myths indeed when it comes to Africa. The first myth is that Africa is a country.

People tend to forget that it’s actually 54 countries, with 54 different markets and sets of regulations. So every time a company is looking to go to Africa, I always ask, where exactly do you want to go?

The other myth I want to talk about is that it’s too complicated to do business in Africa. Yes, it’s not always easy to do business in Africa, but this is the same thing as going to any emerging market. You will have some challenges that you need to learn about to mitigate the risks. So those are the main myths, which can be easily mitigated with good preparation and a willingness to learn.

Carolina: In your opinion, how can companies prepare to export specifically to Africa? How can they select the country/market to enter?

Sonia: I think the first thing that companies have to do is educate themselves. There are lots of great resources out there to do that with. On the Africa Business Venture website, we’ve got a lot of articles, industry insights, podcasts and other resources that can really give a deep understanding of and knowledge about Africa and the way to do business in Africa. Another great resource is the World Bank’s website, where they provide reports on the ease of doing business in African countries.

The second element to how to get prepared to export to Africa is to tap into your local network. Reach out to your local chamber of commerce or a foreign chamber of commerce near you, or simply reach out to your state agencies.

A lot of people don’t know that they can contact embassies abroad and simply ask them, “how can I enter that specific market?”

The final element is, more than in any other region in the world, you need to develop a local network. This is where intermediary research such as Africa Business Venture resources, but also local firms or consultancy firms can really help you with the local knowledge that can really help you in terms of implementing any project.

Carolina: In which markets in Africa are you seeing opportunities for businesses today?

Sonia: I could spend hours talking about that, but because as I said, its 54 countries, it really depends on your industry. So, if you’re in consumer goods, you will tend to go to the largest consumer markets in Africa, which are Nigeria and South Africa. But in general, for consumer goods, you’ve got a rise of the middle class, but they are underserved in terms of products that they can purchase.

If you are in renewable agribusiness and infrastructure development in general, well Africa is game on in the sense that all of the African countries do have the same issues, which are a poor network, poor infrastructure and low access to electricity. So there are plenty of opportunities for companies, and one way to tap into that potential is to go through tenders that are issued by local governments.

If you have a company that is involved in agribusiness, for instance, you will also be more than welcomed.

A trend we see in African countries is the necessity to transform agricultural products into finished goods. So there’s more and more willingness to welcome foreign investors to create local manufacturing.

East Africa including Kenya and Rwanda are hubs for FinTech and tech solutions opportunities. What a lot of people don’t know is that Rwanda would like to become the laboratory of Africa, and very welcoming to new tech solutions.

Carolina: There is also an Africa Continental Free Trade Area (ACFTA). What is this area? And what does it mean for businesses?

Sonia: In terms of international business development, ACFTA is the biggest trade deal that has ever been signed. It has been signed by 54 countries and the purpose of it is to create a trade bloc similar to the European Union, but for the African continent. It was signed in 2019, but currently there are about 30 countries that have ratified the agreement. What is amazing with this trade agreement is that governments finally recognized the need to have a common set of rules regarding the transport of goods and individuals among each other.

Africa is a continent that is exporting a lot, but actually the trade within the continent is minimal. And this is because, as I mentioned, it’s 54 countries with 54 different sets of regulations and that makes it very complicated for businesses to tap into opportunities. Now with this trade agreement, they are definitively targeting those issues, integrating the markets. And that will make it even more interesting for businesses that position themselves right now to tap into those new markets.

Africa Business Venture is an organization dedicated to working with businesses entering African markets, connecting them with local expertise, advice and solutions. They allow companies to take advantage of new opportunities in Africa using their exclusive online platform and deliver a secure environment to help companies manage risks and unlock Africa’s value.

Want to know more?

Learn how to plan for market entry and explore opportunities for your business in Africa.

The post Looking to diversify? Here’s how and why you should consider entering African markets appeared first on Trade Ready.

For years now, FITT has been taking to Twitter to engage in lively discussions with our global trade community every month. Always focused on practical advice and trade-related topics, these chats have been a goldmine of wisdom and a great opportunity to network with thought leaders. Thought leaders we like to call, the #TradeElite.

So, after a short hiatus in 2019, and by popular demand, the chats are back in 2020! In December, as part of our holiday #FITTmas celebrations, we asked what you wanted to talk about this year. Partnerships! Partnerships! Partnerships! was the answer. Do we need them? How do we find them? How do we know when a partnership is the right fit?

• When should a business consider making a strategic alliance in their target market?
• How can you assess a potential partnership?
• What are the benefits of a strategic alliance for a small business?
• Who can help you identify potential partners across borders?
• What are the red flags and risks of partnerships and how can they be mitigated?

We assembled a crack team of experts to answer these questions and more. Read on for their answers. Have more questions? Leave them in the comments below!

Moderator:

Marcela Mandeville, CITP (@MsBrightIdea) , CEO of @AWEbusiness (Alberta Women Entrepreneurs) based in Edmonton, AB

Panelists:

Audrey Ross, CITP (@TresAudrey) Logistics & Customs Specialist at Orchard International Inc., based in Toronto, ON
Sarah Barnes, CITP (@bevictoryus) Supply Chain Expert, Entrepreneur and Podcaster at @LetsTalkSChain, based in Mississauga, ON
Kseniya Stogniy, CITP (@Kstogs) Export Advisor at Export Development Canada, based in Ottawa, ON

When should a business consider making a strategic alliance in a target market?

A1 relationships are key in business today so including connections from your target market in your online community as soon as possible #TradeElite

— Sarah Barnes (@bevictoryus) February 20, 2020

A1. You may not know specifically what you need yet, so best to build a variety of relationships early so they are in place when you figure it out.
In gen every biz usually needs local legal, accounting, hr, translation, gov’t & marketing services #TradeElite

— audrey ross citp|fibp (@tresAudrey) February 20, 2020

A1 when there is benefit to both sides and it aligns with your strategic long term goals. Otherwise the alliance won’t last. #tradeelite

— Ontario in Deutschland (@OntarioGermany) February 20, 2020

A1 #TradeElite There are no set rules when wanting to form a partnership. If you have an opportunity to explore working with another business, take it! If you’re new to your target market, you can leverage your partner’s knowledge, network & resources in that market! https://t.co/mUA9ZLR9gs

— Kseniya Stogniy, CITP® (@KStogs) February 20, 2020

How can you assess a potential partnership?

A2 #TradeElite To build on my A1, it is all about commitment. If you have similar goals, similar values that is good. Has your partner set aside resources to make it work? Do you have a workplan? Do you have milestones?

— Ontario in Deutschland (@OntarioGermany) February 20, 2020

A2 – #Communication is key to assess who they are as people, as a company and if your #values align. It may take a few conversations and even an in person meeting but keeping your eyes wide open moving into a new partnership is critical to #success #TradeElite

— Sarah Barnes (@bevictoryus) February 20, 2020

A2 #TradeElite Assess it based on how it aligns to what you’re trying to achieve – is this the best fit for me? Will it bring me closer to where I want to be? Do your due dil. on their reliability & reputation – is this someone you want to be associated with?

— Kseniya Stogniy, CITP® (@KStogs) February 20, 2020

A2. Referrals or word of mouth. Ideally this will be an intro through shared connection or they are so good at what they do, they are standing out.
Assessment is lining up your values & being clear on expectations, desired outcome & goals.

#TradeElite

— audrey ross citp|fibp (@tresAudrey) February 20, 2020

What are the benefits of a strategic alliance for a small business?

A3 #tradeelite Local knowledge is one benefit; don’t reinvent the wheel if there is a partner who can help you. Plus they are present there every day.
Complementarity is another. If you do X and they do Y, you can do Y for them in your market and they can do X in theirs. Win-Win

— Ontario in Deutschland (@OntarioGermany) February 20, 2020

A3. Sharing.
They
can do some of the costlier (either $ or time) items that are local market specific.
be an extension of your resources.
ensure last mile / tailored customer service
may have access to more customers
help avoid local risk
#TradeElite

— audrey ross citp|fibp (@tresAudrey) February 20, 2020

A3 #TradeElite There are many – increased competitive advantage by leveraging each other’s expertise, access to new technologies or filling gaps in skill sets that your company may have, risk sharing, leveraging their network… the list goes on and on.. https://t.co/VIqCTURCmt

— Kseniya Stogniy, CITP® (@KStogs) February 20, 2020

A3 As I always say “Collaboration is the future of business” so there are so many benefits from shared growth – networks, revenue, online community – a true partnership will always look at ways where it is a win/win scenario for everyone #TradeElite

— Sarah Barnes (@bevictoryus) February 20, 2020

Any suggestions on how a business could research reliability and reputation?

#TradeElite – word of mouth, talking to other companies who also have partnerships with the came company, credit checks! Also check out @ExportDevCanada‘s Company InSight tool – it can help you find reliable & trustworthy info about foreign companies. https://t.co/G9DatP5uf1

— Kseniya Stogniy, CITP® (@KStogs) February 20, 2020

Who can help you identify potential partners across borders?

A4

This may tie in! Through the EDC (@ExportDevCanada) Business Connection Program, Canadian companies are introduced to leading global companies interested in working with Canadian expertise and innovation.https://t.co/o92ZTHEgmd #TradeElite #CDNbiz #Export

— Barry Y (@yrraByrraB) February 20, 2020

A4 #TradeElite Leverage industry associations! They often have access to lists of companies through their members directory who can become your potential partners in market. Check out tradeshows. And work with the @TCS_SDC https://t.co/yZXPTVYQVI

— Kseniya Stogniy, CITP® (@KStogs) February 20, 2020

A4. Start with your home gov’t resources & then check other countries embassies. They have consular services along with Trade services.
Hubs are going to be in city capitals but a lot are accessible online (like twitter).#TradeElite

— audrey ross citp|fibp (@tresAudrey) February 20, 2020

A4. The #TradeElite on twitter.
Honestly, I’ve asked for help with UK warehouses, importing cosmetics to South Korea, where do I find this tariff schedule, why is getting a POD so hard and my twitter connections have never failed to deliver.
Huge resource.

— audrey ross citp|fibp (@tresAudrey) February 20, 2020

What are the red flags and risks of partnerships and how can they be mitigated?

A5 #TradeElite Along with the benefits, come the challenges… Choosing the wrong partner can negatively impact your reputation. Partners can bump heads on ideas & you could lose some control of decision making. Also, when making an agreement make sure you #GetItInWriting https://t.co/cLH6ilwa0Z

— Kseniya Stogniy, CITP® (@KStogs) February 20, 2020

A5 read the fine print, I think the risks are almost the same with any partnership, globally tho be careful of the jurisdiction of any agreement. If there is an argument you may be flying across the globe to go to court, each time $$ #TradeElite

— Sarah Barnes (@bevictoryus) February 20, 2020

And above all else protect your IP!!! #tradeelite

— Ontario in Deutschland (@OntarioGermany) February 20, 2020

A5 #TradeElite Again, #DueDiligence is key!

— Kseniya Stogniy, CITP® (@KStogs) February 20, 2020

A5. if things go badly – they can go very badly.
The key is to hash out your break up at the beginning. Of course you will be together forevah… but for fun, work out who gets what & who pays what into your agreement UP FRONT. ESPECIALLY JURISDICTION. #TradeElite

— audrey ross citp|fibp (@tresAudrey) February 20, 2020

Read the rest of the chat and join future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, March 12 at 2:00-3:00PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post Forming strategic alliances in your target market appeared first on Trade Ready.

The beginning of a new year is always a great time to catch up on some reading. Why not take the time to get up to speed on the latest industry trends and tips? Or take a deeper dive into a subject of interest? To help you on your journey, here are the 10 articles that TradeReady readers found most interesting in 2019. Happy reading!

10. Identify, analyze and mitigate the social risks to your business

Social risks arise from negative local perceptions of a business’ impact. Learn to identify and reduce these risks with corporate social responsibility.

9. Andreina Figuera, CITP|FIBP – International Sales Executive

Andreina Figuera, CITP|FIBP has built a wide global network, helped her company grow its sales around the world and is now teaching the next generation.

8. Read this Incoterms® overview to start preparing for the new Incoterms® 2020 updates

Learn more about what Incoterms® are and how they’re used in advance of the new Incoterms® 2020 rules that will come into effect on January 1, 2020.

7. The Canadian Chamber of Commerce and the Forum for International Trade Training establish partnership to train Canadian businesses on Incoterms® 2020

Read about how FITT and the Canadian Chamber of Commerce are partnering to deliver Incoterms® 2020 in-person training to Canadian businesses.

6. CanExport Grants: Expanded Eligibility Criteria for Businesses

Find out how your business can take advantage of new funding for international market development under the CanExport program.

5. Need a global market entry strategy? Ask these 12 questions

Ask these 12 key questions and devise a strong international market entry strategy for your business to ensure success in new markets.

4. 3 key issues affecting global trade right now

Rising tariffs, counterfeiting and intellectual property theft, and government seizures of vessels are all creating problems in the world of global trade.

3. 6 global supply chain trends to watch in 2020 and beyond

Current supply chain trends are being shaped by efforts to operate smarter, faster, more sustainably and in a more customer-centric manner.

2. Overcome 9 of the most common market entry barriers with these strategies

Without a full understanding of the different types of market entry barriers, organizations may choose an ineffective market entry strategy.

1. 10 global trade trends we’ll be watching in 2019

Here’s a preview of the 2019 global trade trends that could be dominating the headlines and your work conversations throughout the year.

The post Top 10 most read global business articles of 2019 appeared first on Trade Ready.

International business could not be possible without translators and interpreters. In all its forms and sizes, good business runs on effective communication. Translators and interpreters are the key to bridging cultural and linguistic gaps, as well as making international business and trade possible since ancient times.

Professional translation services and interpretation services can ultimately help you uncover hidden potentials in foreign markets. By working with them, you can also inundate yourself with the knowledge they can offer you as a means of self-improvement as a businessperson.

What makes a professional business translator and interpreter

Having bilingual or multilingual abilities alone won’t automatically make you a language professional. You need to possess advanced language skills obtained by years of extensive study and even cultural immersion in the country of your chosen language.

Both translators and interpreters need to decide early on during their studies what language pair specialization they want to pursue, such as English to Spanish, English to Chinese, etc. Clients should often look for language professionals with a specialization, as a language professional with one or two language pairs is bound to be more dependable than a ‘jack-of-all-trades but master at none’.

While being either a language professional is hard enough, more can be said for professional business translators and interpreters. Aside from advanced language skills, they need to have the right background knowledge in financial and legal terminology since business documents and proceedings are often peppered with it. They can also choose to specialize in certain industries, such as banking, automotive, gaming, retail, tech, gaming, etc.

Now what obviously marks the difference between a translator and interpreter is their work environment and skillset application. They’re often labelled interchangeably but there are very different from each other. Translators mainly work on documents while interpreters perform live language translation.

Additionally, translators have on-site resources to aid their translation work. Interpreters can only rely on their knowledge and experience as their resource. With this in mind, not all translators can become interpreters. They need to develop cross-cultural communication skills and have the ability to handle immense pressure and remain cool in situations where even a single mistranslation can prove disastrous.

Where to get the right professional translation and interpretation services?

Some major international businesses regularly rely on their in-house business translators and interpreters. But that’s not an asset that many small to medium enterprises can employ full-time on standby.

Instead, freelancers are often used, who handle specialized and project-based translation and interpretation jobs when businesses lack in-house options. Even big-name brands rely on freelance language professionals from time to time.

When it comes to hiring a freelance translator or interpreter, your best route to contact them is from a professional translation agency. Despite their name, they provide both professional translation services and professional interpretation services. You can tap language professionals from major freelancing sites such as Upwork and Fiverr, but the trick is ensuring consistent and reliable outputs from your freelancer.

Professional translation agencies already have a pool of translators and interpreters working anywhere around the world. When it comes to projects with urgent deadlines, a professional translation agency can get a team for you to get the job done. Another advantage is that if one of them calls in sick or has an emergency, the agency can immediately tap into the next person to continue the job.

The international business arena is dynamic, and a lot of unforeseen things can pop up at the last minute. With that in mind, it would be better to rely on an agency that has global networks and a sufficient pool of highly qualified language professionals. Since business communication is very sensitive work, never rely on a free online language translator such as Google Translate. Even a single typo or mistranslation can jeopardize your documents.

How professional translators and interpreters are crucial in international business

International business lives and breathes on seamless communication. As said in the beginning, this is as relevant in the past for thousands of years as it is today. Here’s a list of a few critical areas where you’ll be needing professional translators and interpreters.

1. Local legislature and financial documents

Whether as a private individual or as a public official, you need to know the lay of the land first. Translating legal documents and financial documents requires different expertise, and you’ll often need at least two translators. As for interpreters, perhaps you’ll need two as well, depending on the situation at hand.

2. Multilingual contracts

This is an unavoidable part in international business. The majority of your multilingual business contracts will be handled by your professional translator. But during on-site meetings, you can’t depend on your translator to settle any clarifications. For that, your professional interpreter’s background knowledge in financial and legal terminology in both language pairs will prove indispensable to you.

3. Securing foreign investments and funding

When startups and businesses look to secure more financing options, they usually go abroad. Whether from foreign banks or foreign private investors, your translator will get all your documents. Your interpreter will then take care of on-site matters.

4. Negotiating with foreign partners and suppliers

Depending on your business, you might have to get in touch with foreign partners and suppliers. Your translator will take care of technical and financial documents, while your interpreter will handle on-site negotiations and even informal communication.

5. Connecting with foreign partners

Negotiating and connecting are two very different things. While negotiations are a formal aspect of any business, connections are more concerned with the informal and personal side of business.

Many international business cultures greatly value how you conduct yourself in their environment in terms of foreign business customs and etiquette. Naturally, your interpreter will have all of these taken care of. But it also pays off to know even the basics of their customs and etiquette.

Top business languages other than English

1. Chinese (Mandarin)

Mandarin is the most spoken language in the world with over 900 million speakers. It’s also a highly lucrative business language. A huge number of Chinese businesses are looking for opportunities abroad and you can capitalize on that trend. Global businesses are also reaching out to the vast market opportunities that mainland China commands.

2. Japanese

Japanese industries are major players in the global economy in all industries. Thus, having dealings with a Japanese business could be one of your options as their sophisticated homegrown industries are hard to ignore. You will need to have a professional Japanese translator on hand to specifically handle a different version of Japanese called keigo. This is a formal Japanese speech used in business, the government, and even in retail that even native Japanese people have trouble with.

3. Korean

Another major Asian economic player is South Korea. Just like Japan, Korean industries are also a major player in the world market. Korean brands are key players, particularly in the automotive, technology, and electronics industry. As with Japan, you must ensure that your professional Korean interpreter is adept with business Korean.

4. German

German is often characterized as a quintessentially business-oriented language. You can perhaps see the connection since Germany has the highest GDP in Europe. Depending on your business goals, reaching out to German businesses might be your first step if you want to establish your business contacts in mainland Europe.

5. Spanish

Compared to other European languages, Spanish is one of the most spoken languages in the world. It is spoken in the European continent and much of the Americas, both north and south. Keep in mind that each Spanish country is linguistically, culturally, and socially unique from each other.

The Hispanosphere is vast, and each country is bound to have its own way of doing things. So, when hiring a professional Spanish translator and interpreter, make sure that their Spanish proficiency and knowledge match with your target country.

These countries and their languages were chosen because of their economic development and strength of their industries. You can also take your chances in emerging economies such as the ASEAN region, select African countries, and select Latin American countries as well.

What you can learn from language professionals

The key to growing as a business is to keep learning as you go along in your career. Whether as a CEO or a business representative, having an open mind is what will set you apart from your competition. You can learn a great deal from the translators and interpreters with whom you associate.

Sure, they’re only with you when you need them under specific times. But that doesn’t mean you ought not to learn anything from them. Learning languages is more than just aiming for linguistic proficiency. It’s also learning about cultures and their way of life.

You become more culturally aware of the diverse ways of doing things around the world. You can use this perspective to inevitably help you as time goes along. The globalized economy we live in today is becoming more competitive with each passing day. All in all, an international perspective is what will ultimately unlock more market opportunities for you.

The post Access new market opportunities by hiring translators and interpreters appeared first on Trade Ready.

Most domestic businesses, at some point, nurture dreams of selling into several overseas markets across the world. At face value, such dreams are extremely valid.

Canada is, after all, a first-class economy built on trade, with 30% of its GDP directly connected to its ability to send goods and services around the world.

Trade unleashes vibrant economic activities and creates jobs; it makes companies competitive, fosters organic growth, and delivers outstanding corporate results to stakeholders.

Available World Bank statistics support the notion that trade is the engine room of Canada’s economy, and that Canadian companies that export tend to fare much better than those that don’t.

Canadian businesses aren’t as global as we think

However, what those statistics usually fail to highlight is a fundamental defect in the structure of our trade: 75% of all Canadian exports destined for the U.S. market.

Invariably, roughly 8 of every 10 vessels laden with Canadian goods heading overseas will likely dock at a U.S. port. So much for the dream of exporting all over the world.

Proximity plays a huge part in all of this, as well as long standing historical and cultural ties, and a shared loyalty to global supply chain management principles.

A change of mindset post-CUSMA

But the unnerving diplomatic spats surrounding the CUSMA (referred to as USMCA in the U.S.) negotiations and its aftermath has exposed the vulnerable underbelly of Canadian trade, and I believe we should all worry.

I’ve always suspected that if U.S. markets sneezed, Canada could catch cold, and that the after effects may be severe enough to tailspin this economy into a mild recession.

What we never saw coming was the sudden change in the political equation in the game changing U.S. presidential elections on November 8th, 2016, and how it would affect America’s relationship with Canada.

The world changed that night; and the great partnership of equals that had served Canada so well in trade and commerce collapsed under the weight of protectionism.

We should no longer today conduct Canadian trade with the same pre-November 2016 mindset, and must instead reconfigure the balance of trade.

Thanks to CUSMA, the U.S. markets will still be the first choice for our exports for a long time to come, but Canada needs a game changing strategy that puts it firmly back in the driving seat.

Canadian exporters must be encouraged to shake off the overreliance that led to locking down 75% of our exports in one multifaceted regional market, for better or worse.

It’s time to explore new markets – especially emerging markets

A good place to start is with the recent trade agreements inked in Asia and Europe. You can also include India, South America and Africa. Target ramping up trade in the emerging markets by 20 – 30% over the next 5 years.

Canadian companies should start playing to their global reputational strengths by becoming dominant players in markets where guarded risks give way to decent returns.

It is said that the spirit of enterprise plus a flair for adventure penetrates new markets, as seen with American, European and Chinese enterprises, but Canada needs to play catch up.

It is a big plus that in terms of perception of quality, Canadian standards are arguably the most highly regarded in the world. Take our educational standards as a base case.

It is no mere coincidence that each year our schools attract thousands of overseas students. This trend creates a real boom for several small and medium enterprises providing marketing and logistics services to help schools acquire these students and help them succeed in Canada.

These overseas students become Canadian-trained professionals and then go back home after graduation with knowledge of the Canadian market and a positive view of Canada, dotting the business landscape of their home countries. While many Canadian businesses could identify, accelerate or execute more entry strategies to these markets with the help of these professionals, this incredible resource is sorely underutilized by Canadian businesses.

Indeed, Canadian small enterprises have so much to offer the emerging market world in ICT, energy, agriculture, mining, manufacturing, health & safety, general goods and more.

Many such emerging markets had GDP growth rates above 5% in 2017, (double the U.S. rates), have healthy population and purchasing power dynamics, and posted above 15% p.a average returns.

Fortune favours the bold business

Some might ask, what about risk? Risks are embedded in all export markets, but they can be dimensioned and adequately mitigated to reflect individual risk appetites.

The bigger risk by far is doing nothing to change the lop-sided structure of our trade. Bonding with a close market is good, but Canadian trade needs the energy of new markets.

The post Why Canadian businesses need diversification to survive in today’s economy appeared first on Trade Ready.

Taking your business to new global markets is a big decision. Once you’ve decided to embark on the journey, entering global markets can be a significant undertaking, and like any undertaking, it requires know-how.

One of the most important keys to success is preparation and planning. As the old adage goes, ‘if you fail to plan, you may as well plan to fail’.

You will need to carefully plan the where, when and how of entering new markets.

Where: Select the market to enter based on the demand for your product or service, the cost and tax implications, and the regulatory, economic and sociopolitical environments.

When: The timing of market entry is crucial.

How: Choose your method of market entry carefully.

Why strategic planning is so important

When entering a new market, your choices could include direct exporting, indirect exporting, transfer-related strategies and foreign direct investment-related strategies. Different markets and industries will require a different approach.

To select the best strategy, you need to consider the markets you have selected, the products or services you aim to bring to those new markets and your global objectives.

Choosing a strategy will guide your next steps, identify potential problems and help determine the costs involved.

Want to learn more about how to choose the most advantageous market entry strategy? Check out the FITTskills International Market Entries Strategy online course!

12 questions to ask 

1. Business goals: What are our objectives for entering this market? Which strategy will best meet these goals?
2. Size of business: Does our size mean some strategies might not be possible?
3. Resources: Are there strategies we cannot use because of a lack of resources, such as direct investment?
4. Product or service: Which strategy will align best with the product or service we’re offering?
5. Remittance: How will each strategy impact the price we can get for our product/service? (For example, would direct importing be so expensive that our product will have to be overpriced?)
6. Competition: What is the level of competition in the market? What entry strategies are our competitors using? Which strategy will give us the best competitive edge?
7. Intermediaries: Will we need to work with intermediaries? Are there intermediaries we can use in the market?
8. Control: How much control does our company need over activities? (For example, direct exporting enables a lot of control, whereas indirect importing does not.)
9. Investment: How much investing will be required for market entry?
10. Time: How much time is available to enter the market? Do we need a strategy that will provide returns quickly?
11. Risk: What level of risk can our company face? Which strategies are the least risky?
12. Flexibility: How much flexibility do we need? Can we withdraw from a market quickly if we need to?

The post Need a global market entry strategy? Ask these 12 questions appeared first on Trade Ready.