On the road to global trade…
Your international trade GPS just declared “Recalculating route…!” – sound relatable?
The way forward for global traders is quite uncertain. Are you charting the best course for your business, or just following the detour signs?
The Brexit referendum last June seems to have set the stage for this uncertainty. It was unexpected. Most of us thought Britain would remain in the European Union. But, as of March, the two-year exit process has begun.
On the other side of the pond, the U.S. election was another referendum, partly against multilateral trade programs. Already, the U.S. has kicked the Trans-Pacific Partnership (TPP) to the curb, and is initiating the renegotiation of the North American Free Trade Agreement (NAFTA).
Meanwhile, going in the opposite direction, the World Trade Organization (WTO) recorded a huge success towards the easing of non-tariff barriers with the ratification of the Trade Facilitation Agreement (TFA) in February. Also, it’s anticipated that Canada and the European Union will soon ratify the Comprehensive Economic and Trade Agreement (CETA), eliminating tariffs on about 98% of all goods moving between the two.
Keep your eyes on the road. Stay informed. Begin planning now, so you find the opportunities available to you along the scenic route. This issue of Global Perspectives takes an in-depth look at some of these emerging trade issues.
As always, we love hearing from you! Please share your comments or requests for future topics with us by emailing [email protected].
Susan Pomerantz
Senior Director, GTM Governance and Compliance