Does your business have a global vision? Whether you are looking to form strategic corporate relationships overseas or cultivate an international audience for your products, it is key to stay aware of the relevant trends and changes across the world. With increased connectivity, your competitors are not only local, but also global. Information travels quickly and can be require significant review to parse through and determine what your business truly needs. A qualified international corporate attorney can help you evaluate your business priorities; whether you are based in Gainesville, London, Cleveland, Austin or Zurich, legal counsel can help ensure you are prepared for global competition. Additionally, staying aware of trends can help prepare you for your business’s next steps. Read below for three key trends that every business owner needs to know.
1. Growth in emerging markets: Corporate investors could do well to consider expanding operations into emerging markets around the world. Six of ten economies forecast to grow the most in 2018 by the World Bank are in Africa. Many have sustained high growth rates over the past decade. Investing in such high-speed economies now could give you a competitive advantage down the road.
2. Going green: Environmental sustainability is important to both consumers and the international community. Starting in 2020, most countries will implement agreements set in the Paris Climate Agreement with the goal of reducing carbon emissions. The United Nations has set its priorities in the Sustainable Development Goals, which emphasize social, economic, and environmental well-being. Businesses going abroad should consider any additional or changing environmental regulations in their new locations. Some governments will also provide incentives for companies with more eco-friendly operations. Additionally, consumers are more willing to support companies that go green. Even on the local level, 55% of consumers state that they would pay a premium for products that are environmentally responsible.
3. Trade Agreements: The U.S. in particular is beginning to reevaluate its position in major trade agreements, which could shift the global trade landscape. For example, the North American Free Trade Agreement has been under re-negotiation with the U.S., Canada, and Mexico. There is increased pressure to come to an agreement by the end of August 2018, yet progress looks hopeful. Although the U.S. withdrew from the Trans-Pacific Partnership earlier this year, the eleven other countries in the deal have all signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. You can read about this in a previous post on Brexit updates here.
Resources:
1. The top 10 fastest growing economies in 2018, by Samira Sadeque. https://www.theatlas.com/charts/BJOKD67VG. Accessed 7/29/18.
2. Sustainable development goals. https://sustainabledevelopment.un.org/?menu=1300. Accessed 7/29/18.
3. Earth day aspirations: saving money while saving the environment, by Dholakiya Pratik. https://www.business.com/articles/earth-day-aspirations-saving-money-while-saving-the-environment/. Accessed 7/29/28.
4. Major trends in international business, by Bert Markgraf. http://smallbusiness.chron.com/major-trends-international-business-60529.html. Accessed 7/29/18.
5. Trends in International Business. https://www.ncu.edu/blog/trends-international-business#gref. Accessed 7/29/18.
6. NAFTA talks take positive turn, by Sabrina Rodriguez and Megan Cassella. https://www.politico.com/story/2018/07/31/nafta-talks-take-positive-turn-716118. Accessed 7/29/18.
7. What is the CPTPP? https://international.gc.ca/trade-commerce/trade-agreements-accords-commerciaux/agr-acc/cptpp-ptpgp/index.aspx?lang=eng. Accessed 7/29/18.
