With the current turmoil in global markets highlighted by the increasing polarization of the wealthy and poor, terrorism, Brexit and a possibly increasingly protectionist US, global trading is set to become more complex and challenging than ever. The ideal is for a company to run its global trading operations like a Swiss watch, but that is becoming more and more difficult as uncertainty increases.
In fact, the World Trade Organization (WTO) lowered its 2016 global trade forecast by 1% due to increasingly broad market volatility, a slowdown in China and more. And there are the US elections which seem to be increasingly focused on international trade and its effect on American jobs and prosperity. Donald Trump’s plans are to scrap existing US trade deals and to negotiate on a new footing.
According to the Amber Road Global Trade Academy the world of global trade is extremely complex. Why else would an academy be necessary? Amber Road provides solutions including: product development, global sourcing, risk and quality management, transportation management, supply chain visibility, export management, import management and duty management. Industries served include aerospace and defense, apparel, automotive, chemical, consumer goods, financial services, higher education, high technology, life sciences, logistics providers, manufacturing, oil and gas, and retail.
Amber Road collects, interprets and disseminates information on global trade and global trade regulations using its Global Trade Management (GTM) software. Not only must Amber Road’s trade specialists verify, analyze and collect information from government sources, interview officials and update data it collects but all information must be translated into dozens of languages.
Amber Road’s “Global Knowledge” software and update process is ISO 9001:2008 certified which ensures that the trade and regulatory information its customers are receiving is accurate, timely.
Of course, Amber Road isn’t the only organization untangling the Gordian Knot of global trade. Schools like Wake Forest University provide Global Trade & Commerce Studies to undergraduates and these topics are part and parcel of a good business school education. There are also commercial products like Thompson Reuters Onesource which provides a comprehensive global trade management process.
In the following video Donald Trump outlines his trade policy in Monessen, Pennsylvania on 6/28/16.