Already, international businesses are finding ways that they might leverage artificial intelligence, and questions are being raised about how international trade policy will be transformed to address AI.

1. Incorporating AI into the supply chain

One of the biggest challenges for operating businesses across a border is managing the supply chain. Adding elements of AI in the supply chain can help international businesses reduce risk while cutting costs. AI can aggregate and analyze data from a variety of sources – business records, online news sources, government data sources and more – to help generate the safest, fastest and most cost-effective shipping routes.

And once shipments are en route, AI-enabled tracking can provide increased visibility into the supply chain to make sure shipments are secure and on time. AI also can spot unexpected disruptions in the supply chain faster, and provide alternatives, so routes can be adjusted earlier to help avoid delays.

And AI can go deeper than just the supply chain. When AI technology is weaved into a business’s logistical system, AI can help to better manage inventory and production.

Artificial intelligence tools have the potential to predict upticks and slowdowns in demand so inventory can be adjusted accordingly to avoid supply shortages or an overstock of goods that have to be warehoused for an extended period of time.

An AI inventory management system can also automate logistics processes to remove the need for some manual processes, like ordering supplies or increasing production.

2. Using AI to ease cross-border regulation

Businesses that deal in international trade know that there are a lot of factors involved in moving goods safely, quickly and legally across borders, as well as in offering cross-border services.

Artificial intelligence can be used to analyze and manage applicable trade regulations. AI has the potential to automate form filings for border crossing, and it can be used to spot errors in trade documents, like misclassification, to help prevent delays or fines.

Eventually, governments could implement artificial intelligence to help with compliance checks.

AI could be used to automatically process customs paperwork. Scanners that integrate AI technology could quickly identify anomalies or illegal materials as they cross borders.

All of this stands to speed the customs process, as paperwork and shipping containers crossing the border can be processed more rapidly without the need for manual intervention.

3. Financing for international businesses with AI

For both businesses looking to finance their operations and businesses who offer financing, artificial intelligence can be used to minimize risk and borrow or lend more wisely.

Artificial intelligence can be used to make predictions about market trends and risk that will allow businesses to plan for growth and more accurately assess financing needs to achieve that growth. It also can help businesses identify areas of risk that are opened by borrowing or outside investment.

For lenders and investors, too, artificial intelligence can be used to assess the financial risk involved with taking on a new business. Artificial intelligence also can lower the risk for fraudulent loans, lenders or investment because AI can better assess the data and documents put forth to identify a fraudulent business offer, paperwork or partner.

4. Leveraging AI in international trade for small businesses

All businesses stand to benefit from the use of artificial intelligence in making more informed business decisions and improving the efficiency of operations.

Small international businesses particularly stand to benefit because AI can automate processes that are typically expensive, time consuming and require additional staffing or consulting.

In addition to automating logistical and compliance processes as discussed AI can help businesses with real-time language translation, automated contract generation, customer service and more.

AI writing tools can be used to generate trade documents or other business correspondence and translate those documents into a variety of languages. The full benefits and pitfalls of AI-text generators like ChatGPT are still being discovered, but AI text generators have shown promise in creating complete documents.

AI tools also have shown that they have the capability to understand the intricacies of laws and regulations; ChatGPT managed to pass the American Uniform Bar Examination with a score that was within the 90^th percentile.

While businesses may proceed cautiously with more complex and important documents, they may be able to leverage AI text tools for some regular business documentation. Moving forward, more complex and reliable AI tools are likely to become available.

Language is a barrier for any business operating across borders. AI translating tools have proven helpful. Now, translation tools can work in real-time to ease conversations among business partners who speak a variety of languages.

AI translators also move beyond traditional translation tools because they are able to understand the nuances of languages and generate translations that are more accurate even when text includes idioms or more complex terminology. That means AI can reduce the need for additional staffing or translators, saving expenses and time for small businesses.

5. Considering AI and international trade policy

As artificial intelligence becomes more a part of international trade, it remains to be seen how it will affect trade policy and trade agreements.

At present, there has been some debate about how artificial intelligence will be regulated and tariffed.

Artificial intelligence raises questions regarding taxation – when do AI services cross over to be considered goods or services?

AI also raises questions about intellectual property. There are ownership considerations in terms of proprietary AI tools, as well as in terms of any documents or analysis that AI might provide.

Governments also may become increasingly concerned about how AI tools will impact national security. Restrictions may be set on the AI tools that can be sold across borders over concerns that those AI tools could be used by other nations or groups to cause harm.

Data security is also a consideration, as AI has to process data in order to generate useful analysis or text. That means that AI technology could make a business or nation more vulnerable to a data breach.

Discovering the benefits of AI in international trade

The benefits of AI technology are still being realized, but its clear that there are advantages to using AI in international trade for businesses of all sizes. AI can be used to help businesses operate more efficiently, automate processes to work faster and realize growth without needing to add a significant volume of staff.

AI technology also can help businesses to understand all of their data, as well as market trends and market climate, to better plan for the future. And AI can help with the everyday challenges of running an international business, such as managing complex supply chains across borders and dealing with business partners across languages.

Of course, as AI technology is still being developed and understood, there are questions about its reliability and usage. Trade businesses who wish to stay competitive and on the forefront of technology should be on the lookout for AI tools that benefit them and should train and acquire staff that will help them to take advantage of those tools, while remaining aware of new policies or regulations that may impact AI technologies.

Never before has applying for a job – or finding job candidates – been easier. But as employers and potential employees connect easily over the internet, the online hiring process can be difficult from both ends.

Job candidates can have a hard time standing out among a seemingly endless pool. Hiring managers can have a hard time weeding through countless applications to determine who would truly be the best fit for the company.

The COVID-19 pandemic has created additional challenges for both employees and employers. Especially in the field of international trade, disruptions to supply chains and other aspects of business have required companies to be agile and responsive.

For many businesses, that has brought the need for new skillsets or areas of expertise from employees. As businesses look to fill those needs internally and externally, professionals in international trade have needed to acquire or market their skills for the changing business landscape.

That’s where digital credentialing comes in. More and more, professionals are seeking out training that will grow their skills while demonstrating their proficiencies to potential employers.

Digital badges, offered by companies such as Credly, are another way to recognize professionals that have met educational or professional experience benchmarks. Digital badges are easily shareable by job candidates and simple to verify for potential employers.

Standing out from the crowd: Digital badging credentials for professionals

By now, most people are familiar with the disconnect in employment: Professionals often lament how hard it is to find a job, while businesses claim they have plenty of openings but lack qualified candidates. Many experts say this disconnect comes from the so-called “skills gap”.

Up to 80% of employers say young professionals lack the skills and experience they need to succeed in the workplace.

This skills gap can be especially pronounced in fields such as international business and trade. Professionals in the field know that there are many areas of specialization, and college courses often offer a broader understanding of the field as a whole.

More targeted digital badges can also help trade professionals better communicate the scope of their education and skills with potential employers.

Taking the time to earn and share digital badges can pay off for professionals at any stage of their career.

One recent survey of 400,000 people worldwide found that 76 percent of professionals who earned a new certification saw a salary increase or promotion.

FITT has seen this play out with its own CITP certification: According to a FITT CITP salary survey, CITP®|FIBP®s in Canada on average earn CAD $52,000 more than the median salary.

Building the right team: The benefits of digital badging credentials for businesses

From hiring to retaining staff, digital badges also provides a major benefit to businesses. Businesses are increasingly moving to skills-based hiring. Rather than looking for educational or experience-based pre-requisites that a broad range of candidates might meet, companies are searching for a specific set of skills that will meet the company’s operational need or growth goals.

Digital badges allow hiring managers to quickly see how a candidate fits the company’s needs and to see what special skills the employee brings that  fill knowledge or skill gaps within the company.

Digital badges can also add an objectivity to the hiring process by allowing hiring managers to easily compare candidates’ education and experience.

“Employers must hire qualified personnel in any discipline to ensure that they get the most value from their employees. Hiring certified employees allows companies to get their employees working in what’s important faster,” said Emiliano Introcaso, CITP, Knowledge Product Manager for Export Development Canada and supply chain management professor at Sheridan and Seneca colleges.

In addition to signaling key skills to employers, digital badges also communicate something important about the type of employee the candidate will be. Professional certifications generally indicate that a candidate is willing to learn and grow their skills. That growth mindset can pay off for companies as they continue to grow and adapt to new markets and new market developments.

Connecting employees to skills-building opportunities allow companies to develop their existing talent to meet their future needs. Not only does that benefit the company, but it allows employees to grow with the company.

This can help with retention because employees can continue to advance their careers, and educational opportunities are often seen as a major benefit to motivated employees.

Once those employees have developed additional skills, they add value to the company and reduce costs by building those skill sets in-house, removing the need to bring in additional employees or find outside expertise.

“Bottom line – in-house experts’ salaries are less costly than third-party consultants. Then, in-house experts train internal employees to at least level up,” said Audrey Ross, CITP, Import & Export Compliance Manager at Orchard Custom Beauty.

“The more people thinking globally, the better growth you will have.”

Statistics demonstrate the value of investing in upskilling employees for business. Companies that invest $1,500 or more annually per employee for professional development report an average of 24%higher profit margins than companies who don’t make the investment.

Digital badging credentials for international trade

FITT has long met the demand for professional education and credentialing in international trade, to help employees and employers develop the key skills needed to expand to new markets and adapt to the ever-changing international business climate.

To date, more than 37,000 professionals around the globe have taken advantage of FITT’s professional training and/or earned FITT credentials.

To keep up with the changing demands of the increasingly digital employment environment, FITT is offering digital badges that can be easily shared by international trade professionals and verified by the companies looking to hire those with specific skills in international business.

FITT’s digital badges will serve as a digital representation of meeting the requirements of FITT’s training, certificate, diploma and CITP designation.

The world of international finance can be broken into myriad fields, and within those fields, international finance professionals have a variety of backgrounds, experience and expertise. Because of the diverse opportunities available under the international-finance umbrella, those in the field may find themselves looking for ways to diversify or deepen their knowledge base by learning more about the different facets of international finance and trade transactions.

For those international finance professionals looking to branch out into new areas or delve more deeply into their current field of work, FITTskills courses provide meaningful professional development that can help grow careers and develop professional confidence. At the same time, the CITP designation – which factors in both skills development in international trade and experience in the field – provides validation to a professional’s expertise.

Below, three CITP designees share how their FITTskills coursework and CITP designation has helped them find more opportunity and meaning in their already successful careers in international finance.

Olutobi Kodaolu, CITP – International Trade Finance Supervisor, Guaranty Trust Bank Limited

Olutobi Kodaolu doesn’t have what would be considered a traditional background within the field of international finance. After graduating university as an anatomy student, Kodaolu took a job at Guaranty Trust Bank and completed banking school. He’s been working in the international trade division ever since.

Throughout his career, Kodaolu has counted many successes, including being part of the team that designed the transition from manual to digital processes for foreign investors within his home country, contributing to the review of his country’s Central Bank Foreign Exchange Manual, and championing automation processes within his unit for better processing times and full compliance. He has structured trade transactions in a variety of fields, including oil and gas.

Despite his successes, Kodaolu said his unconventional background led him to shy away from seeking out training within the field of international trade.

“When I began in International trade, I was introduced to many branches of trade, and I was reluctant to learn because they were broad and strange to me. My regret was that delayed in training myself. I would have started learning more about international trade earlier in my career.”

To expand his expertise in international trade, Kodaolu decided to complete the FITTskills program and seek his CITP designation through FITT. At first, Kodaolu found the courses somewhat overwhelming, but he was quickly drawn in by the interesting material, the real-world applications presented, and the easy-to-understand information. He also appreciated that he was able to complete his coursework at his own pace.

Kodaolu said the course on International Market Entry Strategies and Feasibility of International Trade exposed him to the pros and cons of international business engagement and to the importance of understanding laws, markets and strategies for new markets. Overall, the FITTskills program has given Kodaolu a better outlook of the international market.

With its recognition within the international business community, Kodaolu said he’s confident that his CITP designation will help him to further grow his career.

“I feel a sense of progress in my career that is not only knowing my job but having a designation to show to the world. The designation will help me advance in my career and give room for more challenges internationally, like new job offers and new projects.”

Matthew Lewis, CITP – Managing Director, Desjardins

Matthew Lewis found a natural transition into a career in international trade. He began his career as a commercial manager and followed a logical path, accepting a job as a manager of international trade at the National Bank of Canada.

“I wanted to take it to the next step and wanted to help businesses promote their importing/exporting endeavours.”

Through his career, Lewis has worked with large corporations on hedging solutions, something he has always found to be satisfying. Nevertheless, he also enjoys working with the SME sector, where the impact of education is more relevant. Lewis also spent time training new graduates for the field through the height of the 2008 financial crisis. After returning from a particularly long assignment in the Philippines, Lewis said he was amused to see the takeover of social media when he returned.

Working with a variety of clients in a variety of settings and situations throughout his career, Lewis said there is one revelation that’s had the greatest impact on his work – listen to the client’s concerns and address those first.

Lewis sought out the CITP designation as a way to showcase his expertise in the field.

“I wanted to have the recognition from my peers, but I also wanted my clients to know that my knowledge meant business.”

Even as someone with a solid foundation in the field of international trade, Lewis said he found the FITTskills courses to be robust and diverse, and they challenged him to think outside the box. There were also core courses, such as Feasibility of International Trade, that had a great deal of relevance for anyone working in international banking or finance.

Lewis said he’s proud to finally hold the CITP designation, and he’s excited to see where the designation will take him.

“Hopefully, it will take to me to new places in my career and surprise me along the way.”

Frank Okoye, CITP – Senior Financial Advisor, Scotiabank

Frank Okoye got involved in the field of international finance early in his career. Throughout his career, he has been involved with working in finance guarantees, international trade and product paper development for small businesses and medium market enterprises.

“It’s an exciting and challenging profession.”

The most important element within his professional sphere, according to Okoye, is stakeholder management and perseverance.

With an established career in international finance and trade, Okoye sought his CITP designation as a way to expand his professional network while building his expertise and gaining more professional knowledge of the trends and cornerstones of international trade and commerce.

Okoye said he’s excited to have earned his CITP designation, and he believes it will help him to gain more professional exposure and to have more insight into the field.

Kodaolu, Lewis and Okoye – with their different backgrounds and experience within international finance and trade – found meaningful professional development through the FITTskills coursework they completed, and they all look forward to seeing their careers grow with their increased knowledge base and the international prestige that comes with the designation.

Exploring his roots led Tulio Conejeros to a future in international business. At the age of 20, Tulio sought to return to Chile, the country of his birth, to connect with his family and explore the culture. His visit included a tour through several South American countries, and he was intrigued by the varied cultures he experienced on that journey.

His experience inspired him to learn more about cultures around the world. Upon returning to Canada, Tulio enrolled in Mount Royal College and applied for the North American Mobility Project.

As one of the first students in the scholarship program, Tulio spent one semester at the Tampico campus of the Monterrey Institute of Technology and Higher Education in Tamaulipas, Mexico, in the international business studies program. His studies abroad cemented his goal of establishing a career in in international business. Tulio went on to earn a Bachelor of Commerce degree in international business from the University of Alberta.

Reveling in world cultures

His career in international business has allowed Tulio to immerse himself – and his family – in the same cultural experiences he first enjoyed as a young traveler and student.

One December while working in Beijing, he  unexpectedly remained in China over Christmas. He connected with other international businesspeople and expats where he was staying at the Great Wall Sheraton. They spent Christmas Eve together singing along with the hotel’s live band and sharing stories of their business travels.

Another posting to set up an office in Bogota, Colombia, gave Tulio the opportunity to share his travels with his family. They rented a place to stay across from the beach in Cartagena, Colombia. The experience was a memorable one for his children, who still talk about the culture, food and beautiful weather they experienced.

Want to learn more about how the CITP designation can help you accelerate your career? 

Connecting Canadian businesses to opportunities worldwide

In addition to rich personal cultural experiences, Tulio’s career in international business has led to some fulfilling professional moments.

While working on the Bridge County housing development with Longfor, one of China’s largest developers, he was tasked with finding a Canadian architect and housing designer, along with building materials, suited for the high-end project.

He presented the opportunity to Canadian firms and brought them to China to participate in the project. He was able to see the project through, from the concept phase for a vacant piece of land to a final project that featured Canadian design and building projects.

“The meeting with Longfor at the concept stage, visiting the vacant land and being able to see the finished project – which included Canadian design and building products – was an experience I will never forget and always cherish.”

Tulio also worked with his firm in Calgary to develop a comprehensive overview of the heavy equipment industry in North America for a Chinese manufacturer. His team took the time to learn the ins and outs of North American equipment operators, regulatory environments, and the types of equipment needed for special terrains – such as oil sands.

They then conducted focus groups in Canada and  flew to China to present their findings to executives of the Chinese manufacturer. As a result, the manufacturer designed equipment, warranty programs and selected specific OEMs to meet North American market needs.

Learning the intricacies of doing business internationally

Through his experience, Tulio has learned the importance of patience, understanding and knowledge of business practices.

“There are a lot of intricacies and nuances dealing with different business cultures that – unless you are told from an experienced international professional, or learn it over time on your own – could lead to a missed opportunity because of a simple misunderstanding or cue you didn’t pick up on.”

Showcasing the skills learned through a successful career

Tulio decided to earn the CITP designation as a way to validate his years of experience in international business and to demonstrate that his experience gave him the knowledge and skillset to work in the highest levels of international business. He was able to use his international experience to earn the CITP designation through the executive path to accreditation.

After 20 years of intense international work, the CITP designation has given Tulio a sense of validation and pride in his work, and will help bring his firm new opportunities.

“The CITP designation will bring me credibility and recognition with clients, new employers and colleagues as I continue on this international journey.”

Product shortages and supply chain snafus have topped headlines since COVID-19 caused the infamous toilet paper shortage of 2020.

Now, more than two years later, supply chain disruptions and the resulting empty shelves – or dramatic increase in prices – have become commonplace. These disruptions have impacted consumers in almost every aspect of life, from backordered garage doors due to aluminum shortages, to empty hot sauce shelves due to drought-affected chili peppers.

While supply chain disruptions are frustrating for consumers, they can be costly, or even debilitating, to businesses. Companies have largely dealt with the recent disruptions with short-term solutions. Easing pandemic restrictions seemed like it should allow for business as usual to resume around the globe. But closed factories, blocked trade routes and other logistical woes have become the new normal.

Experts now say that to protect themselves from the increasing frequency and severity of unreliable supply chains, businesses need to start finding long-term solutions to predict, adapt to and mitigate the negative effects of disruptions.

Investing in location tracking technology is one way businesses can help build supply chain resilience to protect operations and revenues.

Why adapting supply chain infrastructure is crucial

Ongoing supply chain problems are a greater threat to companies now than current concerns over inflation. Supply chain interruptions can cut off products, production, deliveries and – ultimately – profits, which is why many CEOs are focused on overhauling their current, outdated supply chain models.

It’s projected that over the next 10 years, current supply chain models – and the associated disruptions – could cost some companies as much as six months’ profits.

That’s because the backlog of shipments and materials shortages caused by the COVID-19 pandemic, followed by interruptions in supply chains caused by the war in Ukraine, won’t be easily erased.

While the dramatic rises in inflation rates and commodity pricing is a concern for many businesses, developing more resilient logistics still takes top priority because it can be harder to predict, and therefore react to, a sudden stop or delay in the supply chain.

How location tracking can make supply chains more resilient

Location tracking technology has evolved and grown over the last decade. The primary limitation of the technology is that companies get location updates at specific checkpoints within the supply chains, as cartons, vehicles or boxes are scanned through stop points or warehouses.

As location tracking technology has advanced, the move has been toward creating location intelligence – technology that gathers and analyzes supply chain location data to generate valuable insight about the product movement and handling in real time through the supply chain.

Using location intelligence and other location tracking technology, companies can develop a more resilient supply chain. The technology can help logistics teams to predict how goods will flow through the supply chain to proactively identify potential disruptions and have solutions available should problems arise.

Location tracking technology also can help strengthen businesses by identifying efficiencies and improving customer care, and helping address a company’s environmental impacts.

Using location tracking technology to combat supply chain disruptions

The primary problem with the current location tracking technology is that it leaves blind spots at  points of the supply chain to supply chain managers. That’s because location tracking technology to date has focused on delivering location updates when goods pass through certain stop points within the supply chain.

This often makes supply chains reactionary. Managers discover problems with a shipment when the shipment fails to show up on time to the next checkpoint. From there, supply chain managers must react, looking for solutions to a problem that has already occurred and is already impacting the business.

Location tracking technology – particularly location intelligence – now seeks to help supply chain managers be proactive in identifying and solving interruptions to the supply chain. Newer location tracking technology allows supply chain managers to monitor shipments that are actively in transit.

This means they can spot delays, or potential delays, sooner and work proactively to limit the impact of those delays on the rest of the supply chain, and on overall business operations.

Improving efficiency and customer care with location tracking technology

Location tracking technology goes beyond monitoring the movement of goods and spotting disruptions. It can also allow companies to capture valuable data on overall logistical operations. Having data about every point in the supply chain enables  managers to look for opportunities to improve efficiency. With accurate data on how goods move through warehouses, yards and distribution centers, logistics teams can discover how to best increase productivity, cut costs and invest within their supply chains.

Some location tracking technology goes so far as to use machine learning and artificial intelligence to quickly provide insights into the supply chain using the gathered data.

With AI and machine learning tools, companies stand to discover solutions to otherwise unsolved logistical problems or to find strategies to help meet preset supply chain goals.

Additionally, location tracking technology can allow for better customer service. Due to the unpredictability currently plaguing many supply chains, companies are often struggling to make accurate ETAs and shipping cost estimates for their customers. Often, that means padding delivery times to create a cushion for potential disruptions or unexpected costs.

Accurate location tracking using available technology allows companies to more accurately predict ETAs and costs, which makes companies more reliable in the eyes of their customers, and may allow for shorter shipping-time or lower cost estimates that could bring in more customers.

Meeting environmental goals with supply chain insights

Lessening environmental impacts and carbon footprints has become an increasingly important goal for many companies, as customers look to do business with environmentally friendly brands and governments increase restrictions on carbon emissions.

The same technology used to build more resilient and efficient supply chains also can be leveraged to set and meet businesses’ environmental impact goals.

For companies looking to improve their climate change impact, location tracking provides a clearer picture of current carbon emissions. With a clear picture of the environmental impact of their supply chains, companies can goal set for cutting carbon emissions and other environmental impacts and track progress toward meeting those goals. Just as AI and machine-learning tools can help companies spot operational efficiencies within the supply chain, they can also be used to spot environmental inefficiencies and opportunities for improvement.

Adopting location tracking technology for a stronger supply chain

Large vendors are already beginning to invest and expand their use of the latest location tracking technology to build more efficient and resilient supply chains, and that technology is expected to find its ways to smaller operations quickly. It’s estimated that within the next four years, more than 75% of supply chain applications will come with the built-in advanced analytics, artificial intelligence and machine learning tools that allow supply chain managers to modernize and strengthen their companies’ logistical operations.

With location tracking technology in place, companies can develop an invaluable logistics “command center” that monitors all aspects of the supply chain from a central location. From that command center, logistics teams can work across various areas of the company and supply chain to identify and implement solutions to breaks in the chain or inefficiencies.

For smaller companies who may only be able to integrate location tracking technology in a limited way, supply chain managers can work to identify the most critical components, or the riskiest routes within the supply chain to implement new location tracking technology there first. They also can begin to develop strategies that will take full advantage of coming developments in location intelligence and location tracking to prepare for the future accessibility of those technologies.

Emmanuel Asafo Adjei’s career in international trade has been an evolution. After earning a post-graduate degree in International Business from Fanshawe College, he worked for seven years as operations coordinator for a Canadian Military Defense contractor. To further grow his career, he went on to earn his Master’s of Geography from the University of Western Ontario.

Like many, Emmanuel was faced with new challenges due to the COVID-19 pandemic. While working as an engineer, he was charged with coordinating global supply chains, a task that required fostering new business relationships. That role led him to sharpen and improve his international trade skills.

Working with and leading teams to seal international trade deals

Throughout his career, Emmanuel has worked with colleagues and trade partners to open supply chains and improve processes. He has collaborated with highly trained engineers and supply chain experts on the acquisition and distribution of Canadian government military assets around the globe. He’s also led a state-of-art materials requirement planning system (MRP) to enhance just-in-time production processes.

“It has always been refreshing to negotiate international deals with the knowledge of Incoterms,” he noted.

Understand the latest edition of Incoterms® with The Incoterms® 2020 online course, presented by FITT and the Canadian Chamber of Commerce (CCC).

Celebrating accomplished trade deals and improved processes

In his work in international trade, Emmanuel has seen many successes. They include managing more than $100 million in inventory assets in one of southwestern Ontario’s largest warehouse facilities, facilitating and auditing shipping documents while ensuring that shipments met international standards, and building quality control and international trade databases that reduced audit time and paperwork by more than 80 percent. He also led the consolidation of two mega warehouses into a 500,000-square-foot facility without significantly impacting workflow during the three-month process.

In his latest venture, Emmanuel is working on farming the superfood tiger nuts in Africa for import into Canada. He’s packaging and distributing the superfood into niche food stores in Canada and the United States.

Through his career and FITT studies, Emmanuel has also learned the importance of perseverance:

“Never give up on any goal you set for yourself. There may be challenges, but they all pass away and give way to your success eventually. One of my proudest moments was getting my FITT diploma after leaving it for almost a decade.”

Gaining a better understanding of imports and exports

With his FITT coursework, Emmanuel earned a deeper understanding of the nuances of food imports, packaging, and distribution in Canada and the United States—knowledge that has proved extremely valuable as the owner of a food import business. FITTskills have helped him better understand importing goods, working with Canadian customs, the Canada Food Inspection Agency, Canada Revenue Authority, Port Authority, and import brokers.

Broadening perspectives on new markets

Emmanuel’s FITTskills courses—such as the International Trade Finance course—gave him insight into working with global clients, suppliers, and customers, along with expanding his global literacy and inter-cultural awareness. They’ve also helped him see future opportunities in trade.

“I chose the  CITP designation to consolidate my skills sets in international business and to be an asset to companies that may want to expand into developing markets, especially in Africa.”

“My motivation has broadened to include the many growth opportunities with Africa’s 1.3 billion-person market, now one of the largest free-trade areas in the world. With the African Continental Free Trade Area (AfCFTA) agreement signed by its 55 countries—and the projected $2.2 trillion GDP—Canada cannot ignore this huge market.”

Manage your cash flow and mitigate financial risk by selecting appropriate transaction methods and tools for international trade activities with the FITTskills International Trade Finance Course.

The power of great teachers and courses

Emmanuel was lucky to learn about the CITP designation through a call with two of his Fanshawe college professors: Albert Knab and Morgan Murray.

“They both sowed the seed of grit and perseverance in me as an immigrant,” he noted, stating that they were an important part of spurring him to push full steam ahead with his courses and his career.

With so much accomplished already, we can’t wait to see what’s in store for Emmanuel next!

Laura Pixley always knew she wanted a career in international business. Based on her lifelong passion for travel and trade, she enrolled in the Bachelor of Commerce program for International Business at Humber College in 2008. After earning her degree, she worked a variety of jobs that led her closer to her goal.

Her path has led her to her self-proclaimed dream job working as a trade officer for the UK Department for International Trade. The job has given her a front-row seat for important trade talks and trade deals at a crucial time in British politics.

Making connections around the world

Laura’s role as a senior trade officer for food and drink takes her around the world to international food and drink trade shows. At the same time, she gets to host foreign visitors in the UK, giving them access to the specialty foods and beverages that UK sellers have to offer. Those opportunities allow her to connect with people over their common interests

“It’s incredible meeting with so many brilliant people—suppliers and buyers alike— and forming new relationships with people you would’ve never met otherwise if you weren’t all working in the same field.”

Playing a part in historic trade deals

Working with the UK Department for International Trade while the British government navigates its exit from the European Union has given Laura a front-row seat to new trade relations and regulations. Within just a few years, she has witnessed new trade agreements, trade negotiations, regulatory changes and more, while still playing an important role in bringing new goods to British markets and introducing British goods to foreign markets.

“I’m very proud of how much I’ve learned about international trade policy, technical regulations, Incoterms®, agricultural products, and many other regulations since graduation. It’s also incredibly rewarding walking through a grocery store or liquor store and seeing an imported product on the shelf that I helped bring to market.”

The importance of dedication

Throughout her career, Laura said the one thing she has learned is that building a career in international trade takes hard work and dedication. Most of what takes place in international trade doesn’t come easily, and professionals in the field must be willing to put in plenty of hard work, time, and dedication to achieving their goals.

Demonstrating a commitment to the field with the CITP|FIBP designation

Earning the CITP designation had been a goal of Laura’s since she first learned about it as a university student studying international business. “To me, it’s a testament of dedication to international trade and a badge of honor within the industry.”

FITT’s program allowed her to work at her own pace while earning the designation, and the coursework provided her with practical knowledge and real-world case studies. The knowledge she gained gives her a foundation that she can refer back to as needed and opens doors to further her career.

“The CITP designation will help open new doors for me when I decide to take the next steps in my career by providing to potential employers or stakeholders that I have the knowledge and the skills to succeed in the field of international business.”

Her favourite FITTskills course

Laura enjoyed learning about all the areas of international business throughout her training, but she did have one particular course that stood above the rest:

“My favourite FITTskills course was Products & Services for a Global Market because I’m a regulatory nerd and I enjoy learning about technical compliance, labelling, laws, regulations, etc., as well as the human side of the business, like understanding consumer demand and cultural preferences.

Learn how to adapt your products and services to the regulations and requirements for selling in international markets with the FITTskills Online Course: Products & Services for a Global Market.

With so much accomplished already, we know Laura is bound for seemingly limitless possibilities on the horizon. There’s no doubt that the future will bring exceptional success to this young and talented rising star.

As the COVID-19 pandemic took hold in early 2020, it was immediately clear that international trade would be particularly hard hit. Countries closed borders, cutting off the flow of goods as well as international business travel, and pandemic restrictions caused the closure of manufacturing plants and warehouses, disrupting supply chains.

Now, the state of the pandemic has allowed countries to reopen and international commerce seems to be making a comeback. Nevertheless, the disruption caused by the pandemic has left some individuals uncertain about the state of globalization: What will the lasting effects be for organizations that want to do business in foreign markets or utilize international supply chains?

The impact of COVID-19 on globalization

As COVID-19 outbreaks shuttered nations and their borders, the effect on international trade was immediate.

The decline in trade was steeper in March and April of 2020 than it was during the Great Depression or the global financial crisis of 2007. Investors quickly withdrew capital for investment in emerging markets, causing cross-border investment flows to decline even more severely than trade goods. International travel was reduced by 74 percent, making it difficult for businesses to arrange international deals or visit potential suppliers or customers.

Those dramatic decreases in international commerce caused many businesses to question their globalization strategies, as they exposed the fragility in international supply chains and investments. Some companies began looking for domestic supply chains and workers to fit their needs. The hit to businesses has been clear as gross domestic product is down for nearly every country more than a year after the pandemic spurred economic shutdowns globally.

The future of post-pandemic globalization

Most experts agree that, while the pandemic shook international markets, businesses who look toward globalization in the future are setting themselves up for success. While global output did drop by 3.9 percent in 2020, according to the United Nations Conference on Trade and Development (UNCTAD), that decrease was 0.4 percent less than the UNCTAD had originally projected.

UNCTAD also improved its outlook for growth in global output for 2021 to 4.7 percent–0.6 percent better than what it had projected for the year looking forward from mid-2020.

Of course, many companies, both domestic and international, have been left hurting by the pandemic. Many analysts believe that globalization– particularly globalization focused on diversifying and shoring up international supply chains, networking internationally and establishing good international communication–can be the key to succeeding in the post-pandemic economy.

“I believe globalization is a clear answer for how global companies can recover,” Jessica Starman, founder and CEO of Elev8 News Media, wrote in Forbes. “The ability for companies to research, distribute and manufacture on an international scale is more possible than ever.”

Through the pandemic, there have been some indicators that tend toward the benefits of globalization. Many countries have continued to make strides toward enabling international trade. Companies who looked at domestic supply chains discovered that they can come at a higher cost without added security. There also have been upsides to pandemic adaptations, such as the proliferation of remote work, which can help support the development of international talent and international relationships with telecommunication.

Moving forward with globalization

While many organizations are looking to increase globalization as they navigate the post-pandemic recovery, some caution that globalization efforts should be employed with some caution.

“Prospects for international business investment should brighten as pandemic-induced macroeconomic uncertainty, lockdowns, and travel restrictions begin to lift. But tighter screening of foreign takeovers on national security grounds will remain in place, and supply-chain diversification and partial reshoring will boost prospects for some projects while making others less attractive,” Steven A. Altman, a senior research scholar, director of the DHL Initiative on Globalization and professor at the NYU Stern School of Business, and Phillip Bastian, a research scholar at the DHL Initiative on Globalization at the NYU Stern Center for the Future of Management, wrote in the Harvard Business Review in May.

That means that post-pandemic, businesses should balance traditional benefits of globalization, such as access to markets and supply chains, with risk assessments that consider current geopolitics. At the same time, businesses should be taking a good look at what worked well, and what didn’t, during the pandemic so they can evaluate how to best move forward with their post-pandemic globalization efforts.

After the dramatic economic toll of the pandemic in 2020, economic forecasters predicted a rebound in trade in 2021, though experts warned trade was not likely to return to pre-pandemic levels this year or next.

Economic outlook improves, though uncertainty remains

However, with vaccine distribution underway and businesses around the world being able to resume—at least to some degree—many organizations are adjusting their predictions to reflect better-than-expected growth in 2021. The positive outlook bodes well for businesses looking to rebound this year but, as has been the case throughout the pandemic, much uncertainty remains about the progress ahead.

To keep you up-to-date with the latest international business and trade numbers, stats, news and changes during Q2,  we’ve rounded up the latest forecasts and predictions that you need to know.

The WTO adopts rosier outlook on trade

According to WTO reports, the flow of traded goods around the world decreased by 5.3 percent in 2020. That decrease was less than the WTO’s original prediction that the pandemic economy would lead to a 9.2 percent drop, thanks to a better-than-expected uptick in trade at the end of 2020. The WTO now predicts that merchandise trade in 2021 will grow by 8 percent. While the growth shows a trade economy in recovery, the increases will not restore merchandise trade to its pre-pandemic levels.

Q1 sees increase in PMI

Purchasing managers’ indices (PMIs) saw gains in many countries in March, according to IHS Markit. Based on sub-indices that measure output, new orders, export orders, employment numbers, pricing, trade pipelines and economic sentiment, the positive PMI numbers indicate growth in services industries including retail, wholesale, transportation, warehousing, telecommunications, finance, hospitality and tourism, education, healthcare and more.

The increase in global PMI from February to March—from 52.8 to 54.7—marks the highest level of monthly growth in more than 6 years.

Growth in trade isn’t evenly spread

While the global trade market seems to be on the mend after the first quarter of 2021, not all parts of the globe are seeing growth equally. The U.S. markets have made gains, with credit being given to economic stimulus checks sent to most citizens in March. Canada continues to see modest growth, despite a surge in cases and a slow vaccine rollout. Economic recovery in China seems to have levelled off, and growth in some European markets is hesitant at best due to concerns over surges in cases, a lack of vaccinations and worries that businesses could be forced to shut down once again.

Rate of growth largely dependent on variants, vaccines

WTO officials have acknowledged that the rate of growth in trade for 2021 depends on the ability to distribute vaccines. That leads to some level of inequity and inconsistency in economic growth, as developing countries have been able to rollout vaccinations faster.

This has led the WTO to call for better vaccine distribution around the world and vaccine programs that don’t exclude developing countries. Vaccine distribution is so important to a rebound in trade, that the WTO has deemed a lack of distribution a significant “threat” to the rebounding economy.

While the international trade market is making gains in recovering from the devastating drop caused by the pandemic in 2020, growth is somewhat uneven, and there are still risks to the recovering economy. The ability of virus variants to spread, sluggish or uneven vaccine distribution, or business shutdowns due to outbreaks all could have an unforeseen, negative impact on global trade in the remainder of 2021—though there are many support systems, organizations and novel business solutions that provide some reassurance.

Trade-related organizations play a critical role in ensuring the viability of businesses all around the world. They set and create needed median standards for all trade professionals and the broader business community. This community benefits from the comprehensive and strict oversight in regards to rules, laws, regulation and access to trade and business-related resources.

The Forum for International Trade Training (FITT), for example, has developed global competency standards for the knowledge and training required to succeed internationally, supported by educational credentials and the CITP®|FIBP® professional designation. In this way, we ensure that professional standards and educational resources are always relevant and current for the changing needs of international trade.

In the same way that our organization creates fair and formalized standards and processes for trade training, other trade organizations set standards for the global community in a broad range of other categories. Most people recognize the names of the organizations such as the World Trade Organization (WTO) and the International Monetary Fund, but may be surprised to find out that there are many others.

What are the other key organizations that international businesses and business people should be aware of and how exactly do they govern trade and impact international businesses?

To help answer these important questions, we’ve compiled a quick guide to international trade organizations that touches on some of the most important players and how they influence international trade and business ecosystems. Here they are:

World Trade Organization

Since 1994, the World Trade Organization (WTO) has worked to maintain open lines of communication regarding international trade with its 164 member countries. It oversees existing trade agreements, ensuring that countries are upholding the terms of their agreements, and also helps settle disputes about those agreements.

The WTO also helps countries negotiate and forge new agreements, and it calls out unfair trade practices. With its current membership, the WTO serves all major world economies. Through the WTO, international businesses and organizations can find data and regulatory information related to trade.

International Monetary Fund

While the WTO focuses on supporting the international economy by facilitating trade, the International Monetary Fund (IMF) focuses on establishing sound monetary and economic policies to support the global economy. To do so, the IMF monitors economic policies within its 190 countries to identify potential risks and provide advice. IMF also issues loans to countries to help stabilize economies and provides training programs that help countries modernize their economic policies and workforces to spur economic growth. The IMF also upholds the system that allows for foreign monetary exchanges.

World Customs Organization

The World Customs Organization (WCO) brings customs officials from around the world together to work toward making customs processes easier to navigate for international businesses. It also influences the WTO’s rules of origin and customs valuation processes. International businesses may recognize the work of the WCO through the Harmonized System—the numeric system that is now used by more than 200 countries to help code and classify internationally traded goods.

International Chamber of Commerce

While the above organizations deal with world governments,

the International Chamber of Commerce (ICC) represents companies that do business on an international scale. The ICC seeks to promote the free trade of goods internationally. It advocates on behalf of businesses to the WTO, United Nations and other organizations that affect international trade and business.

Organizations for trade development, trade law, sea and air transportation and economic funding

There are many other organizations that enable international trade and support businesses that trade globally. The United Nations Conference on Trade and Development (UNCTAD) helps developing countries find entry points to international markets, and the United Nations Commission on International Trade Law (UNCITRAL) brings nations together to modernize their economic policies and workforces to spur economic growth.

For shipping companies, the International Maritime Organization and the International Air Transport Association provide guidance and support to marine and air logistics companies, respectively. Meanwhile, The World Bank seeks to reduce poverty globally by offering loans and other support to developing nations.

All of the organizations that impact global trade play specific roles in creating a healthy international economy. While they are all separate, they also coordinate their efforts and support one another to reach their common goals.

Want to learn more about international organizations and business law? Read our article The role of international organizations in international business law.