Global Trade: Year in Review

As the year 2012 comes to a close this evening, it brings to mind some of the more exciting and tumultuous events that occurred in the global trade community this year.  

ILA Strike

This issue has been in the minds of nearly everyone in the U.S. global trade community. If this strike goes into full effect, the daily cost to the U.S. economy would be staggering. The amount of commerce that passes through U.S. seaports is measured in multi-billions. The effects of an ILA strike would ripple through the global economy, affecting manufacturers, wholesalers, and retail outfits in the form of lost profits from delayed and re-routed products. Although several negotiation deadlines have passed and been re-set, the most recent deadline is set for late January, and things are starting to look optimistic for a mutually acceptable agreement.

Chinese Solar Panels

Chinese-manufactured solar panels have been a hot topic of debate in 2012 that has spread beyond the borders of the United States of America. The panels themselves, as well as the integral components they are comprised of are at the center of a massive anti-dumping/countervailing controversy that continues to grow. For more information on anti-dumping and countervailing, and specific rulings regarding this case, visit the Customs and Border Protection (CBP), Department of Commerce, and International Trade Administration (ITA) websites.

Russia Joins the World Trade Organization (WTO)

This year was Russia’s first as a member of the World Trade Organization. Although their entry into the WTO was met with some controversy, many also celebrated Russia’s new place in the World Trade Organization. Only time will tell how this new partnership develops, but one thing is certain: it will remain a topic of discussion in the days to come.

U.S.-Columbia Trade Promotion Agreement

In May, a U.S.-Columbia trade promotion agreement was made in order to encourage trade between the two countries. This agreement will have an impact on many industries across the United States. The ITA’s fact sheet on the new trade promotion agreement provides more detailed information.

These are just some of the changes and events the international trade community has seen in 2012; no doubt, there will be many more changes in the new year. As we prepare to dive boldly into the unknown of our future, we would like to wish all our friends, both domestic and abroad, a happy, safe, and prosperous 2013!