The Lifeblood of our world economy is highly dependent on international trade. Which is subject to constant change and evolution. Consider the economic disruptions, global geo-political happenings, environmental forces, and more. The World Economic Forum in one of their article states that ‘International trade flows along hugely complex supply chains between nations that source raw materials, to manufacturing countries that make and process them, and then on to consumer nations, which put the final products to use.’
Any change in one process affects the entire process. If a weather disturbance causes havoc over the agriculture fields, the entire chain suffers the consequences. It reverberates along the chain. This change may come in the form of any stimuli. Weather conditions, political changes, consumer demand evolution, etc. To help during these unprecedented times, many multilateral trade agreements have been signed among nations globally. These trade agreements are largely defined and maintained by a few international bodies and organizations. They help to maintain global cooperation, foster liberalization in trade practices, and maintain a stable environment for international trade commerce.
Wondering where can you learn more about these trade agreements, gain insights on global economic trends shaping trade policies, and more? In this article, we share with you a few leading organizations that offer valuable data and knowledge of global trade practices.
Global platforms for updates on international economics, trade, and policies
Seeking to learn more about the organizations at the forefront of international trade policies and agreements? Exploring what international happenings can impact international trade price points and what can become a strong stimulus of change for a global chain.
There are a few platforms one can follow for regular updates on international trade laws, global economic changes and practices, bilateral and multilateral agreements impacting trade, and emergency updates.
1. World Economic Forum (WEF)
An independent not-for-profit organization set up in 1971, in Geneva, Switzerland, WEF’s mission is to improve the state of the world. The organizations strongly advocate for human ingenuity, entrepreneurship, innovation, and cooperation. WEF has set up several conversational dialogue platforms for global leaders in politics, business, and academics. These platforms are:
i. United Nations Climate Change Conference COP28 (the most recently concluded in Dubai)
ii. AI Governance Summit
iii. Annual meeting of the global future councils
iv. World Economic Forum Annual Meeting, etc.
Follow WEF for first-hand insight into the annual reports they publish, and gain awareness of key global issues and changes shaping the world economy.
i. Learn curious talks between different nations that shape new possibilities for international trade.
ii. Understand collaborative initiatives in trade, and other global initiatives addressing challenges faced by humans.
2. World Trade Organization (WTO)
The leading voice in international trade between nations, WTO is based in Geneva, Switzerland. The organization is the central global organization that established leading trade agreements, and negotiations for agreement between several nations. Their mission is it ensure that trade flows as smoothly, predictably, and freely as possible. It focuses on:
i. operating as a global system with trade rules
ii. acts as a forum for negotiation of trade agreements
iii. helps to settle trade disputes between its members, and
iv. supports the needs of developing countries.
Follow WTO to gain first-hand knowledge of Trade agreements. WTO has a comprehensive and defined resource list for trade topics that range from goods, services, IP, dispute settlement, trade monitoring, regional trade agreements, and more.
What else?
i. You will also learn about trade negotiations,
ii. how to build trade capacity at a global level,
iii. gain insights from its annual flagship publications, WTO barometer, WTO stats, Trade forecasts, e-learning resources, and more.
3. International Chamber of Commerce (ICC)
ICC was established in 1919 and is headquartered in Paris, France. It represents 45 million companies in over 100 countries with a broad range of business interests. It has a clear aim to make global trade easy for businesses. The organization’s mission is to make business work for everyone, every day, everywhere by promoting open international trade and investment systems that foster peace, prosperity, and opportunity for all.’
ICC offers business solutions via its curated service offerings like:
i. ATA Carnet for speed through customs with a unified document and a temporary relief from import duty.
ii. Incoterms where they share the standards in international and domestic contracts for the delivery of goods.
iii. ICC Agri-Food hubs which is a platform for advocacy and partnerships in the agri-food sector.
iv. ICC Trade Now which is a suite for digital trade products for MSMEs globally, and many other services.
Follow ICC for the latest information and case study learning on international trade policy – its analysis and the best trade practices in global operations.
4. International Trade Centre (ITC)
ITC was established in 1964 and has its headquarters in Geneva, Switzerland. 2024 marks 60 years of ITC in fostering ‘trade-led growth in developing countries.’ ITC aims to offer small businesses, supporting organizations, and policymakers in developing nations an array of trade-related practical training, services, advisory, and business intelligence data.
With this, they empower women, youth, and refugees through jobs. One of their strong global campaigns is #TradeMatters. Emphasizing how trade has helped over a billion people move out of extreme poverty. And highlighting how trade helps brands and businesses to grow.
ITC offers various tools like:
i. SME Trade Academy – which is an e-learning platform that offers 100+ free vernacular digital courses for all.
ii. Trade Map – which is an online database on international trade stats and offers an array of useful indicators on export/import.
iii. Latin America and the Caribbean Marketplace Explorer – as the name suggests, this is a region-specific tool. It is an online dashboard that allows analysis of 900 goods across 33 countries in the region.
Follow ITC for the latest trade news in developing nations, to gain curious insights from its annually published reports, its various tools to enhance trade learning and knowledge, and its wide range of eLearning resources.
When you follow these leading organizations via newsletters, website resources, social networking channels, and/or by attending their events online or offline, you stay in tune with the global challenges and solutions facing the trading sector. They offer critical information for business managers and leaders to make strategic business decisions. From learning economic development with WEF to building knowledge on the latest innovations in developing nations in trade via ITC, international business managers can make informed decisions for market expansion.
Curious to step into the world of international trade and lead a business to global growth?
Join MBA ESG, India’s curated MBA in International Business that fosters a global learning environment in the classroom. It brings in up to 20% of international faculty while also integrating industry learning via live projects, workshops, and masterclasses. Led by industry experts from the field. The schools also offer unique experiences in the form of internships and community networking opportunities.
Learn more about an MBA in International Business at MBA ESG, India, here.
