Notwithstanding uncertainties surrounding U.S. economic policy, the outlook for international trade is not entirely one of doom and gloom, with several bilateral and regional trade agreements recently signed, or expected to take place over the next several years.
Notable recent trade agreements include the Comprehensive Economic and Trade Agreement, or CETA, between the European Union and Canada, and the TPP – which is likely to proceed despite U.S. withdrawal – while a EU-Japan free trade agreement remains on course for conclusion towards the end of 2017.
Forecasts that the Brexit referendum and burgeoning nationalism could presage economic and political turmoil in Europe have also fallen well wide of the mark, with the region witnessing its fastest period of economic growth in more than a decade, spurred on by the election of French President, Emmanuel Macron, on a pro-business reform platform.
With these signs of encouragement and notwithstanding uncertainty on NAFTA, Canadian project cargo operators are optimistic about their future business prospects.
“We are very bullish about the prospects for Canadian trade, with the U.S. set to remain a critical trading partner, regardless of the outcome of the NAFTA negotiations,” said Livingston International’s Mike Meierkort.
“Canada has provisionally ratified a trade deal with the European Union that will open up a market of 500 million people to Canadian businesses. This is an enormous opportunity for Canada to diversify its trade relationships and opens up countless windows of opportunity for Canadian businesses across all industries to flourish,” he added.
Photo credit: Shutterstock
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