Celebrate World Trade Month with LVGEA
May is World Trade Month; a time to celebrate and promote international trade and its positive impact on the global economy!
This month-long event provides a platform for businesses and organizations around the world to come together to promote and support international trade. This entire month, businesses around the world that function on the supply chain spend time reflecting on the importance of international trade and the impact it has on our economies, communities, and daily lives.
The origins of World Trade Month can be traced back to World Trade Week, which was established in 1926 by the Los Angeles Chamber of Commerce. The aim of World Trade Week was to promote the importance of international trade to the local business community and to highlight the contributions of the Los Angeles region to global trade. Today, World Trade Month is observed by organizations and businesses worldwide, with events and activities focused on promoting global trade and investment.
Importance of International Trade
The importance of international trade cannot be overstated. International trade creates jobs, drives economic growth, and helps to lift people out of poverty. According to the World Trade Organization (WTO), global trade has grown by an average of 3% per year since 1945 and today it accounts for around 60% of global GDP. Trade is essential for countries to access the resources they need, such as raw materials and energy, and to export their goods and services to other markets.
World Trade Month provides an opportunity for businesses to explore new international markets and to connect with potential customers and partners from around the world. Through events, webinars, and networking opportunities, businesses can learn about the latest trends and best practices in international trade and gain insights into how to succeed in the global marketplace.
In addition, this May-long celebration provides a platform for businesses to showcase their products and services to a global audience and establish themselves as leaders in their industries.
LVGEA Promotes International Trade
As the world becomes increasingly interconnected, the importance of international trade is only set to grow. However, international trade is not without its challenges, including trade barriers, regulatory complexity, and geopolitical uncertainty. In order to address these challenges and unlock the full potential of international trade, it is essential for businesses and governments to work together to create a more open and transparent global trading system.
At the heart of promoting trade and economic development in Greater Vegas is the Las Vegas Global Economic Alliance (LVGEA). Established in 2012 as a non-profit public-private partnership, the LVGEA offers a range of services to help businesses succeed in the region, including site selection assistance, workforce development programs, and access to financing and incentives. It also serves as a voice for the business community, advocating for policies and initiatives that support economic growth and development.
One of the most significant ways the LVGEA accomplishes this mission is by promoting foreign trade zones (FTZs).
How the FTZ Benefits Local Businesses
FTZs are secure areas located in or near U.S. ports of entry where foreign and domestic merchandise can be stored, sorted, manipulated, and otherwise processed without being subject to formal customs procedures. Businesses benefit from FTZ’s in a variety of ways:
- Reduced or eliminated duties and tariffs on imported and exported goods
- Improved cash flow by deferring payment of duties and taxes
- Increased efficiency in the supply chain by reducing customs-related delays and paperwork
- Enhanced security and risk management through improved inventory control and monitoring
As we celebrate World Trade Month, it’s important to recognize the immense impact that international trade has on our economy and the importance of programs like Foreign Trade Zones in facilitating it. The LVGEA serves as a valuable resource for businesses in the Las Vegas area, offering support and resources to help them thrive in a complex international trade environment. By staying informed about events and opportunities like those offered during World Trade Month, businesses can continue to grow and innovate in today’s ever-changing global economy.
Celebrate World Trade Month with the LVGEA!