Prosperous countries in the North, such as the United States, can no longer rely on trade between developed countries led by Fortune 500 corporations alone. Trade must increase in developing countries and transitional economies if all are to benefit from a growing world economy. Policymakers and businesses of all sizes must realize the strategic importance of the developing countries of the South, not just from the traditional sociopolitical perspective, but from the perspective of fostering an integrated global economic framework. It is in everyone's best interest to respond to global trends in ways that will foster growth in all countries, including the least developed ones.
Why? Simply put, trade between firms in developing and developed countries provides the margin for expanded opportunities for trade and investment. There is a mutuality of benefit in trade, an inextricable link that contributes to economic development in all countries. Companies that export to developing countries will expand into new markets and reach consumers who are experiencing significant gains in purchasing power, and companies that import from developed countries will gain access to a supply of high-quality but cheaper products produced in conformance with international standards. This not only increases sales, but significantly improves these companies' competitive edge.
Yet the question remains: How is it possible to help developing countries while letting market forces prevail? Based on extensive research into trends in international business conducted at Georgetown's McDonough School of Business and on practical experience gained at the International Trade Center in Geneva, this article identifies those issues in international trade that will affect developing countries, outlines some initial steps taken by the ITC to help businesses and countries benefit from these global changes, and presents an opportunity not to be missed.