Topic Category: Trade & Finance

With the dawning of the 21st century, a new era is approaching at warp speed that is affecting every nation, every level of industry, every business, and virtually every individual. This new, post-Cold War era is dominated by globalization, a dynamic process that involves the integration of national markets through international trade (exports and imports), foreign direct investment (ownership and control of a company located in a foreign country), and portfolio investment (ownership of stocks, bonds, or other financial instruments).

Based on free-market capitalism and powered by advances in telecommunications (microchips, satellites, fiber optics, and the internet), transportation, and finance, globalization enables companies and individuals to establish relationships anywhere in the world.

In their book A Future Perfect, John Micklethwait and Adrian Wooldridge state that globalization also increases people’s freedom to shape their identities and sharpen their talents. Plus, it allows consumers to buy the best the world has to offer, while giving producers the tools to find buyers and partners worldwide. As a result, companies and individuals are empowered to generate new wealth in ways undreamed of just a few years ago.

But globalization is also forcing difficult changes similar to those introduced by the industrial revolution. Shifting from an agrarian society to an industrial economy compelled workers to leave farms in search of factory jobs. Industrialization created anxiety and fear, and demanded that workers learn new skills. And so it is today, but, the skills demanded are more complex.

Slowly but gradually, globalization has created, transformed, downsized, and streamlined jobs in the United States. This has forced workers to continually improve their job skills, add greater value, and increase their productivity. After years of struggle, these changes are bearing fruit for the vast majority of Americans. Stated by Thomas Friedman in The Lexus and the Olive Tree, “The relative decline of the United States in the 1980s was part of America’s preparing itself for and adjusting to the new globalization system, a process that much of the rest of the world is going through only now.”

But not all Americans are able to adapt. As a result, the primary challenge of globalization is to exploit the greater upside while minimizing the lesser downside. Since no one is in control, globalization can’t be turned off or slowed down. Consequently, it is essential for everyone to adapt to the best of his/her ability. To adapt more easily, individuals must pursue life-long learning, companies must nurture proactive global corporate cultures, and nations need to maintain open markets. To help achieve success, governments must encourage companies to expand internationally, and forge new trade agreements that improve access for U.S. goods and services.

This section appeared in the report International Trade Benefits New York, published on behalf of goTRADE New York and the Business Roundtable, 2001.
Topic: Trade & Finance
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Nearly seven years after the North American Free Trade Agreement (NAFTA) was implemented, cross-border trade and investment have flourished. This has improved the level of U.S. competitiveness, generated high-wage jobs, and benefited companies from California to New York. Has your company seized opportunities provided by NAFTA?

Mexico: the Second Largest U.S. Market

Since NAFTA went into effect, Mexico has become the United States’ second largest export market. In fact, from 1997 through 1999, Mexico imported $56 billion more in U.S. goods than did Japan, the third largest U.S. export market. U.S. shipments to our southern neighbor reached almost $87 billion in 1999. And, since NAFTA began in 1994, exports to Mexico have increased twice as fast as U.S. exports to the world.

Not surprisingly, U.S. foreign direct investment (FDI) in Mexico also has increased faster than U.S. FDI worldwide. And, from 1994 through 1999, the U.S. FDI position in Mexico on a historical-cost basis more than doubled.

Top Export and Investment Opportunities

Due to NAFTA, Mexican trade barriers have been substantially reduced or eliminated, paving the way for greater opportunities. According to the U.S. Department of Commerce, the leading nonagricultural sectors for U.S. exports and investment now include:

  • Auto parts and supplies
  • Building products
  • Franchising
  • Telecom equipment & services
  • Computers and peripherals
  • Pollution control equipment
  • Water resources equipment & services
  • Food processing & packaging
  • Security & safety equipment
  • Electronic components.

“Trade flows clearly confirm that opportunities have increased for U.S. exporters and investors in all sectors,” said Francisco Zamores, Bank of America Vice President of Trade Services, Latin America. But, a major opportunity for U.S. exporters and importers, he points out, is in the Mexican energy sector, assuming the remaining barriers are lifted under the new administration.

The Mexican Economy Is Connected

NAFTA has partially insulated Mexico from the negative effects of the Asian financial crisis that began in 1997, the subsequent Russian debt default, and other economic problems that plagued Brazil and other Latin American countries.

By the same token, much of Mexico’s expansion is contingent on U.S. growth, since nearly 90% of its exports are sold to its northern neighbor. “Mexico’s strong lock with the U.S. economy has been a positive factor during the upswing of the U.S. economy,” said Zamores. However, Mexico’s growth is likely to slow during the soft landing of the U.S. economy over the next year or so, he said.

During the election debate, newly-elected President Vicente Fox promised an annual growth target of 7%. “This will be hard to achieve,” said Zamores. Bank of America projects Mexican gross domestic product to reach 6.3% and 4.1% in 2000 and 2001, respectively.

According to the Organisation for Economic Co-operation and Development (OECD), Mexican inflation is projected to gradually decline to 7.5% annually by December 2001. This is not bad, considering inflation was sky-high during the peso crisis that began in December 1994.

New Political Party Gains Presidency

For the first time since 1929, Mexico’s Institutional Revolutionary (PRI) party lost a presidential election. Newly-elected President Vicente Fox of the Alliance for Change party said he wishes to establish an even closer economic relationship with the U.S., building on efforts undertaken by his predecessor to further integrate the two economies.

“Former Mexican President Zedillo’s administration set a sound precedent for maintaining strong fiscal discipline by controlling expenditures during periods of low tax revenue due to lower oil prices (1998-1999), as well as during times of windfall tax revenues resulting from high oil prices (2000),” Zamores said. Like Mr. Zedillo, President Fox has pledged a commitment to financial discipline.

However, “Building a coalition and governing in a multi-party system may present a challenge for Mr. Fox,” noted Zamores. This could create an obstacle to continued deregulation of various industries, such as telecom, or structural reform involving banking and energy.

Texas Leads the Pack

In 1999, Texas again ranked as the largest state exporter to Mexico, with more than $23.3 billion in goods. Following were California, with $12.2 billion; Michigan, $9.2 ; Indiana, $3.2; Illinois, $2.9; Pennsylvania, $2.3; Ohio, $2.3; Arizona, $2.2; New York, $2; and North Carolina, $1.8. As U.S.-Mexican trade flourishes, U.S. companies will continue to benefit.

This article appeared in December 2000. (BA)
Topic: Trade & Finance
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Increasingly, European businesses are asking U.S. companies to list their price sheets in euros, the single European currency, and to use the currency for all transactions. Fulfilling this request may give you a competitive edge. However, the recent instability of the euro could increase your risks.

Currency Stability Has Become an Issue

Introduced on January 1, 1999, with a value of approximately $1.17, the euro dropped to a low of about $0.84 the week beginning September 18th. During September, European officials repeatedly insisted that the euro was undervalued in proportion to European economic performance. As a result, calls for intervention were made from inside the euro area, referred to as Euroland, as well as from international organizations.

Topic: Trade & Finance
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In today’s quick-paced global economy, exporters want immediate access to their international sale proceeds, and continue to prefer the security of using letters of credit for their transactions. On the other hand, importers often hope to delay payment as long as possible, and don’t want to borrow funds at high interest rates to pay for the goods.

Can both exporters and importers get what they want? Yes!

By discounting a time draft under a letter of credit (LC), a very simple solution, both exporters and importers can be satisfied. And, it gets better. The costs to achieve this are relatively low, and can be built into the price agreed to between the buyer and seller.

Discounting a Time Draft Under an LC

Through the use of a discounted time draft under an LC, exporters can collect cash immediately, while offering importers very attractive payment terms.

This allows the exporter to obtain cash for the goods as if a “sight” LC (payment due immediately after the negotiating bank reviews and approves the documents) were used, instead of the maturity date expressed in the time draft. In turn, the exporter can grant the importer liberal payment terms of, say, 180 days, but not have to wait 180 days for payment.

Your Level of Competitiveness Will Rise

By taking advantage of this solution, and extending attractive payment terms to the importer, you can significantly increase your level of international competitiveness.

Importantly, the importer doesn’t have to obtain a loan to pay for the goods. This is very good news for foreign buyers, since loan rates offered overseas often are much higher than U.S. rates, due to limited access to U.S. dollars. Plus, your buyers will have more time to meet their financial obligations. In fact, this extended time period may even be enough for the importer to sell the goods.

How Does It Work?

Upon approving the documents, the negotiating bank accepts the time draft under the LC, thus agreeing to pay the beneficiary (exporter) on the maturity date of the draft.

In our example, assume you and your buyer agree on terms of 180 days for the sale of goods valued at $500,000. Under these LC terms, typically, you would not receive payment until the maturity of the draft, 180 days later. If, however, you desire access to your funds sooner, you can request that your bank discount your draft. Since your bank already has accepted it, the draft immediately will be discounted and the proceeds remitted to you, less fees and discount charges.

Assuming an all-in rate (acceptance fee plus discount interest) of 8% (annual) and a tenor of 180 days, you would receive the discounted proceeds of $480,000 as follows: $500,000 x 8% x 180/360 = $20,000 discount; this $20,000 subtracted from $500,000 = $480,000.

Pass Along Savings to Your Customers

Rather than bear all the financing cost of discounting the draft yourself, you can shift it to your buyers by building it into the original sales contract price. Or, if you and your buyers agree, you can add it to the invoice price as financing costs. And, by doing so, you’ll actually save your foreign customers money.

Should you utilize a sight draft (funds due immediately), your buyers would probably want or need to finance the purchase. Yet, to do so, the loan rate of interest they would obtain from their local bank likely would be higher than the 8% noted above.

By offering your customers extended payment terms under a time draft, they would be less likely to need financing, and more likely to save money, by paying the lesser costs involved with the discounting of the draft.

The Benefits Are Vast

When you have Bank of America discount your time drafts under LCs, you can look forward to a number of benefits that attract buyers and stimulate your international sales, including:

  • Favorable interest rate environment,
  • Longer payment terms to your buyers,
  • An alternative financing option not using your own bank credit lines, and
  • Accelerated cash flow to you.
This article appeared in September 2000. (BA)
Topic: Trade & Finance
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Each year, goods valued at more than $1.5 billion depart the United States and enter many foreign countries duty-free. And it’s all legal, thanks to ATA Carnets or “The Merchandise Passport.”

There is one catch, however. Goods traveling on a Carnet must return to the United States, or the exporter forfeits a surety bond.

Carnets Facilitate Global Business

The Carnet (car-nay) is an international customs document that facilitates global business by avoiding extensive customs procedures, and eliminating payment of duties, value-added taxes, and the purchase of temporary import bonds.

A Carnet, a set of legal-size documents with a blue cover, involves only goods returning to the United States within 12 months. Basic processing fees for a Carnet range from $120 to $250.

Carnets Are for Big and Small Companies

Though Carnets are used mostly by large corporations, increasingly, U.S. executives from small and medium-sized businesses are finding them highly useful when traveling overseas in quest of new markets.

Goods may pass from one Carnet country to another on a temporary basis, without lodging an import bond with each country’s customs authority. Since many industries have trade shows that run consecutively in different market centers, displays tend to travel quite a bit. This service makes coordinating overseas show participation much easier.

Globe Trotters Avoid Headaches

Without a Carnet, goods carried by a traveler or stored in an aircraft’s cargo hold can sit for days or weeks as customs agents sort through papers and inspect equipment.

Carnets help globe trotters avoid headaches and hassles with foreign custom inspectors by quickly clearing such products as computers, repair tools, scientific and medical equipment, cameras, fine arts, jewelry and wearing apparel, automobiles, live animals, video equipment, and industrial machinery.

Extraordinary items also can travel on Carnets. From circus tigers, elephants, and Cessna jets to World Cup-class yachts, satellites, human skulls, and the New York Philharmonic, the ease Carnets provide is almost endless. However, they do not cover consumable goods (food and agriculture products) or disposable items.

Seventy-five Destinations Honor Carnets

Currently, 75 countries and territories in Europe, Asia and Africa, plus the U.S. and Canada, participate in the system. China and Taiwan became the most recent participants. None of the Latin American countries, including Mexico, participate in the Carnet system.

Some 13,500 Carnets (nearly 200,000 worldwide) are issued each year to 3,000 exporters in the United States.

Who Issues Carnets?

Carnets are issued by the New York-based U.S. Council for International Business (USCIB), an affiliate of the Paris-based International Chamber of Commerce.

The USCIB has authorized two service organizations to issue Carnets — Roanoke Trade Services, Inc. and the Corporation for International Business. The former has eight offices and the latter has one office in the United States.

Carnet insurance can be purchased separately from Roanoke Trade Services, Inc. It will cover merchandise while in transit and abroad. The premium is usually about 1% of the value of the exports with a minimum premium of $50. If the exporter prefers, he or she can purchase the insurance elsewhere.

Security Must Be Posted

All Carnet applicants must furnish the USCIB with security. This acts as collateral and will be drawn upon to reimburse the USCIB in the event it incurs a liability or loss in connection with the Carnet or its use.

The amount of the security deposit is based on the total value of the items to be exported and the country(ies) to be visited. The minimum security is 40% of the value of the goods exported; 100% is required for goods destined for Israel or South Korea.

Most companies post a surety bond that may be obtained from any of the 200 companies admitted in the State of New York. Surety bonds are terminated once the original Carnet has been returned and no claims are anticipated by the USCIB. A certified check also can be used for security. When the exports are returned to the United States, the check is returned if there are no claims to be paid.

Need More Information?

For more information about the Carnet system, you can reach your nearest Carnet issuing office at 1-800-CARNETS, or log onto or

This article appeared in June 2000. (BA)
Topic: Trade & Finance
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When you sell to a new customer overseas, do you worry that you’ll get paid in a timely fashion, or worse yet, not paid at all? If you’re like most exporters, the answer is yes. So what can you do about it? For many exporters, credit insurance is the answer — an alternative you might wish to consider if you haven’t done so.

Credit Insurance Guarantees Payment

Using credit insurance is easier than you may think. Used extensively in Europe for years and now becoming more popular in the United States, credit insurance can almost guarantee you’ll be paid for the goods and services you export.

When the foreign importer doesn’t pay for a variety of reasons, such as insolvency and bankruptcy, credit insurance covers your accounts receivable. Thus, the insurer will pay the balance owed. This will allow you to confidently plan your future growth, reduce administrative expenses, and get a tax deduction for the premiums.

Expand Sales and Improve Cash Flow

Manufacturers, service providers, banks, and transporters in the United States use credit insurance to expand sales and keep the non-payment of receivables to a minimum. Credit insurance speeds up turnover of accounts receivable and improves cash flow.

Once a credit insurer accepts your account, he investigates the credit background of your customers by using Credit Alliance, a global network operating in 39 countries which collects data from banks, trade organizations, government agencies, and credit and rating groups.

Political Risk Is Included

Credit insurance covers commercial risks which involve non-payment by buyers due to insolvency. It also insures payment for losses from a customer’s insolvency while the goods are in transit. Political risk also can trigger credit insurance payments. If the buyer can’t pay because political or economic events prevent or delay transfer of payments, credit insurance provides protection.

Collection and Recovery Service

If a customer is slow to pay, or doesn’t pay, the credit insurer also acts as a collection and recovery service. In short, credit insurance provides a lender with a secondary source of repayment. It enhances your ability to borrow and speeds up the approval process so your production isn’t slowed or stopped pending credit approval of the buyer.

There are a variety of credit insurance policies. One type is the whole turnover policy. It covers an exporter’s entire customer base against a number of risks, but the exporter usually retains a small share of a loss to reduce the premium.

Catastrophe Policy Costs Less

The catastrophe type of policy covers losses above a specified amount. Exporters whose customers pay their bills on time often buy catastrophe credit insurance to insure against any sudden bad debt that could cripple the exporter.

The premium is a small percentage (usually less than 1%) of covered sales, although the credit worthiness and location of your customers is also a factor. Credit insurance policies typically cover a one-year period.

Credit Insurers Around the World

Among the major underwriters of credit insurance are CNA of Chicago, American International Group Inc. of New York, Export-Import Bank of Washington, D.C., American Credit Indemnity in Baltimore, Coface Group of Paris, NCM Group of Amsterdam, Euler Group of Germany, Trade Indemnity in the United Kingdom, SFAC and SFF Factoring in France, COBAC in Belgium and Holland, SIAC in Italy, and Hermes in Germany.

This article appeared in January 2000. (CB)
Topic: Trade & Finance
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Today, technology enables global investors to electronically transmit $1.3 trillion daily to all corners of the world at unprecedented speed. Consequently, governments and central banks can no longer manage their currency fluctuations to the same degree as in the past. This can have serious implications for your business.

The Risks Are Increasing

As the speed of capital flows accelerates, foreign exchange and international business transactions will continue to soar, further limiting government control. This will expose traders to ever greater currency risks.

Unfortunately, this comes at a time when accepting foreign currencies can give U.S. exporters a much needed advantage over the competition.

No Warnings Given

Factors affecting currency fluctuations are complex and are contingent on seemingly independent activities, rhetoric, and highly fluid capital shifts, in addition to macroeconomic, social and political forces. As such, predicting whether a currency value will increase or decrease is very difficult and extremely risky.

The Asian financial and Mexican peso crises are two relatively recent examples where severe currency devaluations struck without warning. They not only demonstrated how fast-moving events can devalue currency markets, but also the magnitude of damage that can be inflicted on their economies and others around the world.

Establish a Sound Prevention Strategy

To protect yourself against adverse currency fluctuations, it’s essential to manage your foreign currency exposure. But, this requires more than research-based predictions — it demands a sound hedging strategy that plans future receivables, payables and capital flows.

Solutions That Work

If you exported goods to Thailand in February 1997 with payment in Thai bahts due in 90 days, you would have lost a great deal; within a very short period of time, the value of the baht dropped almost by half. With our solutions, you’ll be able to structure the deals you want, with the protection you need.

Through the use of spot, forward, forward with a window, and option contracts, you can accept foreign currencies from your importer at a later date, but lock in the U.S. dollar exchange rate now. This will protect your business against adverse currency fluctuations.

How Do These Hedging Strategies Operate?

Spot contracts convert the buyer’s currency at the current rate for settlement within two business days. A forward contract allows the exporter to lock in a rate of exchange leaving the settlement date open for three days to 12 months. A forward contract with a window goes further by specifying the exact settlement date. Unlike the above contracts, an option contract allows the exporter to cancel the settlement date indefinitely.

This article appeared in July 1999. (CB)
Topic: Trade & Finance
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Trading globally can be extremely rewarding. And with the advent of the euro, the new single European currency, it can become easier or more difficult depending on your perspective.

Nevertheless, in the short-term, you’ll need to know how the euro will affect your business — so you can take the necessary steps to gain new opportunities and mitigate risks.

Euro to Be Phased In Over 3 Years

On January 1, 1999, the euro became the official currency of 11 of the 15 European Union (EU) member states. This group of countries, referred to as Euroland, includes: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain.

As of the first of this year through December 31, 2001, Euroland businesses are free to use either the euro or their national currency for non-cash transactions.

On January 1, 2002, euro notes and coins will be made available. After that, national currencies gradually will be withdrawn and will cease to exist on July 1, 2002.

How Will the Euro-Dollar Exchange Rate Affect Your Business?

Euroland represents an economy almost as large as the United States’. Should all 15 EU countries become members, which is very likely, Euroland will become the largest world market. And as Euroland becomes stronger and more influential, the value of the euro should increase.

On May 14, 1999, one U.S. dollar was worth 0.9397 euros. However, analysts believe a large shift from dollars to euros — a somewhat likely scenario — may cause significant fluctuations in this exchange rate. In turn, this quickly could be followed by a precipitous fall in the value of the dollar.

Overall, a stronger euro would make Euroland exports more expensive and decrease the region’s level of competitiveness. On the other hand, U.S. goods and services would be more attractive in Euroland, benefitting U.S. exporters. If a large shift from euros to dollars occurs, the opposite situation would happen.

U.S. Companies Need to Deal With the Euro

In order to do business successfully with Euroland companies, many U.S. firms still need to get up to speed. This means adapting price lists, ledgers, receivables, and other financial systems to the euro.

To achieve this, companies will need to invest in new software and training, so they can accurately process monetary data in euros. If not, firms will risk losing business.

Business Costs Will Be Reduced

In the short-term, the cost of effectively dealing with the euro may be significant. However, over the long-term, the cost of doing business in Euroland will decrease — for you and your customers.

No longer will you need to incur the costs of converting the dollar into a dozen different currencies. Furthermore, European prices should decrease, since it is now easier to compare the prices of goods and services in any of the Euroland countries. This means Euroland firms will be forced to become more competitive.

This article appeared in April 1999. (CB)
Topic: Trade & Finance
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On January 1, 1999, the euro became the official currency of 11 of the 15 European Union (EU) member states participating in the European Economic and Monetary Union (EMU).

These countries are responsible for a large share of world trade — and may be essential to your bottom line. Unfortunately, many small and medium-size U.S. companies are unprepared for the euro, or unfamiliar with its financial and legal impact. To help you, we’ve answered many of the questions you’ll need to know.

Who Are the Euro Participants and Will More Countries Join?

Referred to as Euroland, the Euroarea or the Eurozone, euro participants include Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain.

Remaining EU members, such as Denmark, Sweden and the United Kingdom, may join at a later date. Greece, although willing to participate now, was temporarily denied Euroland membership because it did not meet the strict economic criteria.

Many other European countries have asked to join the EU. Should all Eastern and Western European countries eventually become members over the next several decades, the EU’s population would swell to approximately 850 to 900 million consumers. And, as these countries are admitted, many will wish to adopt the euro as their official currency.

How Is the Euro Phased In?

During the three-year transitional period, January 1, 1999 through December 31, 2001, businesses are free to use either the euro or the national currency unit for non-cash transactions. On January 1, 2002, euro notes and coins will be made available. Participants’ national currency units will be gradually withdrawn and will cease to exist as of July 1, 2002, resulting in the euro as their only legal currency.

Although euro notes and coins will not be available until 2002, political pressure is already building for their earlier use.

How Does the Euro Affect Financial Obligations?

The International Chamber of Commerce (ICC), the recognized world business organization based in Paris, has published euro guidelines relating to international commercial practices, including transactions under the UCP 500 (www. According to the ICC’s report on the euro’s impact, the European single currency “shall not have the effect of altering, discharging or excusing performance under any instrument subject to ICC Rules.”

The report spells out currencies to use for letters of credit (L/Cs) on contracts existing before, during and after the transitional period. For details, refer to the ICC webpage:

The ICC also recommends that you add language to your L/Cs to ensure they are subject to the Uniform Customs and Practices for Documentary Credits that concerns euros. To determine what’s best for you, consult with your banker and/or lawyer.

What Costs and Challenges Exist?

With the advent of the euro, many U.S. companies will need to invest in new software, training, consulting, dual documentation systems, etc., to deal effectively with two currency denominations.

The euro also could bring calculation problems. Official conversion rates have six significant figures, which could make calculations complex. Rounding off could pose problems. And, prices that end in “9” to achieve a psychological advantage will be lost when converted.

But, more importantly, consumers will more likely perceive the 11 euro participant markets as one, forcing local companies into greater competition. As a result, Eurozone companies will more aggressively pursue local marketshare at the expense of non-euro participants, including U.S. exporters.

What Are the Euro’s Benefits?

As the level of financial integration among EU members increases, intra-EU trade barriers will decrease. For many U.S. companies, exporting to one, larger single market and transacting in dollars or euros is less complex than exporting to several markets with different rules, regulations, and currencies. And, to some extent, this may counter the advances of more aggressive European companies. Furthermore, utilizing a single currency means the elimination of exchange rate uncertainty. And that’s not all.

According to a European Commission, transaction costs related to the existence of different currencies in the EU amounted to approximately 0.5% of gross domestic product (GDP). Other studies have estimated this cost closer to 1%.

These savings, combined with greater macroeconomic stability and reduced governmental deficits, are anticipated to result in economically stronger euro participant economies. In turn, this is expected to result in greater imports from the United States.

According to an International Monetary Fund study, the impact of the euro on participating member economies will be an increase GDP growth of .2% in the year 2000, .9% in 2001, 1% in 2002, 1.1% in 2003, and 2.9% in 2010. The economies of non-European G-7 and developing countries are predicted to grow by .1% and .2%, respectively, in 2003.

On-Line Resources

To convert euros into dollars, or other currencies, click on CNN’s Euro Conversion Calculator ( worldbiz/europe/9812/29/calculator/). For answers regarding business and legal questions, visit Monetary Union For Business, a website by the Association for the Monetary Union of Europe (www.eubusiness. com/emu/euroamue.htm).

Other must-see sites include: ENUNet, a site run by a London-based organization comprised of academicians and politicians (; The European Central Bank (; the official euro site of the European Commission (www.; and Dossier Euro (

Contact Us for More Details

For more information on the euro or how we can help you achieve your international goals, contact your Treasury client manager.

This article appeared in January 1999. (NB)
Topic: Trade & Finance
Comment (0) Hits: 5742

Trade agreements have a major impact on trade and investment worldwide. In fact, they are responsible for shaping business relationships among companies across the globe. In order to succeed in the international environment, small business exporters need to be aware of the impact trade agreements have had and will have on their businesses. Likewise, lenders must be familiar with trade agreements in order to better understand the needs and financial concerns of their customers. But why are trade agreements flourishing? The answer lies in their broad array of benefits.

Topic: Trade & Finance
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