In order to improve economic development, it is important to create strategic alliances. These alliances are essential to trade since you cannot trade with yourself; you need others to trade with you.
Trade allows a country to acquire resources they would otherwise have no access to. Take the UK for example, which wants to buy several thousand shipments of bananas. The UK does not have the climate or the appropriate type of soil required to grow bananas, so in order to obtain the produce, they need to partner with a country that has the right conditions to grow bananas – in the case, India, which is the world’s leading grower of bananas. In return, the UK gives something back to India.
This works at a smaller scale for businesses who have partnerships in other countries. The Association of South-East Asian Nations (ASEAN) is a strong coalition of countries that are working together to improve trade routes, supply chains, and digital trade. The ASEAN organization consists of ten countries which provide a mutual support network to help each other reach their economic goals. The organization plans to implement a digital integration index, which essentially works as a road map showing the digital connections between ASEAN member countries. Digital trade is much faster at processing transactions and brokering deals. Coalitions between countries like these are good for business!
Take advantage of these trade organizations and embrace the digitization of information and transactions to push your business to further success. Contact us here for more information.