NEWSLETTER - SMALL BUSINESS

Improving Global Trade from Central Illinois

by Heather McCord, International Trade Specialist
Illinois SBDC International Trade Center
Winter 2008

In 2007, the Peoria Economic Development Council (EDC) targeted ten industry clusters to focus on for growth in the region. Realizing the importance of globalization and current trends in the market, the Global Trade Strategy Group (GTS) was initiated. The mission is to promote existing trade resources and raise awareness of the opportunities and challenges of global trade. The trade specialists from both the Illinois SBDC International Trade Center and the NAFTA Opportunity Center participate.

GTS met over the course of several months to determine various goals to improve global trade in the area such as expanding and diversifying exports, attracting international investment and trade, and working to reduce the red tape that inhibits foreign investment. The key is to engage area businesses and other interested parties with the group to achieve the greatest economic benefit. By marketing existing international trade resources and creating outlets for access to global compliance and service providers, GTS seeks to eradicate any negative views on global trade that may exist in the community.

GTS presented its mission and ideas to the EDC in October for feedback. Moving forward in 2008, GTS will assess the feasibility of establishing an International Trade Association of Central Illinois (ITACI), conduct a survey of area businesses on their global activities, and continue to raise awareness of global opportunities through educational seminars and events. Through the survey, the group is seeking to gain a better understanding of the current trends of global business in the area and then determine what actions should be taken to optimize the level of activity.

GTS will periodically meet with the EDC throughout the year to relay updates and obtain feedback.

For further information on the Global Trade Strategy Group or if you are interested in becoming a member, please email Heather McCord.