A new trade agreement paves the way for more import and export opportunities with Canada. The Illinois SBDC International Trade Center (ITC), housed in the Turner Center at Bradley University, has signed an agreement with the World Trade Centre Winnipeg (WTC), located in Manitoba, Canada, allowing for increased collaboration among various industries in the two regions.
ITC Director Jim Foley says this agreement provides center-to-center access to expertise on local markets, industry sectors and companies and will provide information on larger issues, such as national trade opportunities and best practices, particularly in regard to NAFTA.
The economies of Winnipeg and Peoria offer clear opportunities between the two cities as import and export markets, as well as the potential for collaboration at the city and regional levels. There is significant two-way trade between Greater Peoria and Canada. In 2012 and 2014 Canada was Greater Peoria's top export market. The most recent trade statistics reported that more than $300 million in Canadian imports passed through the Port of Peoria in October 2014. The province of Manitoba signed a cooperative MOU with the State of Illinois in 2011 which helps to demonstrate the common needs between the two states. These include agriculture, technology innovation, energy issues, manufacturing, and composites.
The agreement is part of a U.S. Department of State initiative to develop closer ties between small businesses in the Americas. While this agreement is not the first of its kind, its scope and reach is significant. According to Jim Ryan, International Trade Specialist at Bradley. “We have received a lot of positive feedback, and there is recognition that our approach is unique,” explained Ryan. “We are not only looking at Winnipeg’s potential as an export market, but we are pursuing this as an opportunity to collaborate with their universities and thriving innovation and start-up communities.”
This new partnership will increase access between the two markets but it also has wider implications for the Foster College of Business and Bradley University. "We gain another international partner to support our academic and economic development goals. It also allows for potential creation of an undergraduate study abroad program to Winnipeg, faculty exchanges, and partnerships between the entrepreneurship and start-up community in Winnipeg and in Peoria," Foley says.
