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3 Positive Effects of Having Free International Trade
What is free trade?
Free trade is the process of trading goods, services, and labor freely between different countries without restrictions or having to pay additional import and export costs.
Although there may be risks for consumers and countries struggling to make profit from their goods, there are some advantages.
This process is essentially beneficial to countries that are able to trade in their self-sufficient resources for other resources that they may not be producing themselves.
Free trade enables:
1. Increased production: As production increases for countries specializing in producing commodities so does their efficiency and advantages towards buying cheaper resources from other countries.
2. Competitive Advantages for consumers: Global free trade encourages competition in the market which results in an increase in innovation & quality of goods and services. The more supply there is available to produce at a low cost, the cheaper it is for consumers to purchase goods.
3, Increase in employment & income: More jobs will be created for importing and exporting a high volume of goods. As production of goods increases, so will the budget for employee wages.
How Tauler Law Firm is participating in free trade between Colombia and the United States
Elena Tauler, managing attorney for Tauler Law Firm, is committed to providing counsel directly linked to the opening of free trade between Colombia and the United States through the Free Trade Agreement (FTA) released on May 15, 2012. Attorney Elena Tauler along with Commissioner Bruno A. Barreiro of Miami-Dade County and other entrepreneurs took part in the first delegation of individuals who traveled to Colombia from the United States, after the implementation of NAFTA.
She took part in providing free advice to a number of companies and an important sector of academia (universities), who demonstrated an imperative interest in penetrating the U.S. market to improve their economies and expand their business to unimaginable proportions.
Elena Tauler had the opportunity to meet, among others, the U.S. consul general in Colombia, who expressed interest in minimizing the time of issuance of visas to traders and tourists. The issuance of visas to students, who wish to undertake training processes and / or expertise in the U.S. will have a more expeditious process so that little by little the barriers that have hindered hundreds of people in Colombia are reduced.
It is worth noting that the interest of the entrepreneurs and businesses with whom Elena Tauler spoke throughout her visit to Colombia would benefit from entering the world's largest market with the advantages offered by the FTA. This would allow them to become competitive among suppliers in the industry who do not have their goods readily available. They went on to note that this works both ways for both small and medium businesses in the United States wishing to penetrate the international market. Furthermore, the FTA allows entrepreneurs and businesses to enjoy advantageous reductions in tariffs, plus taking advantage of neighboring markets who would not hesitate exporting through this mechanism.
After Elena Tauler’s visit, several of the companies she met with have begun the process of entering our U.S. market and have taken advantage of her advice, which provided among other benefits, information on how to incorporate a branch of their business, benefiting from facilities for correspondence, a conference room for meetings, and a physical address in the United States. All of these benefits have resulted in significant savings of resources during their first phase of market adjustment.
Elena Tauler has stated that the FTA should certainly be exploited by the Latino community in addition to other small, medium and large businesses, as it opens a door in a time of the present economic crisis. It is an urgent opportunity for those who want to be successful in their business endeavors. Elena Tauler’s mission is to provide the best guidance for businesses seeking to attain success.
imply start the process by contacting Elena Tauler and we will take care of the rest by supporting you with commercial and legal advice. We invite you to familiarize yourself with activities related to the FTA between Colombia and the United States.