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SAN FRANCISCO - 01/23/04 - Many in the Bay Area's business community are poised to make the most of global trade opportunities in 2004, but a change in perception is still necessary for the turnaround to come to fruition. Gaining market intelligence and anticipating potential obstacles is half the battle.

The past year posed challenges -- the threat of terrorism, the SARS epidemic, the West Coast waterfront shutdown. Trade policies shaped by lawmakers in Washington and Sacramento further complicated trade forecasting.

But informed self-interest will continue to be a global-trade verity. The world community exerted pressure on the Bush Administration, which resulted in a lifting of steel tariffs. Our trading partners are now flexing their muscles to block beef exports until our house is cleaned.
 
Trade is a two-way street.

Those who continue to argue against current global trade practices purport that the abrupt ending of the World Trade talks in Cancun, Mexico, represented widespread rejection of many US policies and "imperialist" motives. And while the US successfully pursued bilateral Free Trade Agreements with Chile and Singapore, our decade-old NAFTA deal with Mexico and Canada still stirs debate.

But the role of trade fostered some measure of peace and regional stability. Had the US not considered lifting sanctions imposed against Libya, it is unlikely that this former rogue nation would agree to independent inspections of its nuclear facilities.
 
The threat of international terrorism keeps us on high alert. Homeland security regulations are a growing expenditure that is likely to affect importers, exporters, consumers and anyone that participates in the global trading system. Our seaports and airports are spending millions of dollars to protect us.

At the same time, technological advances such as global positioning software and radio frequency identification will improve the long-term logistical support for trade growth.
 
The Port of Oakland -- while investing in seaport security, landside infrastructure and technology -- holds deepening the channel as a major priority. As a new fleet of container vessels are introduced, the bay must be dredged to 50 feet to accommodate and participate in this growing trade.

The holistic nature of globalization requires that businesses understand the financial, legal, political and transportation imperatives necessary to build a foundation overseas.
The Bay Area has demonstrated its ability to compete on an international scale.

Educating the Bay Area's global work force is the key to positioning ourselves for future sustainable success.

Elihu Harris is Chairman of the Bay Area World Trade Center.

Go back, or read the latest opinions:

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John Fund, Wall Street Journal, 09/17/06