Navigating Challenges in International Trade: Insights for Businesses
A recent session focused on challenges in international trade was conducted on December 19, 2024, for 93 students enrolled in the International Trade and Policy program at Multimedia University. The event featured Mr. Gavin Clement Fernando, Head of Trade Marketing at a multinational corporation and an established expert in the field.
Addressing Risks in International Trade
Mr. Fernando addressed the various risks encountered by companies in international trade, emphasizing regulatory risks, particularly for health-related products that must adhere to strict regulations across diverse markets. The discussion also included reputational risks, where companies are required to manage public perception regarding health implications. Financial risks related to market fluctuations, new product launches, and potential legal challenges were further explored.
Concerns Over Illegal Trading Practices
The session highlighted growing concerns over illegal trading practices, such as black market activities and counterfeit goods, which present significant threats to businesses. These illicit operations can undermine brand integrity, bypass regulatory compliance, and disrupt market stability. Mr. Fernando underscored the necessity of integrating proactive measures against these various risks into business strategies.
Establishing Strategic Risk Management Frameworks
Additionally, the importance of establishing strategic risk management frameworks was discussed. Mr. Fernando explained that effective risk management requires the identification and assessment of risks, development of mitigation strategies, and implementation of continuous monitoring processes. He provided real-world examples of how companies engage with stakeholders, including governments and public health organizations, to manage these risks effectively and ensure compliance, thereby supporting business growth.
Insights Gained from the Session
Participants in the session gained valuable insights into the complexities of risk management in highly regulated industries. The discussion fostered a deeper understanding of the crucial role that risk management plays in sustaining business success and navigating the global trade environment. Mr. Fernando’s insights prompted attendees to reflect on the intricate relationships between risks, including illicit activities, and potential opportunities within international trade.
(Original source: Multimedia University)
