Other nations should emulate Canada’s approach to international commerce, a top UPS official said. In an address to the Economic Club of Canada, the UPS executive praised Canada for looking beyond its own borders and the U.S. to reach “the new consumers” — the emerging middle class in Asia and Latin America.
“The growing ranks of the middle class in up-and-coming parts of the world mean that the old rules of the global economy no longer apply,” UPS Chief Operating Officer David Abney said during the speech. “If you want to grow your business in the future, you’ll need to reach out and attract these new customers. In short, you’ll have to think anew.”
Abney said Canada’s approach to business is especially judicious since the developed world and the emerging markets are moving at different speeds. He pointed to International Monetary Fund statistics, which project that emerging markets will grow 5.75 percent in 2012, nearly quadruple the forecasted growth rate of advanced economies.
In addition to praising Canadian businesses for their new approach to commerce, Abney also lauded the Canadian government in his speech to the Economic Club of Canada. He commended officials in Canada for securing six free-trade agreements since 2007, some of which involve South American and Central American nations.
“Looking ahead, Canada is negotiating free-trade agreements with India, Japan, the European Union, South Korea, Singapore and others,” Abney stated. “The stakes are enormous.”