Even winter’s first real storm, accompanied by subfreezing temperatures, didn’t scare away attendees of the WTCGP’s Fourth Annual Global Business Outlook Conference “Global Realities of Outsourcing and Offshoring” held on February 15, 2007. As the first to address the audience, Andrew Cassel, Columnist with The Philadelphia Inquirer, set the context for subsequent speakers when he reported that the massive outflow of jobs that many feared has not come to pass since offshoring peaked as a hot-button issue a few years ago. In fact, according to Cassel, most economists who have looked at the issue believe that using overseas workers to save money or boost productivity generally results in better and/or cheaper services, which in turn leads to more competition, more innovation, and growth.
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The WTCGP is announcing a new series of discovery missions to introduce you to new international markets for your business. The first, “Discovering Business in Greece and Cyprus,” will take place from June 23 to July 1, 2007. You will have an opportunity to mix business with pleasure as you participate in a variety of professional business meetings offering an overview of the political, economic and business environments. In addition, you will be able to experience the rich cultural heritage and lifestyle of its inhabitants through city tours, educational programs and local events. Should you wish to meet with potential business partners in-country, one-on-one meetings can be arranged as well.
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World Trade Centers Day, Thursday, June 7 at the Union League of Philadelphia, is our most important annual program celebrating the WTC Associations’ efforts to create peace and prosperity through trade. We take this opportunity to honor a regional leader in international business. This year we will recognize Douglas R. Conant, President and CEO of Campbell Soup Company, for creating an exemplary marketing strategy and committing necessary resources to international operations in both emerging and established markets. In addition, the WTCGP Business Members of the Year for PA and NJ are also recognized. These companies have experienced increased profitability by exporting to international markets with the assistance of the WTCGP services.
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The U.S. exports of goods reached $1,037.3 billion in 2006, but due to imports of $1,855.4 billion, the deficit increased to $818.1 billion. Exports from Pennsylvania accounted for 2.5% of total U.S. exports, making it the tenth largest exporting state in 2006 (down one point from the 9th rank in the previous year).
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On December 8, 2006, we reported about the updated Harmonized Tariff Schedule (HTS), which included amendments and modifications to the export codes (Schedule B) administered by the U.S. Census Bureau, and the import codes, administered by the U.S. International Trade Commission (USITC). The new HTS went into effect on February 3, 2007. The on-line electronic version can be accessed on the website of the United States International Trade Commission: http://www.usitc.gov/tata/hts/.
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