UCW students learned about international trade from an industry expert during a recent event at the university.
Vaughn Wright, a senior manager with Export Development Canada (EDC), spoke to a packed room on Jan. 23.
Mr. Wright gave a detailed presentation about the role his agency plays in facilitating trade for Canadian companies on the international stage. EDC is Canada's export credit agency that is wholly owned by the Government of Canada.
He listed the three top exporting countries for Canada as the US, China and then the UK.
Mr. Wright explained that EDC helps with payment risk. “We let you know how to risk share,” he said, adding that they are in the credit insurance market. “We’re not helping companies that are moving their companies overseas and leaving nothing behind,” he said.
Mr. Vaughn touched on a number of export-related business topics including bonding, foreign exchange facility guarantees, working capital financing and others.
The event was organized by the Global Trade Enthusiasts, a group of supply chain, logistics and transportation students and professionals from the Vancouver area. UCW professor and Graduate Program Chair, Dr. Michele Vincenti, is a member of the group.
The group is supported by the Forum for International Trade Training (FITT).
“FITT is dedicated to providing international business training, resources and professional certification to individuals and businesses,” Dr. Vincenti said. “We are the world's leading export-import training and certification expert.”
He said the presentation was a good learning experience for the group, as well as the UCW students in attendance.
“The audience learned that trading in the international market doesn’t have to be difficult. With EDC as a partner, Canadian companies can export internationally managing the many risks that the industry presents,” Dr. Vincenti said.
“I am sure our students found the information interesting and they gained a better understanding of the Canadian and global economies. They can incorporate the new knowledge into their studies at UCW.”
Written by Bradley Fehr