Winter 2021 International Update Newsletter

January 3, 2021
Winter 2021 International Update Newsletter

NEWS YOU CAN USE

Internship Program Funding Available
The Iowa Student Internship Program is open, and funding is still available for internships taking place in summer 2021. This program provides grants to small- and medium-sized companies in targeted industries to support internship programs, with a goal of transitioning interns to full-time employment in Iowa upon graduation. Targeted industries include bioscience, advanced manufacturing or information technology.

This program allows students to intern in a variety of areas, including as an export intern supporting a company's current or prospective international export efforts.
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New Iowa Ag Export Highlights Available
Highlights and data from a wide range of Iowa-focused protein and grain commodity markets is now available on the IEDA website.

Titled “Ag Export Highlights”, the overview includes information on a robust fall export market, along with charts and graphics relating to Iowa-focused agricultural protein and commodities.
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Connect and Drive Sales for Feed Ingredients and Additives
Virtual Buyers Mission: March 2-4, 2021 (online meetings)

Demand for animal-based protein is growing worldwide. As countries expand their livestock industry to meet this demand, they are looking for feed ingredient suppliers. Food Export-Midwest will offer a Value-Added Feed Ingredients Virtual Buyers Mission to help introduce U.S. suppliers to international buyers. This activity is the perfect low-cost opportunity to meet one-on-one with feed ingredient buyers from around the world.

Buyer-supplier meetings will take place using Zoom and will be scheduled on a first-come, first-served basis, so register early.
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UPCOMING EVENTS

USMCA – Practical Requirements and Updates
Presented by Mr. Mike Allocca, Allocca Enterprises
February 10, 2021 | 9:00-11:00 a.m. CST

The IEDA International Trade Office is hosting Mike Allocca of Alloca Enterprises, a nationally known expert in international trade compliance, logistics and free trade agreements, to lead a webinar on the USMCA. The webinar is designed to help you navigate the new trade agreement with two of the United States' most important trading partners, Canada and Mexico. The United States-Mexico-Canada Agreement went into effect on July 1, replacing the 25-year-old NAFTA. This agreement provides opportunities for U.S. companies to sell to Mexico and Canada, along with new regulatory requirements.
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Virtual Trade Mission – Southeast Asia
March 1-31, 2021

Don’t let travel restrictions limit your export sales efforts. Explore opportunities to cultivate new customers in Southeast Asia with the help of the IEDA International Trade Office. Iowa companies will target one or two markets to enter and/or expand connections during this virtual trade mission.

IEDA’s Southeast Asia representative will perform a market analysis and schedule video conference calls tailored to your specific objectives. Attendees will receive a schedule of meetings with pre-screened potential partners.
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Virtual Trade Mission – Chile and Peru
April 19-30, 2021

As 2021 arrives, it’s a great time for companies to explore new markets. The IEDA International Trade Office will lead a “virtual” trade mission to Chile and Peru. During this challenging time with the pandemic, we are providing a virtual option for companies to pursue opportunities in global markets.

This is a non-travel opportunity to keep your international business efforts moving forward, as well as sharpen your online and virtual business practices. Participants will work closely with IEDA International Trade Office staff and experienced in-country consultants.
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ILDEX-Vietnam 2021
July 21-23, 2021

Want to grow exports of your products or services in the livestock industry? IEDA is sponsoring a pavilion at the ILDEX-Vietnam, offering free and discounted exhibition space within the Iowa Pavilion. An application is required.

ILDEX-Vietnam is a biennial international exhibition focusing on livestock, dairy, meat processing and aquaculture. Join other Iowa companies to engage in Vietnam’s large and rapidly developing livestock industry.
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Iowa Trade Talks – Global Options for Iowa
Please join the ITO monthly webinar series in 2021:

  • Cross Cultural Awareness in a Virtual World – January 20
  • Marketing and Business Plans by America’s SBDC Iowa – February 17
  • Doing Business with the UK – March 10
  • Global Ag Trade Policy Updates – April 21
  • Update on US-China Trade Relations – May 19
  • Canada Border Basics and Non-Resident Importer – June 16
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RECENT HIGHLIGHTS

Iowa Trade Talk Series
The ITO’s Trade Talk Series continued in the fall with bi-weekly webinars on a variety of topics. OCO Global, a leading authority on exporting, trade and foreign investment, discussed best practices of doing international business virtually. The Food Export Association of the Midwest presented information on their education, market entry, consultation options and low-cost/no-cost promotion tools to help food and agricultural businesses build their export business.
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GUEST ARTICLES

Opportunities in a World of Uncertainties
Submitted by Tractus Asia Ltd., Iowa’s Representative in China

The past few months have proven that when China is in need, Iowa delivers. In the wake of the U.S.-China Phase 1 Trade Deal and amidst COVID-19, Iowa has served as a bountiful supplier to meet China’s huge demand for ag and food products. In China, rising food prices and recent supply shortages, combined with the disastrous effects of the African Swine Flu (ASF), increased the country’s reliance on the international market for food consumption and storage for national security. But as China recovers gradually from the COVID-19 pandemic, Chinese consumers continue to explore and embrace a diversity of commodities, food, beverages and food ingredients. Despite the U.S.-China Trade War dampening Iowa’s exports, the state has made a strong comeback due to the Trade Deal now in place. As a result, China stands firmly as Iowa’s fourth-largest export market globally. Although the COVID-19 pandemic largely reduced Iowa’s exports in the first half of 2020, from January to October 2020, China purchased more than $23 billion worth of agricultural products. This alone accounts for about 71% of its annual agricultural import commitment from the U.S. under the Trade Deal.
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When to Pay Vendors in a Foreign Currency Versus U.S. Dollars
Submitted by: JPMorgan Chase Commercial Banking

You may be paying a premium and creating reconciliation headaches by paying international vendors in U.S. dollars. Use these practical considerations to help optimize foreign transactions.

Perhaps you have been paying your overseas vendors in U.S. dollars for decades, and they've never complained. Your company may even require that international payments be denominated in U.S. dollars, a common treasury policy among U.S. businesses buying from abroad. However, it’s worthwhile to reexamine policies like this—the potential embedded costs of dealing in U.S. dollars are often overlooked, and misconceptions abound over the risks of foreign currencies.
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