- Export services under NAFTA, mainly covering transportation, travel, business, and financial services, increased from $14.7 billion in 1999 to $30.4 billion in 2021
- With the transition from NAFTA to USMCA, trade in goods and services is set to see a spike from 2022 going forward, and Fr8Tech expects to capitalize on this
- Freight Technologies Inc., with its superior freight platform for North American cross-border shipping, yielded a 45% YOY revenue growth for Q2 2022, which it looks to surpass in the subsequent quarters of the current financial year
- With trucks moving about 70% of North American surface trade by value, trucking companies, Fr8Tech included, are set to be the biggest beneficiaries with the USMCA, enjoying benefits such as reduced administrative burdens and faster shipping times
- The USMCA’s objective is to support a mutually beneficial trade that seeks to achieve more accessible markets, fairer trade, and economic growth in North America. Fr8Tech looks to capitalize on opportunities that present themselves to not only create shareholder value but also grow its brand equity and realize its short-term and long-term objectives
According to the United States Census Bureau, the export of services under the North American Free Trade Agreement (“NAFTA”), mainly covering transportation, travel, business, and financial services, increased from $14.7 billion in 1999 to $30.4 billion in 2021. The same applies to the trade of services between the U.S. and Canada. With the transition from NAFTA to the United States-Mexico-Canada Agreement (“USMCA”), it is projected that trade in goods and services in the region will not be altered. The study projects that operations in this sector will soar as trade among the three countries grows (https://ibn.fm/2BEFI).
Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”), an enterprise developing solutions to optimize and automate the supply chain process and offering a platform for B2B cross-border shipping in the NAFTA (now USCMA) region looks to capitalize not just on the smooth transition, but also the relatively unaltered trade in goods and services to grow its market share and achieve its revenue objectives. This level of focus has allowed the company to achieve a 45% year-over-year (“YOY”) revenue growth for the second quarter of the 2022 financial year, which It looks to surpass in the subsequent quarters of the current financial year (https://ibn.fm/IDih3).
The shift from NAFTA to USMCA came in the wake of proposed amendments to the initial agreement among the member countries. These changes would be founded on the basic principles of free trade provided in NAFTA but modernizing and adjusting some components. For some sectors, particularly the energy sector, the proposed changes received heavy politicization and significant proposed adjustments. However, the transport sector was set to receive more support from the member states. The primary beneficiaries would be logistics services companies and transport modes, who would enjoy a reduced administrative burden and faster shipping times, translating into more revenues and fewer overheads.
With trucks moving about 70% of North American surface trade by value, trucking companies are set to be the biggest beneficiaries with the USMCA (https://ibn.fm/nCMq0). Fr8Tech, with its Fr8App, a B2B marketplace powered by Artificial Intelligence (“AI”) and Machine learning, looks to make cross-border shipping simple, safe and affordable. With the USMCA, the company looks to scale up its operations, grow its customer base and achieve even more growth going forward.
The objective for USMCA, as was the case with NAFTA, is to support mutually beneficial trade leading to more accessible markets, fairer trade, and robust economic growth in North America. It is specifically intended to grow various regional industries and sectors, and transportation is one of this transition’s primary beneficiaries. Fr8Tech recognizes this opportunity and is looking to bank on it to create shareholder value, grow its brand equity, and realize its short-term and long-term objectives.
For more information, visit the company’s website at www.Fr8Technologies.com.
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://ibn.fm/FRGT
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