• Trade Disruptions: Shifts in trade patterns and potential realignment of supply chains could disrupt Ohio businesses’ access to critical inputs and export markets. This is particularly relevant given that 61% of Ohio’s exports currently go to FTA partners, a landscape that could be altered with the introduction of a BRICS currency. 8 • Increased Competition: A BRICS currency could boost the competitiveness of businesses within the bloc, potentially putting pressure on Ohio companies in both domestic and international markets. A Call to Action for Ohio’s Business Leaders The potential shift in the global economic landscape demands proactive engagement from Ohio’s business community. Now is the time for business leaders to: • Engage with Policymakers: Reach out to state and federal representatives to express concerns and advocate for policies that protect Ohio’s interests in the face of a potential BRICS currency. This includes: • Supply Chain Resilience: Push for policies that support diversification of supply chains and reduce reliance on single-source providers. • Trade Partnerships: Advocate for the strengthening and expansion of trade agreements that benefit Ohio businesses. • Currency Stability: Encourage policies that promote currency stability and mitigate risks associated with exchange rate fluctuations. • Collaborate and Inform: Work with industry associations, trade organizations, and government agencies to stay informed about developments, share best practices, and develop strategies to navigate the changing global landscape. • Invest in the Future: Prioritize innovation, research and development, and workforce training to ensure Ohio businesses remain competitive in a potentially multipolar world. Conclusion: The potential emergence of a BRICS currency presents both challenges and opportunities for Ohio businesses. By staying informed, assessing risks, and embracing innovation, Ohio can navigate this evolving landscape and position itself for success in a changing global economy. The Buckeye State, with its diverse industries and entrepreneurial spirit, has the potential to thrive in a multipolar world, but proactive adaptation and strategic planning will be crucial. The time for action is now. Ohio’s business leaders must engage with policymakers and advocate for their interests to ensure the state’s continued economic prosperity in a rapidly changing world.
1 Office of the United States Trade Representative.Ohio. 2 ibid 3 ibid 4 ibid 5 ibid 6 Office of the United States Trade Representative.Ohio
7 ibid 8 ibid
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