• GEOPOLITICAL CLIMATE
CANADA – CANADA EAST, QUEBEC
Strategies for businesses in an election year
Navigating
“If trade policies change, businesses
political shifts
should be prepared
Isabella Bertani, FCPA, FCA Founder and Chief Client Strategist, BERTANI
to adjust their supply chains and sourcing strategies accordingly.” Isabella Bertani, BERTANI
T he year 2024 is proving to be a pivotal time on the global stage with numerous critical elections reshaping the political landscape. As new governments take office, businesses and individuals must prepare for a wave of changes that could impact economic and investment policies, trade relations, and regulatory environments. Elections often lead to shifts in leadership and political alliances which can influence trade dynamics impacting import-export flows, supply chains, and commodity prices. A recurring theme that has developed is the potential for outcomes that favour protectionist policies which may include tariffs on imported goods. While this nationalistic approach may protect domestic industries, it also has the impact of hindering international trade in manufactured goods. How can businesses prepare for and respond to these shifts, and maintain agility amidst legislative changes? How can companies plan properly in an era of unpredictability? Elections inherently introduce uncertainty causing investors to react cautiously due to potential policy changes. And while the US election is significant and receives extensive media coverage, elections in other countries also impact the global economy. In fact, in 2024, at least 64 countries have had elections or will be heading to the polls 1 including the recent election in the United Kingdom where the Labour Party achieved a landslide victory over the
Conservative Party, wiping out 14 years of conservative power. Already, the new government is set to initiate trade negotiations with international partners and launch a new trade strategy. 2 Preparing for and responding to new governments Changes in government administrations and the resultant policy changes can have significant economic and geo political impacts which can create disruption to businesses and entire industries. Businesses and individuals must adopt a proactive
approach in order to prepare for and respond to such changes. Staying informed by regularly monitoring political developments and policy proposals and understanding the priorities and agendas of incoming governments is crucial to anticipate changes that may impact operations. By engaging in advocacy through participation in industry associations and advocacy groups, businesses can have an opportunity to influence policy decisions and provide opinions on how policy changes will impact their industry. Such proactive engagement
Named by Practice Ignition as one of the Top 50 Women in Accounting globally for two consecutive years, Isabella Bertani is the Founder and Chief Client Strategist at BERTANI, an audit, tax, and advisory firm located in Toronto, Canada. Isabella’s practice focuses on inbound foreign investment and Canadian domestic companies with global interests. A recognized leader in foreign direct investment, Isabella routinely advises global corporations with regards to their expansion into the Canadian market. Isabella is a frequent speaker on topics relating to globalization including doing business in Canada, trade agreements, global trade and migration, and the impact of geopolitical trends on global foreign direct investment and global trade. She has a particular interest in FDI and its impact on global sustainability. Isabella contributes to the global community through mentorship and volunteer work, including her involvement with the GPODS Fellowship, which focuses on public policy, diplomacy, and sustainability. Isabella was the recipient of the Joanna Townsend Excellence Award for Leadership in International Trade by the Organization of Women in International Trade in Toronto. Isabella is a Fellow of the Chartered Professional Accountants of Ontario. She holds both a Bachelor of Business Administration and Master of Business Administration from the Schulich School of Business.
+1 4163 638 404 isabella.bertani@bertaniglobal.com irglobal.com/advisor/isabella-bertani
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