Issue link: http://palletcentral.uberflip.com/i/1528605
16 Pallet C e nt ral • No vem be r-D e cem be r 2 0 24 NWPCA PUBLIC AFFAIRS IS GLOBAL: WHY RECOGNIZING INTERNATIONAL DEVELOPMENTS IS CRUCIAL BY JASON ORTEGA, JD/MBA PLAY POLICY AT I n an increasingly interconnected world, recognizing that policy is global is critical. Decisions made in one part of the world can trigger significant global ripple effects, impacting businesses, supply chains, investors, and even geopolitical stability. From regulatory changes in the European Union (EU) to shifts in governance in Mexico and trade postures in the United States, these developments underscore the importance of paying close attention to global policy dynamics. e bottom line: what happens thousands of miles away can impact your business even if you're in the middle of Tennessee. 1. EU Elec ons: Global Business Implica ons Of Regulatory Shi s e EU holds considerable sway over international business practices through its regulatory frameworks and legislation. Following recent EU elections, there is an anticipated shift toward issuing fewer regulations, with a renewed emphasis on creating a more competitive environment for European businesses. is shift aims to prioritize economic growth, innovation, and investment within the EU rather than adding new layers of regulatory complexity. For industries, especially those dealing with manufacturing and exports like wood products, this could lead to a more favorable business landscape with less regulatory burden, fostering greater competitiveness both within Europe and globally. Unfortunately, this shift comes after the EU issued a mountain of new regulations, such as the European Deforestation Regulation (EUDR) and the Packaging and Packaging Waste Regulation (PPWR). e EUDR significantly impacts the global wood industry. It mandates that companies importing wood and wood products into the EU must prove that their supply chains are deforestation free. is regulation affects timber exporters worldwide, particularly those in regions like Southeast Asia, Latin America, and Africa. Businesses