- Freight Technologies (“Fr8Tech”) is a North American transportation logistics technology company streamlining and simplifying the once complex process of over-the-road (“OTR”) shipping
- Through its AI-powered Fr8app B2B marketplace, Fr8Tech connects shippers with carriers, helping reduce waste and inefficiency, and promoting security and visibility
- The company’s system is handy at a time when trade among parties to the USMCA is on an uptrend
- The continuous growth of trade among Canada, Mexico, and the United States, depends on the efficiency of trade support structures, such as the logistics-oriented technologies and services Fr8Tech is providing
In the years since the North American Free Trade Agreement (“NAFTA”) took effect in 1994 until it was renegotiated, all three participating countries’ economies benefited greatly. “Regional trade increased sharply over the treaty’s first two decades, from roughly $290 billion in 1993 to more than $1.1 trillion in 2016. Cross-border investment also surged,” a 2020 article in the Council on Foreign Relations reads (https://ibn.fm/q7fLc).
The NAFTA has since been renegotiated and is now the United States-Mexico-Canada Agreement (“USMCA”), with the new trilateral pact continuing the benefits purveyed by its predecessor. “The significance of USMCA is clear,” writes Joshua P. Meltzer, a Senior Fellow at the Global Economy and Development – Brookings Institution (https://ibn.fm/dup0G). “Canada and Mexico are the United States’ largest export markets: 23% of US exports go to Canada and Mexico (versus 5% to China), over 70% of Mexican exports are sent to the US and Canada, and 62% of Canadian exports are to the US and Mexico.”
The figures are further crystallized by the fact that Mexico was the United States’ number 1 trading partner in August and September 2022, a position held by Canada between January and September this year (https://ibn.fm/VcJY7). The continuous growth of trade among these three countries, however, depends on the efficiency of trade support structures such as logistics services.
Logistics services, coupled with a liberalized economic environment provided by the trade agreement, can increase trade volume, economies of scale, and scope of item distribution and production activities. Moreover, efficient transport and logistics systems strengthen the connectivity of various inter-dependent production sectors of an economy, including agriculture, manufacturing, tourism, and agri-food, just to mention a few (https://ibn.fm/D4H2B).
For Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”), a North American transportation logistics technology company, the direct relationship between successful, efficient trade and logistics services has always been clear. Through its in-house technologies, which are powered by artificial intelligence (“AI”), Fr8Tech seeks to modernize operations for shippers and carriers in Mexico, Canada, and the US by optimizing logistics, reducing transportation costs, and making fleets more efficient.
All these benefits are anchored in an innovative digital freight matching technology: the Fr8App B2B marketplace. Fr8App is a central, cloud-based control center that connects shippers and carriers, matching them based on the former’s unique shipping needs and the latter’s carrying capacity and reliability. This way, and to put it simply, Fr8App streamlines and simplifies the once complex process of over-the-road (“OTR”) shipping.
The Fr8App marketplace is linked to some of Fr8Tech’s other software solutions, adding extra value to the users. For instance, the Fr8tms (transport management system) allows shippers to post their loads, the destination (Mexico, Canada, or the US), and the desired price. The Fr8tms then matches the shipper with a secure carrier, and once the shipment has been dispatched, the system provides real-time tracking and updates on the carrier’s whereabouts. On the other hand, the Fr8fms (fleet management system), which is designed for carriers, enables them to match desired loads at desired rates (https://ibn.fm/7ln90).
As the USMCA continues to spur trade among North American countries, Fr8Tech is providing support structures that boost the efficiency of this trade.
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
MissionIR is primarily focused on strategic communications. We have executed countless communications programs to address the needs of companies ranging from start-ups to established industry leaders, gaining valuable experience and the expertise necessary to determine the most effective strategy for any given situation.
For more information, visit www.MissionIR.com