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Write Up And Analysis Key components of International Business/Global Trade

Page 1 INTRODUCTION Rapid growth in international trade and the activities of
the multinational enterprises, especially after growing acceptance of liberal
economic policies in recent decades have added ample flavor to international
business. The fundamental concepts and modalities have undergone a sea change.
At the same time complexities have emerged in view of disparate environment ±
economic, political, legal, socio cultural and financial ± among different
regions of the globe. CONCEPT AND DEFINITION OF INTERNATIONAL BUSINESS
International business is a term used to collectively describe all commercial
transactions (private governmental, sales, investments, logistics, and
transportation) that take place between two or more nations. It refers to all
those business activities which involves cross border transactions of goods,
services, resources between two or more nations. Transaction of economic
resources include capital, skills, people etc. for international production of
physical goods and services such as finance, banking, insurance, construction
etc In terms of ease of doing business internationally, two major forces are
important: 1. Technological developments which make global communication and
transportation relatively quick and convenient; and 2. The disappearance of a
substantial part of the communist world, opening many of the world's economies
to private business. Write Up And Analysis Key components of International
Business/Global Trade Page 2 The conduct of international operations depends on
companies' objectives and the means with which they carry them out. The
operations affect and are affected by the physical and societal factors and the
competitive environment. REASONS TO ENTER INTERNATIONAL TRADE Managing the
product life cycle Geographic expansion Technological advantage Labor advantage
Earning valuable foreign exchange Core competency of nations Investment for
infrastructure DOMESTIC V/s INTERNATIONAL BUSINESS Domestic and international
enterprises, in both the public and private sectors, share the business
objectives of functioning successfully to continue operations. Private
enterprises seek to function profitably as well. The difference is because of
the differences in across borders. Nation-states generally have unique
government systems, laws and regulations, currencies, taxes and duties, and so
on, as well as different cultures and practices. An individual traveling from
his home country to a foreign country needs to have the proper documents, to
carry foreign currency, to be able to communicate in the foreign country, to be
dressed appropriately, and so on. Doing business in a foreign country involves
similar issues and is thus more complex than doing business at home. The
following sections will explore some of these issues. Specifically, comparative
advantage is introduced, the international business environment is explored, and
forms of international entry are outlined. Write Up And Analysis Key components
of International Business/Global Trade Page 3 RELEVANCE TO THE DEVELOPING /
THIRD WORLD COUNTRIES The resulting integration of the world economy has raised
living standards around the world.M ost developing countries have shared in this
prosperity; in some, incomes have risen dramatically. As a group, developing
countries have become much more important in world trade²they now account for
one-third of world trade, up from about a quarter in the early 1970s.M any
developing countries have substantially increased their exports of manufactures
and services relative to traditional commodity exports: manufactures have risen
to 80 percent of developing country exports.M oreover, trade between developing
countries has grown rapidly, with 40 percent of their exports now going to other
developing countries. The growth has been driven in part by the even faster rise
in international trade. The growth in trade is in turn the result of both
technological developments and concerted efforts to reduce trade barriers. Some
developing countries have opened their own economies to take full advantage of
the opportunities for economic development through trade, but many have not.
Remaining trade barriers in industrial countries are concentrated in the
agricultural products and labor-intensive manufactures in which developing
countries have a comparative advantage. Further trade liberalization in these
areas particularly, by both industrial and developing countries, would help the
poorest escape from extreme poverty while also benefiting the industrial
countries themselves. PARAMETERS TAKEN INTO CONSIDERTATION Macro and micro
economics Natural resources Manpower Political scenario Historical perspective
Geographical consideration
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Reads:189
Uploaded:09/30/2010Category:Uncategorized.Rated:
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policylegal culturalaffect productmalaysia affect(fewer)FollowMithilesh Thacker
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