A Literature Review on International Business

A Literature Review on International Business
Introduction

Engaging in international business is one of the most important factors that a businessman must consider in order to gain more financial strength and stability for his company. One reason of investing to other countries provides a much larger opportunity for growth. But the success of a business also depends on choosing the right country to transact with, and having the ability to negotiate with that country in terms of their rules and policies, in a fairly considerable way. To be able to do this would guarantee both countries’ relationship to be beneficial. On the other hand, most developed countries trade and invest with developing countries because of less competition in terms of quality and innovation. However, it’s not easy as it looks to deal with some of these countries because of the non-tariff barriers that they employ within their own territory. Non-tariff barriers is a legal means of implementing restrictive labeling requirements, health certifications and also discriminations on product standards; government subsidies and countervailing duties; quantitative restrictions, customs clearances and quotas. To make matters more complicated, some informal non-tariff barriers are also being practiced. These practices refer to unpleasant deals like bribes and unnecessary approvals that exist within a country’s import cycle. This might have resulted from poor management, or perhaps from corrupt government officials. Certain organizations and agreements regarding trade policies, like the World Trade Organization (WTO) and the General Agreements on Tariffs and Trade (GATT), have already been established to promote order in the trade industry. But because of non-tariff barriers, any country can perform informal non-tariff barriers for it is beyond the WTO’s scope of authority. Actions such as this can cause delays in business transactions that would eventually lead to unfavorable effects.

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