Barriers to Trade The barriers generally include tariff and non-tariff strategies. 1. Tariffs A tariff is a tax imposed on goods involved in international trade.Tariffs are imposed on goods imported,in which case they are called import duties.Taxes are also imposed on goods when they leave the country(export tariff) or as they pass through one country […]
World Trade Organization The World Trade Organization (WTO) is an intergovernmental organization which regulates international trade. The World Trade Organisation officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade(GATT), which commenced in 1948.As an organization it has vast powers and functions than what […]
Rise of New economics like Brazil, Russia, India and China (BRIC) and ASIAN countries Introduction to BRICS BRIC is the acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to be at a similar stage of newly advanced economic development. The acronym was coined in 2001 by Jim O’Neill from investment bank Goldman Sachs in a […]
Trading Environment of International Trade The environment of International trade is regarded as the sum total of all the external forces working upon the firm as it goes about its affairs in foreign and domestic markets.The environment can be classified in terms of domestic,foreign and international spheres of impact.The domestic environment is familiar to managers […]
Introduction to theories of International Trade Some important theories of International Trade 1. Absolute Cost Advantage Theory The principle of absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources. Adam Smith first […]
Stages in Globalization 1. Domestic Company Market potential is limited to the home country. Production and marketing facilities are located at home only. Surplus may or may not be exported. There are no overt efforts to develop foreign markets. It may add new product lines, serve new local markets but whole planning is limited […]
International Monetary Fund Establishment of International Monetary Fund World war II had its adverse effect on the global economy.To remedy the situation,an international monetary conference was convened in 1994,at Bretton Woods in America.It was attended by the representatives of 44 countries.India also participated therein.It was decided in this Conference that two institutions be set […]
Globalization:Advantages or Disadvantages Globalization pulls the countries out, from their detachment into the competitive world. A journey towards new collaborations and unity, it has changed the world into a global village. Both distance and isolation have been terrifically reduced. Globalization integrates trade, technology, investments, and the mobile factors of production like labor and capital. […]
Globalization Definition Globalization is defined as the increasing process of interdependence and interconnected between different political, social and economic components of the world. It is the way in which the world is seen as the global village. Globalization is the free movement of goods, services and people across the world in a seamless and […]
Balance of Trade Meaning Trade, in general connotation, means the purchase and sales of commodities. In International Trade, purchase and sale are replaced by imports and exports. Balance of Trade is simply the difference between the value of exports and value of imports. Thus, the Balance of Trade denotes the differences of imports and […]
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