February 27, 2024

Role of international in business

As international trade has grown, so has the evidence of its benefits to both states and enterprises, the most obvious of which is economic gain.

Numerous guidelines, model laws, conventions, and treaties now exist to manage and govern international trade.

Their goal is to open borders, modernize customary exchanges and reduce trade barriers around the world.

To realize these goals, a number of international organizations (IOs) have been established.

The GATT and WTO Barriers to trade, including tariffs and quotas, are challenging for international businesses, as they can adversely affect international trade and economic stability as a whole.

Before the end of the Second World War, several government delegates met at the Bretton Woods Conference in the U.S. to,

among many goals, establish an International Trade Organization (ITO) in order to promote economic recovery and stabilize world trade after the war ended. But the U.S.

Congress refused to approve participation and the attempt to formally establish an ITO subsequently failed. The attempt to formalize an ITO was not without accomplishment.

Its legacy document, the General Agreement on Tariffs and Trade (GATT), was a 1947 document agreed to by all parties, including the United States, which aimed to reduce trade barriers (especially tariffs).

The GATT provided both trade rules and a forum for members to discuss and address trade issues. It also established some basic rules to direct international trade, following several years of gathering members (rounds) for negotiations.
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Although the daily operations of most international organizations are managed by specialized international bureaucracies, ultimate authority rests with state members.

IGOs often work closely with other organizations, including NGOs (e.g., Greenpeace and Amnesty International),

which serve many of the same functions as their IGO counterparts and are particularly useful for mobilizing public support,

monitoring the effectiveness of international aid, and providing information and expertise. Although many of the thousands of NGOs direct their activities toward less developed countries in Africa and Asia,

some of which have authoritarian forms of government, most of these groups are based in developed states with pluralist political systems.

Only a small fraction of NGOs are international in scope, though they have played an increasingly important role in international relations.

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