The exchange of goods and services with foreign countries. Purchase or sale of goods and services cross national borders. Almost every type of product can be set up in International market such as: clothes, foods, oil jewellery, spare parts, stock, currencies so on.
Trade Organisation is main goal to help producers to the importers and exporters conduct their business. the growth held only global international organisation dealing with rules and regulations of trade between nations.
In international markets it almost 15% of the world’s output traded in a typical year. While the importance of the international trade sector varies staggeringly from one country to another country, this increase the volume of international. trade substantially.
In Year 1947 : they created the GATT (General Agreement on Tariffs and Trade) it as an attempt to reduce barriers to trade as quotas, subsidies, tariffs and taxes.
After 50 years, GATT was replaced by WTO (General Agreement on Tariffs and Trade)in 1997, its expanded instrument to include intellectual property rights and foreign investment.
- It leads to more efficient resource allocation and lower cost per unit of output as the market becomes bigger and broader to exercise economies of scale, etc.
- Non- economic advantage like Political. Social and cultural advantages to be gained by fostering trade in international organisations like WTO, etc.
- It allows the transfer of knowledge, technologies and information between trading partners. It enables the countries to specialisation which increases the world output and standard of living.
- Hiring professional staffs to launch international trade is timely and costly to do.
- Modifying product or packaging and develop new promotional material. Incure added administrative costs.
Need Any help??
Our Firm helps small business owner to follow the steps to expand your business in international trade. if you have any questions or query or need any professional advise.
freely you can contact us:
Phone: +91 958-740-6557 (India)
email address: CuteVamp911@gmail.com