What is International Business and Trade?
International business and trade refers to the process of exchanging goods and services across the the boundaries of a particular country. It is carrying out business activities with individuals or companies from foreign nations. There are many economic benefits accrued from international trade over domestic trade. It enlarges the scope of the market for the local products. However, international business and trade can adversely affect the economic status and the Gross Domestic Product (GDP) of a country. This is due to its costly nature caused by tariffs imposed by some countries at the borders.
The other setback that faces international business and trade is the language barrier and differences in cultural and legal systems between the trading countries. This causes delay in carrying out transactions involved in trade and thus increasing time costs.
It is therefore crucial for an international business and trade agent to analyze and consider trading with those countries whose terms and conditions are friendly.
