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The World Trade Organization - Case Study Example
Trade is very essential to every nation. In fact, history can prove it that no nation was developed without engaging in trade. However, trade does not only work within the nation, it reaches to the point wherein every nation can interact with each other while the bottom line is to conduct business and trade…
These are just some of important concepts in international business. These concepts are very essential in understanding international business so as to know how it works in the international arena. Furthermore, it is important to understand these concepts so as to understand international business and other activities related to it. There are many issues surrounding international business. Understanding them is as important as learning and becoming a part of the international business ground.
Over the years since international business began, every nation has learned to protect itself against foreign competition. High tariffs on imports of manufactured goods were imposed to protect domestic industries from foreign competition (Hill 2003, p. 8). This stands as one of the most significant barriers to international trade. This significant barrier is one of the most controversial issues which ignited agreement among nations working out in the elimination of tariffs on international trade. This has something to do with globalization which aims to unify the world as one whole single market which further is aiming to target and alleviate poverty. The bottom line of this is a fair economy as a stepping stone towards increased level of equality among nations. In fact, these good promises of globalization are just among of the reasons for the penetration of globalization in international trading.
The power of globa ...