International-Business-Dr-R-Chandran-E-book

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156 International Business- Dr. R. Chandran The definition of ‘trade’ has steadily expanded and now includes intellectual protection, investment, trade in services and agriculture as well as trade in manufactured goods. In its short life the WTO has already become the focus of intense controversy. Heralded by the richer nations as the ticket to world prosperity, to many others it’s looking more and more like another Trojan horse in the citadel of international development. ‘Freeing up’ trade- GATT’s Uruguay Round concluded at the end of 1993, basically ‘freed up’ world trade. This meant doing away with barriers which had prevented developing countries from exporting their goods to the richer countries of the North. It also opened up all countries to foreign penetration in completely new areas, such as service industries and intellectual property rights. This offered richer nations and multinational corporations a golden opportunity to take over new sectors in countries that were previously able to protect their own smaller industries. The WTO has the task of policing this new world order, and is beginning to make its presence felt. Fairer trading provisions, which guarantee protection to producers in the developing world, have already come under fire. The USA, on behalf of the American MNC Chiquita, has challenged arrangements whereby bananas from the Windward Islands are marketed in Europe under the protection of the European Union’s Lome Treaty. Dismantling such arrangements would bring Chiquita greater profits, but would prove disastrous to the farmers and the economies of the Eastern Caribbean. The WTO has upheld the US complaint. It was perceived that the WTO is controlled by the industrialized nations, just as they control the World Bank and the IMF. At the conference held in Singapore in December 1996, delegates from developing countries complained at being excluded from ‘behind the scenes’ discussions. The charge was accepted by Renato Ruggier, who was the WTO’s Director General at that time. While the WTO claims that its rules-based system is a means of protecting smaller nations from the larger trading powers, many of those smaller nations have complained of being bullied by the very countries, which set the rules in the first place. International resistance - While some developing countries, particularly Latin America and East Asia, may be able to compete in the world trade, the world’s least developed countries are predicted to lose out. Even in richer countries, the expansion of MNCs has a negative impact on smaller Only for Private Circulation
157 International Business- Dr. R. Chandran businesses, labour standards and basic freedom. A growing international movement is forming in protest against the WTO and its expanding ‘free trade’ agenda. Multilateral negotiations, known as ‘rounds’, held in Seattle and Doha. Qatar made the representation of developing countries stronger than before especially regarding issues related to agricultural subsidies and labour legislation. In many ways the advanced countries appear to have double standards. This approach has been challenged and the influence of the advanced countries in the WTO is gradually diminishing. Developments • The agenda of the WTO, the implementation of its agreements, and the much-praised dispute settlement system all serve to advance interests of developed countries, sidelining those of the developing countries. • The Least Developed Countries (LCDs) are marginalized in the world trade system, and their products continue to face tariff escalations. • Rules uniformly applied to WTO members have brought about inequalities because each member has different economic circumstances. Compared to GATT, the WTO is much more powerful because of its institutional foundation and its dispute settlement system. Countries that do not abide by its trade rules are taken to court. Historically, GATT enforced phased-in tariff reductions worldwide. Until the Uruguay Round, which ended in 1994, the trade negotiations focused on nonagricultural goods, mainly because the U.S. wanted to protect its farm sector. Over the years, as the corporate interests of the developed countries expanded, they also lobbied for more issues to be incorporated into the WTO. Changes in rules come about mainly through multilateral negotiations or “rounds”. Each round offers a package approach to trade negotiations, in which many issues are negotiated together and trade-offs between different issues are made. Between the rounds, negotiations on single issues take place. One of the commonly used yardsticks to measure the success of the WTO is the volume of world trade. The results seem excellent in this respect, with world trade up by 25% in the last four years. But the benefits of increased trade are not widely shared. For example, the LDCs represent 20% of the Only for Private Circulation
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COMPANY COUNTRY OF ORIGIN REFORM PR
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4. Diplomatic relations 9 Internati
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10. Legal aspects 11. Investment an
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LICENSOR LICENSEE PROVIDE THE RIGHT
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10. MERGERS AND ACQISITIONS 25 Inte
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12. TURNKEY PROJECTS 27 Internation
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13. COUNTER TRADE 29 International
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a) Home country Economy 35 Internat
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SOCIAL ENVIRONMENT 39 International
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1. POLITICAL RISKS 2. ECONOMIC RISK
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FDI Policy Initiatives 61 Internati
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Bahrain international Business Cent
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(ACUs). These are operational units
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6. Essentials of Trade Finance 81 I
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Page 191 and 192: Tariff Barriers 191 International B
Page 193 and 194: D) On the basis of trade relations
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ASIAN DEVELOPMENT BANK 207 Internat
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Mode of transport Type of delivery
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How many intermediaries are require
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Factor Conditions PURCHASING POWER
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R= 44 ×100 = Rs. 40 110 243 Intern
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3. Freedom loving and self-reliant.
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Japan 257 International Business- D
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Three sources of employees for inte
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Strategy of the organization Need f
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