Samuel nartey
E1500539
FOREIGN TRADE IN PRACTICE
Foreign trade is exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP).
For example when one walks to a supermarket to purchase apples imported from italy , carrots from Germany , salt from Ghana and many more other things , the effect of foreign trade is taking place . This gives a rise to foreign economy in which supply and demand is affected by the entire world economy .
Trading globally gives a country’s consumers and producers the opportunity to experience products that's not made in their country .
An export occurs when his county’s products are sold on the international …show more content…
marketing , exchange rates , government rates and exchange policies .
The volume of world trade approach in 2004 was 11 trillion and in 5 years time , it was tripled in the United states of America . Industrial market accounts for 70% of global foreign trade
Chapter 2 International and regional agreement affecting foreign trade
THE GATT , NAFTA AND WTO
In 1995,the general agreement and tariffs on foreign trade GATT plays a major role in the non discrimination , trade liberalization and settlement of trade disputes among participating members
The North American Free Trade Agreement (NAFTA) This union eliminates most tariffs on trade between participating nations thus Mexico , United States of America and Canada . This tree countries phase tariffs particularly in automobiles, agriculture and textiles .
The European Union (EU)
The main aim of the European union is to create free trade and common external tariffs between participating members , to implement free restrictions to movements among members as well as establish common policies in the area of transportation , agriculture , textiles and automobiles …show more content…
A good business name is also very important in setting up a business and also ones business needs to be registered with all legal documents before business should take place. one also need to have a business bank account and is better with an international bank
Chapter 4
Planning and preparing for exports
Before one exports a product to another county the following should be considered ,
Accessing and selecting the product and this can be done in two ways , by systematic approach thus selection based on overall market and also by reactive approach thus selection based on market demand
The international market research IRF helps corporations to make decisions that leads to proper steps
When planning for a business trip abroad , one should consider making arrangements on the host country , their economic situation using ATA carnet and documents .
Chapter 5
EXPORT CHANNELS OF DISTRIBUTION
The ways of marketing the distribution of products are direct and indirect ;
Direct channels ;direct market of products from home
E1500539
FOREIGN TRADE IN PRACTICE
Foreign trade is exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP).
For example when one walks to a supermarket to purchase apples imported from italy , carrots from Germany , salt from Ghana and many more other things , the effect of foreign trade is taking place . This gives a rise to foreign economy in which supply and demand is affected by the entire world economy .
Trading globally gives a country’s consumers and producers the opportunity to experience products that's not made in their country .
An export occurs when his county’s products are sold on the international …show more content…
marketing , exchange rates , government rates and exchange policies .
The volume of world trade approach in 2004 was 11 trillion and in 5 years time , it was tripled in the United states of America . Industrial market accounts for 70% of global foreign trade
Chapter 2 International and regional agreement affecting foreign trade
THE GATT , NAFTA AND WTO
In 1995,the general agreement and tariffs on foreign trade GATT plays a major role in the non discrimination , trade liberalization and settlement of trade disputes among participating members
The North American Free Trade Agreement (NAFTA) This union eliminates most tariffs on trade between participating nations thus Mexico , United States of America and Canada . This tree countries phase tariffs particularly in automobiles, agriculture and textiles .
The European Union (EU)
The main aim of the European union is to create free trade and common external tariffs between participating members , to implement free restrictions to movements among members as well as establish common policies in the area of transportation , agriculture , textiles and automobiles …show more content…
A good business name is also very important in setting up a business and also ones business needs to be registered with all legal documents before business should take place. one also need to have a business bank account and is better with an international bank
Chapter 4
Planning and preparing for exports
Before one exports a product to another county the following should be considered ,
Accessing and selecting the product and this can be done in two ways , by systematic approach thus selection based on overall market and also by reactive approach thus selection based on market demand
The international market research IRF helps corporations to make decisions that leads to proper steps
When planning for a business trip abroad , one should consider making arrangements on the host country , their economic situation using ATA carnet and documents .
Chapter 5
EXPORT CHANNELS OF DISTRIBUTION
The ways of marketing the distribution of products are direct and indirect ;
Direct channels ;direct market of products from home