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Chapter 1

GMS 723- Chapter 1- Winning The Trade Game.docx

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Ryerson University
Global Management Studies
GMS 723
Michael Manjuris

GMS 723 - Chapter 1 – Winning the Trade Game  International trade is the exchange of goods and services across national boundaries  Exports are the merchandise individuals or nations sell  Imports are the goods individuals or nations purchase  International trade is a game which everyone wins Global Opportunities  Twentieth century have had significant effect on international trade  Globalization has brought on worldwide distribution, internet, satellite communications and speedy transportation  National governments have a large stake in its outcome because this change affects their societies  The need for harmonizing interstate laws to become more serious – business must constantly adjust US Deficits and Surpluses  1975 – chronic deficits of the history of American Trade  US is at or near the top of the list in merchandise trade and commercial services  America has the largest surpluses and deficits of any nation in the world What is an Import/Export Business?  If you own or work for a manufacturer of an exportable product, your company can create and organize its own export department  Today, manufacturers outsource their functions to import/export companies  Independent import/export business acts as an international middleman  It sells foreign-trade products, sells domestic products or does both  Less than 10% of all American manufacturers sell their products over seas  Import/export business often requires little capital investment for start-up  Import/export business offers great opportunities to travel and to enjoy the prestige of working with clients from all over the world Where Do Importers and Exporters Trade?  Once trade begins with one country, new opportunities open up The World Trade Organization (WTO)  Created January 1, 1995  Equal status with the World Bank and International Monetary Fund  Only international organization that deals with rules of trade between nations  2005 – 149 national members  WTO’s goal – to help producers of goods and services, exporter and importers, conduct their business Cyber Trading  Has no boundaries  International trader’s connection without barriers World Trade Centers Association (WTCA)
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