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Chapter 1

GMS 723 Chapter Notes - Chapter 1: World Trade Centers Association, World Trade Organization, International Monetary Fund


Department
Global Management Studies
Course Code
GMS 723
Professor
Michael Manjuris
Chapter
1

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GMS 723 - Chapter 1 Winning the Trade Game
1
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)
Founded 1970
Not-for-profit, nonpolitical association dedicated to the establishment and effective operation of
world trade centers as instruments for trade and expansions
300 centers in 75 countries
Trade Integrations
Trade integrations are preferential arrangements between two or more nations to facilitate
commerce across borders
North America
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