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International Business Environment Essay

2978 words - 12 pages

Assignment MBA - International Business Environment SIMM04

Q 1) Assess which issues, in your view, are causing friction among members of the World Trade Organization (WTO), and evaluate how they are likely to be resolved.

In recent times, the rapid growth of worldwide business has transformed the whole concept of international trade. The expansion of world trade or business has been made possible by countries, institutions and organization who are promoting globalization to its maximum strength. Now one fifth of world’s products are traded internationally and this has changed the scenario of the whole international business environment.

The world economy is now facing fierce ...view middle of the document...

With the establishment of WTO these rules has been extended to number of new areas such as agriculture, textile, trade in services and intellectual property rights that was not included under the GATT system.
The rules greatly increased the potential effect of decisions made by WTO on people’s day to day lives especially in developing countries. It not only effects on prices, income and employment but also with the introduction of rules for trade in services that effect the regulations of public services such as education, health, water, sanitation and amenities.

Like the GATT the key function of the WTO is to make sure the member countries keep their trade policies within the agreed limits. When the countries signed the agreements it becomes a binding contract and it provides the legal ground rules for international trade to which all member governments are expected to adhere. The WTO has played a major role in the globalization process that affects the lives of everybody. It creates limitations on the government’s ability to enact policies for the interest of their own people. This could be a serious matter of concern even if the decision making process of the WTO is a model of transparency, accountability and democracy. Jawara & Kwa (2004).

Many issues are the point of focus where conflict does occur among various nations and WTO. Hundreds of countries have their own policies, culture, systems and their own business environments in which they operate so there is likely that conflict appears on frequent basis.

Many countries look to the WTO to secure further progress on environmental policy, labor standards, human rights, health, culture and social marginalization. WTO member countries would like to see WTO to use its rules to enforce those above issues. Labor Standards are referred to the International Labor organization; the standards must be maintained as it has been set by WTO. This should be practiced by all Multinational companies and different economies of the nations. But the problem arises when the countries have different labor standards which then conflict with the standards set by WTO, for example in developing countries it is very common the multinationals of developed countries exploit the cheap labor there and also sometimes use child labor in order to cut down costs. This is very contradictory as they make the rules and break down as well.

There is a immense concern on environmental policies in global business world; where we see the developed countries have more greener policies in terms of saving environment, saving energy, recycling policies but on the contrary many developing countries or third world countries do not pay a single attention to have environmental concerns where we can see the ideal examples of India and China where growth has been tremendous but the damage has been done on regular basis to its environment. But its not only developing countries but developed...

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