This strain is forcing high energy costs on European companies which in turn will inevitably affect imports from Europe and the companies buying them as prices soar to accommodate energy costs. What could this mean for business owners enmeshed in globalization? Well, if you’re importing from Europe or doing business with anyone in the EU, expect higher trade prices as European companies are attempting to offset the cost of rising energy, especially if Russia puts embargos on their oil.
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Expanding into new territory is an exciting venture, but not without its risks. Before consideration of globalization, you should have a trustworthy International Attorney on retainer to ensure smooth transition. In partnership with your attorney, there are three critical points of action that will help you to avoid any catastrophes in the process…
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The U.S. Ambassador to India - Harsh Shringla - released just yesterday (January 8, 2020) that the United States and India are in talks about an exclusive trade agreement. The agreement would grant business owners of both nations preferential market access. Shringla, the now-former ambassador is set to take on his role as India's next foreign secretary later on this month.
His comments state that there has been success in bridging the gap during the latest trade talks for new trade packages. The current conversations are setting a stage for a much bigger bilateral trade agreement.
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We have discussed the social and cultural Factors before, but make sure you know what the literacy rate is and the average educational level in the country? If you are selling to or your product is designed for the middle class, make sure there actually is a middle class that would support your product?
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Culture is very important in business and has an impact on the strategic direction of business. Culture influences management, decisions and all business functions from accounting to production. Don’t just think in terms of the national culture but also in business think of meetings, negotiation, formalities, social media use, internships and work placements hierarchy.
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When imports enter a country they normally have a tariff or a tax. So for example: when you are purchasing an item from France it’s more expensive because of a duty that the importer had to pay for it to come in. When a Trade Agreement is negotiated there is an elimination of that tax then the import comes in freely and the item may be less expensive than one you could purchase in the United States. If too many of those items are coming in then there may be concerns that there needs to be protection of that industry.
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Part of the reason why travel to Cuba is so expensive now that the travel and trade bans have been modified is that the embargo that was placed in the year 1961, is still very much codified in U.S. legislation. As a result, there are a number of regulatory restrictions in place that are projected to take several more years to dismantle. While these regulations are in place, all business people interested in doing business in Cuba have to carefully side-step the minefield of restrictions – which can be a slight deterrent to commerce.
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The main contributor to the Chinese GDP is manufacturing. “Made in China” used to mean “low-cost labor stuff.” China has now transformed itself and although fewer products may be made in China, they are still within the region and Chinese products will be slightly more expensive.
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