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Challenges faced in international trade

Challenges faced in international trade

Introduction

The topic of this research is ‘Challenges faced in international trade.’ As with the new policies and rules and regulations laid out by various countries it has become difficult to conduct trade. The research will mainly focus on how important trade has become in the present era and it is important for each and every country to eliminate any barriers to trade. The developing countries have finally realized the value and importance of trade in the modern society and therefore, they are constantly trying to make their economy an open economy with lesser restrictions to conduct trade. They are trying to eliminate as much as trade restrictions and challenges so that there economy could prosper. In this 21st century all the nations have understood the fact that without bilateral trade they cannot be developed so taking all the standards and norms set up international bodies like, UNCTAD, WTO etc. they are trying to eliminate the restrictions and challenges in international trading.

 

Research problem

The researcher tries to introspect the main issues involved in conducting research like- what are the challenges faced by countries in international trade? What are the types of challenges being faced? Who is responsible for these challenges or what is the root cause of such challenges? And so on and so forth. All these questions are to be answered with this research and it will try to focus on all such issues.

Research aim

 The main aim of conducting international trade is to gather and collect resources from different countries for the socio- economic development of a nation. It also helps in initiating and maintaining bilateral and good relations among various countries in the world. The research aim will try to determine the issues and difficulties related to international trade.  The purpose and main aim of this research proposal in a nutshell will be:

  • To identify and also categorize the various problems and challenges faced by the countries in conducting international trade. 
  • It will also try to recognize the causes and factors involved in creating problems in carrying out trade among different countries.
  • It will also try to understand the influence caused by these problems and issues on the international trade.
  •  The measures which could be resorted and used to eliminate and eradicate the challenges involved in conducting international trade among various countries.

Literature review

Now according to OCED (2020), countries in this modern era of globalisation are in a race to overpower in each other in terms of economic power, status, infrastructure and development. It is leading them to violate the set standard of rules and regulations made by international organisations such as WTO, UNCTAD etc. resulting in hindrances in trade activities. To give an example to this, they violated the WTO agreement made on agricultural products which lead agro- food based products facing immense trade restrictions and barriers while being traded.  According to Hult (2017), foreign trade rules and regulations were also one major challenge which the countries are facing in doing international trade. To give an example to this- Airbnb, a company who gives rental houses to tourists faced a penalty as it breached and violated the rules and regulation laws in the city of Barcelona. It had to give a penalty of a lump sum amount of 30000 euros.

 In addition to this, Jhingan (2017) in his book of International Economics also mentioned about the problems which the countries faced due to factor immobility as it is difficult for the factors of production to be freely mobile in case of international trade due to the trade barriers and restrictions set by countries. He further discussed about the problems involved in the concept of different markets involved. Since, all the markets are not of the same type- the language, the habits, the taste, the fashion sense differs among various countries so it becomes a difficult task to match up to their style and fashion. This eventually acts as a challenge in conducting trade. He also mentioned about the problems involved in the payments of the traded commodities or services as there was a change currencies. Due to the change in the foreign currencies the goods traded had to purchased or sold in accordance with that. Due to this sometimes the entrepreneurs had to face serious losses as the foreign exchange rate is not defined and it could change at any moment.

Furthermore, David (1992) in his book- Linking trade and technology policies: An international comparison of the policies of industrialized nations, has tried to shed light on how the policy of domestic production and trade started getting affected in the United States. In another article by Trade Ready (2019) they have focused on the challenge of rising tariff rates as done recently by US President on China. In response to this China also laid heavy tariff duties on the commodities imported from the US. Another issue which was highlighted in this article was of the Intellectual property theft which was again a major challenge to the international trading among nations.

Some economists in their studies (Keynes, Marshall, Samuelson etc.) also have the idea that in case of international business and trading among countries, it results to a lop sided development where the developed and powerful countries become more advanced. On the contrary, the underdeveloped nations lack in them the modern, high-tech, technological advances and equipment’s.

Methodology

To conduct research on such topic interpretivism would be appropriate and quite apt.  This methodology would be suitable as the research done in such type of topics requires vast interpretation of the data and resources available to the researcher (Teddy and Leah, 2017). Furthermore, the exploratory method would be a suitable choice for conducting research on such issues as it help in exploring the minds or prospective ideas. Since the topic is vast and requires the attention to the challenges the entire world is facing in the domain of international trade so exploratory method will enable to hold onto the grip of the topic easily by the researcher. In this topic inductive method of study would be quite appropriate for the research. The cause of selecting inductive method would be as this research topic requires great amount of observation and reviewing of the facts and data from the available information. In this type of research the use of secondary data was be much more suitable as the books and journals would help the researcher create an outlook and framework of the topic in depth and in detail.  In addition to this, qualitative analysis and study would be best suited for the research as it would provide the researcher with a view point by reviewing the past and published data in the form of various books, articles, journals etc.

The main disadvantage in such study would be that of a limited scope of available information and knowledge which will result in a narrow outlook of the research topic. Also with the use of secondary source of data the credibility is not 100% certain, sure, precise and accurate which is not in the case of primary source of data. This may result in deviation from the study or from the desired conclusion.

Gantt chart

Time/Areas

Week 1

Week 2

Week 3

Week 4

Week 5

Week 6

Finding useful information

 

 

 

 

 

 

Studying the information gathered.

 

 

 

 

 

 

Literature Review

 

 

 

 

 

 

Methodology

 

 

 

 

 

 

Discussion and Results

 

 

 

 

 

 

Conclusion

 

 

 

 

 

 

References

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

Jhinghan, M. L. (2017). International economics. Delhi: Vrinda Publications.

Mowery, D. C. (1992). Linking trade and technology policies: An international comparison                               of the policies of industrialized nations. Washington DC: The National Academic Press.

OCED. (2020). Challenges and opportunities in trade. Retrieved from: http://www.oecd.org/trade/understanding-the-global-trading-system/trade-challenges-and-opportunities/

Soobramanien, T. Y. & Worall, L. (2017). Emerging trade issues for small developing   countries. London: Commonwealth Secretariat.

Trade Ready. (2019). 3 key issues affecting global trade right now. Retrieved from: http://www.tradeready.ca/2019/topics/researchdevelopment/3-key-issues-affecting-global-trade-right-now/

Hult. (2017). 11 biggest challenges of international business in 2017. Retrieved from: https://www.hult.edu/blog/international-business-challenges/

 

 

 

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