Welcome to our guide on international business and trade terms!
Whether you’re an established entrepreneur or just starting out in the world of global commerce, understanding these key terms will help you navigate through the complex landscape of international business.
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- Export – The process of selling goods or services to a foreign country.
- Import – The process of buying goods or services from a foreign country.
- Tariff – A tax imposed by a government on imported goods, often used as a form of trade protectionism.
- Trade deficit – When a country imports more goods and services than it exports, resulting in a negative balance of trade.
- Trade surplus – When a country exports more goods and services than it imports, resulting in a positive balance of trade.
- Free trade – The unrestricted flow of goods and services between countries, without any barriers such as tariffs or quotas.
- Protectionism – The use of trade barriers to protect domestic industries from foreign competition.
- Dumping – The practice of selling goods in a foreign market at a price lower than the cost of production, often used as a form of unfair competition.
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- Exchange rate – The value of one currency in relation to another, which can affect the cost and competitiveness of international trade.
- Trade agreement – A legal contract between two or more countries that outlines the terms of trade and aims to promote economic cooperation.
- World Trade Organization (WTO) – An international organization that oversees global trade rules and regulations, and provides a forum for negotiating trade agreements.
- International Monetary Fund (IMF) – An international organization that promotes monetary cooperation, facilitates international trade, and provides financial assistance to member countries in times of economic crisis.
- World Bank – An international financial institution that provides loans and grants to developing countries for economic development projects.
- Foreign direct investment (FDI) – When a company or individual invests in a business located in another country, often through the acquisition of ownership stakes in a foreign company.
- Intellectual property rights (IPR) – Legal rights that protect intangible creations of the human mind, such as inventions, designs, and literary and artistic works, from being copied or used without permission.
By now, you should have a solid understanding of 15 important international business and trade terms. These terms are crucial for any successful global business venture and can help you navigate the complexities of international trade.
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