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International Payment Systems

There   are   various   international   payment   systems.   These   include   debit cards,   credit   cards, electronic funds transfers, direct debits, internet banking, bank loans, letters of credit, export credit and e-commerce payment systems such as PayPal. These methods will allow money to be sent internationally.

These payment systems are good for BT as it will allow customers to use the most common and   easiest  forms  of  payment   all   around  the  world.  So, BT will be able to receive payments from people that use these international payment systems.

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Globalisation of Economic Activity:

Economic activities are be governed both by the domestic markets and also the world market. It stands for the process of integrating the domestic economies with the world economy.

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Free trade:

It stands for free flow of trade relations among all the nations. It stands for keeping business and trade away from excessive and rigid regulatory and protective rules and regulations

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International communication is the communication practice that occurs across international borders. The need for international communication was due to the increasing effects and influences of globalisation. Effective communication between international business partners is critical for global success. By proactively managing its communications, a firm can develop stronger international business relationships facilitating the rapid response to market opportunities and challenges. Some examples of international communications are global advertisements, political speeches, journalistic news stories, social media posts, press releases, books and traditional print publications. Communication plays an important role in international business, and sometimes effective communication can be the difference between succeeding or failing in a new market. Effective communication is particularly important for international businesses as there is a risk of your messages getting 'lost in translation'. 

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International communication is the communication practice that occurs across international borders. The need for international communication was due to the increasing effects and influences of globalisation. Effective communication between international business partners is critical for global success. By proactively managing its communications, a firm can develop stronger international business relationships facilitating the rapid response to market opportunities and challenges. Some examples of international communications are global advertisements, political speeches, journalistic news stories, social media posts, press releases, books and traditional print publications. Communication plays an important role in international business, and sometimes effective communication can be the difference between succeeding or failing in a new market. Effective communication is particularly important for international businesses as there is a risk of your messages getting 'lost in translation'. 

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Liberalisation:

It stands for the freedom of the entrepreneurs to establish any industry or trade or business venture, within their own countries or abroad.

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International mobility of labour and capital
the mobility of labour especially having people working in different countries around the world, makes it easier and accessible, same with capital

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Globalisation will open up our domestic economy for foreign competition, thereby endangering economic progress & survival of local firms. While it does open our markets for entry of multinationals, it also opens all other markets in the whole world for our products & services too.

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Trade Restrictions

Due to various reasons, mostly and often political, some countries might not decide to trade with each other.

An example of this is the US and North Korea.

Exchange Rate Volatility

Rate of exchange can cause issues between countries is it becomes volatile and unstable (changes a lot or often)

Stable exchange rate is more sought after as it gives businesses or countries an idea of the amount to pay for products.

Legal and Regulatory Systems

Laws and regulations may mean that there are restrictions to items being imported into a country

Financial Requirements

Thailand restricts the foreign ownership of land for example.

There are restrictions on financial investment in some countries

Operating Risks

There are goods that are restricted in some countries due to operating risks in the place of origin

Goods currently subject to import bans and licensing controls are:

Economic Sanctions

There are a number of countries that have sanctions and therefore a restriction of business will take place between specific countries

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advantages of trading blocs - Tariff removal leads to trade creation. lower prices for consumers and greater opportunity for exporters.increased trade enables increased specialisation – which gives benefits of economies of scale (lower average costs from increased output)Catch-up effects. Countries joining a rich trading block can benefit from inward investment and increased trade opportunities. Countries in Eastern Europe have made considerable progress in catching up with average income levels in Western Europe.Gravity theory of trade suggests that trade with countries in close proximity is the most important due to lower transport and similar cultural and economic ties. Gives small countries a greater say in global trade agreements Increased competition. The removal of tariffs creates greater choice for consumers. Making firms have a greater incentive to cut costs to remain competitive.

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advantages of trading blocs - Tariff removal leads to trade creation. lower prices for consumers and greater opportunity for exporters.increased trade enables increased specialisation – which gives benefits of economies of scale (lower average costs from increased output)Catch-up effects. Countries joining a rich trading block can benefit from inward investment and increased trade opportunities. Countries in Eastern Europe have made considerable progress in catching up with average income levels in Western Europe.Gravity theory of trade suggests that trade with countries in close proximity is the most important due to lower transport and similar cultural and economic ties. Gives small countries a greater say in global trade agreements Increased competition. The removal of tariffs creates greater choice for consumers. Making firms have a greater incentive to cut costs to remain competitive.

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A trading bloc is another potential barrier to international trade. A trading bloc is a group of countries that work together to provide special deals for trading. This promotes trade between specific countries within the bloc. The European Union (EU) and the World Trade Organisation (WTO) is an example of a trading bloc.

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A multinational company (MNC) is a corporate organization that owns or controls the production of goods or services in at least one country other than its home country. Ownership of the company remains in both parent and host country. Parent companies control, manage and help in the operation of all host countries. They have control in capital, high technology, and trademark. Multinational companies are established with huge capital and advanced technology. It also transfers the technology in the host countries that can be used for production.

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A multinational company (MNC) is a corporate organization that owns or controls the production of goods or services in at least one country other than its home country. Ownership of the company remains in both parent and host country. Parent companies control, manage and help in the operation of all host countries. They have control in capital, high technology, and trademark. Multinational companies are established with huge capital and advanced technology. It also transfers the technology in the host countries that can be used for production.

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the exchange rate for the two trading countries' currencies is an important factor. Foreign exchange rates, in fact, are one of the most important determinants of a countries relative level of economic health, ranking just after interest rates and inflation.

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the advantage of treading bloc's lower prices and more varied product , larger market and boost direct investment, access to cheaper and more abundant

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the advantage of treading bloc's lower prices and more varied product , larger market and boost direct investment, access to cheaper and more abundant