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Trade mission is a tool for governments to promote and market exports. It is smaller in scale compared to trade fairs and can be useful when firms are trying to entering a foreign market. [1]
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| World trade |
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Trade mission is a tool for governments to promote and market exports. It is smaller in scale compared to trade fairs and can be useful when firms are trying to entering a foreign market. [1]
Several factors are needed to be considered whenever a business executive is trying to join a trade mission. [2] Clearly stating the goal of trade mission before the departure is important. Choosing the target industry and the participants is a crucial aspect. Executives have to analyze the costs and possible future benefits of trade mission. Careful evaluation of the agenda is required. Target audience should be decided upon actual trade mission.[ citation needed ]
Trade missions are supposed to be about developing trade opportunities. However, when government agency is involved, there is controversy regarding international politics being involved. Trade mission might not be conducted targeting particular industry or actual companies which won't be about developing international trade but international politics.[ citation needed ]
In Canada, trade missions which include both the federal and provincial governments working together (perhaps also with cities and private businesses) are called "Team Canada Missions"[ citation needed ]
Canada has conducted regular trade missions since 1994, often led by the Prime Minister. The Canadian government claims these missions generate tens of billions of dollars in business deals. While Canadian exports and imports are higher than average to countries with which it has trade missions, the missions do not seem to have caused the increase and have negative or mainly insignificant effects. [3]
UK sends British High commissions to India for trade missions. UK's continuous efforts with India in having trade missions in both countries have brought huge economic benefits.[ citation needed ]
The economy of Canada is a highly developed mixed economy, with the world's ninth-largest economy as of 2024, and a nominal GDP of approximately US$2.117 trillion. Canada is one of the world's largest trading nations, with a highly globalized economy. In 2021, Canadian trade in goods and services reached $2.016 trillion. Canada's exports totalled over $637 billion, while its imported goods were worth over $631 billion, of which approximately $391 billion originated from the United States. In 2018, Canada had a trade deficit in goods of $22 billion and a trade deficit in services of $25 billion. The Toronto Stock Exchange is the tenth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$3 trillion.
Fair trade is a term for an arrangement designed to help producers in developing countries achieve sustainable and equitable trade relationships. The fair trade movement combines the payment of higher prices to exporters with improved social and environmental standards. The movement focuses in particular on commodities, or products that are typically exported from developing countries to developed countries but are also used in domestic markets, most notably for handicrafts, coffee, cocoa, wine, sugar, fruit, flowers and gold.
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry. Protective tariffs are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade.
A subsidy, subvention or government incentive is a type of government expenditure for individuals and households, as well as businesses with the aim of stabilizing the economy. It ensures that individuals and households are viable by having access to essential goods and services while giving businesses the opportunity to stay afloat and/or competitive. Subsidies not only promote long term economic stability but also help governments to respond to economic shocks during a recession or in response to unforeseen shocks, such as the COVID-19 pandemic.
Agricultural policy describes a set of laws relating to domestic agriculture and imports of foreign agricultural products. Governments usually implement agricultural policies with the goal of achieving a specific outcome in the domestic agricultural product markets. Well designed agricultural policies use predetermined goals, objectives and pathways set by an individual or government for the purpose of achieving a specified outcome, for the benefit of the individual(s), society and the nations' economy at large. The goals could include issues such as biosecurity, food security, rural poverty reduction or increasing economic value through cash crop or improved food distribution or food processing.
An export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country. The seller of such goods or the service provider is an exporter; the foreign buyers is an importer. Services that figure in international trade include financial, accounting and other professional services, tourism, education as well as intellectual property rights.
A trade association, also known as an industry trade group, business association, sector association or industry body, is an organization founded and funded by businesses that operate in a specific industry. Through collaboration between companies within a sector, a trade association participates in public relations activities such as advertising, education, publishing and, especially, lobbying and political action. Associations may offer other services, such as producing conferences, setting industry standards, holding networking or charitable events, or offering classes or educational materials. Many associations are non-profit organizations governed by bylaws and directed by officers who are also members.. Many associations are non-profit organizations governed by bylaws and directed by officers who are also members..
A foreign direct investment (FDI) refers to purchase of an asset in another country, such that it gives direct control to the purchaser over the asset. In other words, it is an investment in the form of a controlling ownership in a business, in real estate or in productive assets such as factories in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment or foreign indirect investment by a notion of direct control.
Trade justice is a campaign by non-governmental organisations, plus efforts by other actors, to change the rules and practices of world trade in order to promote fairness. These organizations include consumer groups, trade unions, faith groups, aid agencies and environmental groups.
The arms industry, also known as the defense industry, military industry, or the arms trade, is a global industry which manufactures and sells weapons and other military technology to a variety of customers, including the armed forces of states and civilian individuals and organizations. Products of the arms industry include weapons, munitions, weapons platforms, communications systems, and other electronics, and related equipment. The arms industry also provides defense-related services, such as logistical and operational support. As a matter of policy, many governments of industrialized countries maintain or support a network of organizations, facilities, and resources to produce weapons and equipment for their military forces. This is often referred to as a defense industrial base. Entities involved in arms production for military purposes vary widely, and include private sector commercial firms, state-owned enterprises and public sector organizations, and scientific and academic institutions. Such entities perform a wide variety of functions, including research and development, engineering, production, and servicing of military material, equipment, and facilities. The weapons they produce are often made, maintained, and stored in arsenals.
Non-tariff barriers to trade are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs. Such barriers are subject to controversy and debate, as they may comply with international rules on trade yet serve protectionist purposes.
In justifying opening up and the series of economic reforms that ensued in China, Deng Xiaoping referred to Karl Marx and his theories, which predicted that nations need to undergo urbanization and a stage of capitalism for a natural socialist transition. One of the most influential reforms under Deng was establishing four special economic zones (SEZ) along the Southeastern coast of China, with Shenzhen, Shantou, and Zhuhai located in Guangdong province and Xiamen located in Fujian province. The four aforementioned special economic zones were all established from 1980 to 1981. As of 2024, there have been 3 additional special economic zones. In 1988, Hainan became the fifth SEZ. In 1990, Pudong district in Shanghai became the sixth "SEZ". In 2009, Binhai district in Tianjin became the seventh SEZ. Special economic zones in mainland China are granted more market-oriented economic policies and flexible governmental measures by the government of China.
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries, including trade, investment and transaction.
International business refers to the trade of goods and service goods, services, technology, capital and/or knowledge across national borders and at a global or transnational scale. It includes all commercial activities that promote the transfer of goods, services and values globally. It may also refer to a commercial entity that operates in different countries.
The Standards Council of Canada (SCC) (French: Conseil canadien des normes (CCN)) is a Canadian crown corporation with the mandate to promote voluntary standardization in Canada. The SCC is responsible for:
In economics, competition is a scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place. In classical economic thought, competition causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products. The greater the selection of a good is in the market, the lower prices for the products typically are, compared to what the price would be if there was no competition (monopoly) or little competition (oligopoly).
Offsets are compensatory trade agreements, reciprocal trade agreements, between an exporting foreign company, or possibly a government acting as intermediary, and an importing entity. Offset agreements often involve trade in military goods and services and are alternatively called: industrial compensations, industrial cooperation, offsets, industrial and regional benefits, balances, juste retour or equilibrium, to define mechanisms more complex than counter-trade. Counter-trade can also be considered one of the many forms of defense offset, to compensate a purchasing country. The incentive for the exporter results from the conditioning of the core transaction to the acceptance of the offset obligation.
The economic liberalisation in India refers to the series of policy changes aimed at opening up the country's economy to the world, with the objective of making it more market-oriented and consumption-driven. The goal was to expand the role of private and foreign investment, which was seen as a means of achieving economic growth and development. Although some attempts at liberalisation were made in 1966 and the early 1980s, a more thorough liberalisation was initiated in 1991.
Technical intelligence (TECHINT) is intelligence about weapons and equipment used by the armed forces of foreign nations. The related term, scientific and technical intelligence, addresses information collected or analyzed about the broad range of foreign science, technology, and weapon systems.
Enterprise Florida, Inc.(EFI) was a public–private partnership between Florida’s business and government leaders and was the principal economic development organization for the state of Florida. EFI’s mission was to expand and diversify the state’s economy through job creation. In pursuit of its mission, EFI worked closely with a statewide network of economic development partners and was funded both by the State of Florida and by private-sector businesses. Enterprise Florida did not disclose who its donors were.
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