2019国际商务ch03.ppt

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1、1,Chapter 3,National Trade and Investment Policies,2,Learning Objectives,To see how trade and investment policies have historically been a subset of domestic policies. To examine how traditional attitudes toward trade and investment policies are changing. To see the effects of global links in trade

2、and investment on policymakers. To understand that nations must cooperate closely in the future to maintain a viable global trade and investment environment.,3,Rationale and Goals of Trade and Investment Policies,Government policies are designed to regulate, direct, and protect national activities.

3、The exercise of these policies is the result of national sovereignty, which provides a government with the right to shape the environment of the country and its citizens. The domestic policy actions of most governments aim to increase the standard of living of citizens and to improve the quality of

4、life, and to achieve full employment. These policies affect international trade and investment indirectly.,4,Rationale and Goals of Trade and Investment Policies (cont.),In more direct ways, a country may also pursue technology transfer from abroad or the exclusion of foreign industries to the benef

5、it of domestic infant firms. Government officials can also develop regulations on imports to protect citizens. Nations institute foreign policy measures designed with domestic concerns in mind but explicitly aimed to exercise influence abroad. A major foreign policy goal is national security.,5,Inte

6、rnational Organizations,International Trade Organization (ITO),General Agreement on Tariffs and Trade (GATT),World Trade Organization (WTO),6,The International Trade Organization,In 1948, the ITO represented an agreement among 53 countries to: Aid in international commercial policies, restrictive bu

7、siness practices, commodity agreements, employment and reconstruction, and economic development and international investment. It developed a constitution for a new United Nations agency. The ITO was never implemented.,7,The General Agreement on Tariffs and Trade,GATT started in 1947 as a set of rule

8、s to ensure nondiscrimination, transparent procedures, the settlement of disputes, and the participation of the lesser-developed countries in international trade. GATT used tariff concessions to limit the level of tariffs that would be imposed on other GATT members. The Most Favored Nation clause ca

9、lls for each member country to grant every other member country the same treatment that it accords with any other country with respect to imports and exports.,8,The World Trade Organization,The WTO was introduced in 1995 and administers international trade and investment accords. In 2002, the Dola R

10、ound ended the first stage of implementation. The aim is to further hasten implementation of liberalization to help the impoverished and developing nations.,9,Changes in the Global Policy Environment,Three major changes have occurred over time in the global policy environment: a reduction of domesti

11、c policy influence; a weakening of traditional international institutions; and a sharpening of the conflict between industrialized and developing nations. These three changes in turn have had a major effect on policy responses in the international trade and investment field.,10,Reduction of Domestic

12、 Policy Influences,Currency flows have increased from an average daily trade volume of $18 billion in 1980 to $1.2 trillion in 2001. As a result, currency flows have begun to set the value of exchange rates independent of trade, which in turn have now begun to determine the level of trade. The inter

13、actions between global and domestic financial flows have severely limited the influence of governments. To regain influence, some governments have tried to restrict world trade by erecting barriers, charging tariffs, and implementing import regulations.,11,Weakening of International Institutions,The

14、 intense links among nations and the new economic environment resulting from new market entrants and the encounter of different economic systems are weakening the WTO. The International Monetary Fund does not have the funds available to satisfy the needs of all struggling nations. The World Bank has

15、 been unsuccessful in furthering the economic goals of the developing world and newly emerging market economies. Some claim that its bank policies have created more poverty.,12,Conflict Between Industrialized and Developing Nations,In the past, it was hoped that the gap between industrialized and de

16、veloping nations would gradually be closed. Although several less-developed nations have emerged as newly industrialized countries, even more nations are facing grim economic futures. An increase in environmental awareness has led to a further sharpening of the conflict.,13,Policy Responses to Chang

17、ing Conditions:Restrictions of Imports,Many countries including the United States have passed antidumping laws which help domestic industries by restricting foreign products being sold below the cost of production, or at prices lower than those in the home market. Imports are also restricted by nont

18、ariff barriers, such as buy-domestic campaigns. It is difficult to remove these barriers. Imports can also be reduced by tightening market access and entry of foreign products through involved procedures and inspections.,14,Effects of Import Restriction,Import control may mean that the most efficien

19、t sources of supply are not available, resulting in second-best products or higher costs for restricted supplies. Import control may result in the downstream change in the composition of imports. Due to inefficiency, import controls may cause a lag in technological advancements.,15,Restrictions of E

20、xports,Nations control their exports for reasons of short supply, national security and foreign policy purposes, or the desire to retain capital. National security controls are placed on weapons and high-technology exports. Although restriction of exports is a valuable international relations tool,

21、it may give a countrys firms the reputation of being unreliable suppliers and may divert orders to firms of other nations.,16,Export Promotion,Export promotion is designed to help firms enter and maintain their position in international markets and to match or counteract similar efforts by other nat

22、ions. Various approaches toward export promotion include: knowledge transfer direct or indirect subsidization of export activities reducing governmental red tape for exporters export financing and mixed aid credits to exporters altered tax legislation for nationals living abroad,17,Import Promotion,

23、Countries that maintain large balance-of-trade surpluses use import promotion measures. For example, The Japan External Trade Organization (JETRO) has begun to focus on the promotion of imports to Japan.,18,The Impacts of Foreign Direct Investment on Host Countries,Positive Impact capital informatio

24、n technology and management skills transfer regional and sectoral development internal competition and entrepreneurship favorable effect on balance of payments increased employment,Negative Impact industrial dominance technological dependence disturbance of economic plans cultural change interferenc

25、e by home government of multinational corporation,19,Restrictions on Investment,Many nations that lack necessary foreign exchange reserves restrict exports of capital, because capital flight can be a major problem. Once governments impose restrictions on the export of funds, the desire to transfer c

26、apital abroad increases. This creates problems for gaining new outside investors.,20,Investment Promotion,Fiscal Incentives,Financial Incentives,Nonfinancial Incentives,21,Investment Promotion (cont.),Fiscal incentives are specific tax measures designed to attract the foreign investor, including spe

27、cial depreciation allowances, tax credits or rebates, special deductions for capital expenditures, tax holidays, and reduction of tax burdens. Financial incentives offer special funding for the investor by providing land or building, loans, and loan guarantees. Nonfinancial incentives can consist of

28、 guaranteed government purchases, special protection from competition, and investments in infrastructure facilities.,22,U.S. Perspective on Trade and Investment Policies,The U.S. seeks a positive trade policy rather than reactive, ad hoc responses to specific situations. Protectionist legislation ca

29、n be helpful, provided it is not enacted into law. Trade promotion authority gives Congress the right to accept or reject treaties and agreements, but reduces the amendment procedures,23,International Perspective on Trade and Investment Policies,From an international perspective, trade and investment negotiations must continue. In doing so, trade and investment policy can take either a multilateral or bilateral approach: bilateral negotiations are carried out mainly between two nations. multilateral negotiations are carried out among a number of nations.,

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