No local economy is self-enough, as it can be affected by multiple political and economic factors which can adversely affect business operations. Therefore, this paper will explore the aspects of international businesses, considering their theoretical perspectives, tariffs and regulations which control international business, and the trading systems of Singapore.
PART ONE: INTERNATIONAL BUSINESS
Introduction
Rapid technological expansions have enabled tremendous growth in international business where governments efficiently trade across their borders. International business is defined as commercial transactions that occur between two or more countries. it includes all transactions which involve governmental and private enterprises, investments, sales and logistics which happens between two or more regions, countries and nations beyond their political boundaries(Ghauri and Park 2017). The concepts of international business are critical because it provides businesses with a greater scope to sell the services and good which they offer and produce because a business which is reliant on the local market alone can fall victim to changes in the home market. Therefore, selling internationally greatly increases the chances of having a stable business, in case one market fluctuates. The essence of engaging in international business is that it is nearly impossible for all economic blocks to decline at the same time, which creates a sense of stability to any business (Ghauri and Park 2017). No local economy is self-enough, as it can be affected by multiple political and economic factors which can adversely affect business operations. Therefore, this paper will explore the aspects of international businesses, considering their theoretical perspectives, tariffs and regulations which control international business, and the trading systems of Singapore.
Theories of International Business
There are several international theories which attempt to explain how nations have traded with each other over the centuries. These theories are subdivided into classical-country and modern-firm based theories.
i. Classical-Country Based Theories
a. Mercantilism
Mercantilism is an economic theory which was developed in the 16th century and is recognized as one of the earliest efforts by scholars to understand economics. This theory stated that the wealth of country was determined by its silver and gold holdings in its reserves (Weingast 2017). In this case, its proponents believed that a country should increase its wealth by discouraging imports and encouraging exports. In simple terms, if a country wants to increase its gold or silver holdings, then people from other countries had to increase what they buy from that country (exports), then what they sell to that country (imports) (Weingast 2017). This will create an economy where it balances the payment between the two countries, with the one exporting gaining bulk of gold and silver. The main objective of the country was to have a surplus in trade, where the value of exported goods is higher than that of imported goods. Also, it discouraged trade deficits where the value of imports was more than that of exports in a country.
Figure: 18th century impression of mercantilism economy, based on mother country and colonies.
b. Absolute Advantage
Adam Smith in 1776 offered a new theory which offered a response to the leading mercantilism theory. The absolute advantage explores the capacity and the ability of a nation to produce goods and services more efficiently than other nations (Weingast 2017). He argued that trade between nations should not be regulated or restricted by government policies, but it should be left to flow naturally following the market forces. The theory proposed the aspect of specialization where one country could focus on producing one product efficiently, and selling it to another country (Weingast 2017). also, the other country could specialize in producing another good efficiently and sell it to the other country. this is a theory which featured in two country scenarios where specialization would generate efficiencies as their labor force would become skilled in doing the same tasks. Smith theorized that if efficiencies of a certain country were to be prioritized, both countries would benefit, and trade would flourish (Weingast 2017).
c. Comparative Advantage
David Ricardo challenged the absolute advantage claiming that not all countries could have the same useful absolute advantages. He theorized that if a country had specialization in producing both items, the trade would still occur (Lang 2011). If a nation is unable to create an item more efficiently and gain competitive advantage, then it may focus on producing the item more efficiently and better than other goods. The difference between comparative advantage and the absolute advantage is subtle as it majors only on productivity differences (Lang 2011).
Figure: comparative advantage and disadvantage theory
ii. Modern or Firm Based Theories
Unlike the classical theories, modern international business theories involve service and product factors. According to Kállay (2012) these include customer loyalty, technology, branding, and quality in evaluating trade flows.
a. Global Strategic Rivalry Theory
This is an economic theory which emerged in the 1980s propagated by Kelvin Lancaster. And Paul Krugman. It focuses on Multinational Companies (MNCs) and the strategies they lay in gaining competitive market in an economic market on a global scale (Asmussen 2014). Therefore, they theorized that the only way a firm can maintain a competitive advantage was to gain barriers. Asmussen (2014) suggests several barriers to entry which firm may seek to exploit to their advantage include;
v Development and research
v protection of trademarks
v Experience in the industry
v Control or resources and raw materials.
b. Porter’s National Competitive Advantage Theory
Developed by Michael Porter in the 1990s, the theory attempted to explain how a company can gain a competitive advantage. He argued that the competitive advantage of a nation can be influenced by the ability of the nation to upgrade and innovate (Porter 2014). This theory focused on addressing the reason why some countries are more competitive than others in some industries. In articulating the theory, Porter (2014) highlighted several aspects which a nation can use to have a competitive advantage.
Figure: Porter’s Porters Diamond on National Competitive Advantage Theory
v Local market resources and capabilities
v Conditions creating demand in the local market
v Local industries and complimentary suppliers.
v Localized firm characteristics.
In addition to these four determinants, Porter (2014) argued that the role of the government in gaining a competitive advantage was paramount in ensuring enduring competitive advantage. Through their policies and actions, the government can add competitive advantages to their firms and industries.
Different Tariff and Non-Tariff Control Measures for Regulating International Business
Tariffs are used to restrict and regulate goods being imported into a country by increases the prices on services and goods brought from overseas, thus rendering them useless to prospective buyers (Orefice 2016). Governments impose tariffs to acquire revenue to finance their budgets or as a measure to protect domestic industries from international competition. When imported goods become expensive due to levied tariffs, it can make local goods attractive to local consumers (Orefice, 2016). While protecting their industries, the government can also protect jobs. There are two types of tariffs and they include Tariff and Non-Tariffs.
a. Non-tariffs
Non-tariff measures (NTMs) also known as Non-tariffs barriers (NTBs) are trade barriers which regulate and restrict exports and imports of services and goods through mechanisms other than the impositions of tariffs (Orefice 2016). These are the aspect of imposing aspects which affect overseas investments or affect international trade. NTMs includes:
i. Quotas
These are quantifiable limits imposed by a government in terms of the numerical size of goods to be imported into a country for a specific period of time (Orefice 2016). The number of goods is addressed in the license and the person importing should pay a fine if the quantity of goods exceeds the specified amount in the license. Quotas are used by some countries for protection against vulnerable industries or wedge political power in areas such as an automobile, agriculture, and technology from international competition (Orefice 2016).
ii. Subsidies
These are payments by the government to the domestic workers, such as low-interest loans, money grants, and equity participation in local businesses. These subsidies help the domestic worker by competing with low-cost international goods and have access to exporting markets(Orefice 2016).
iii. Embargo
This is an absolute ban of either exportation or importation of goods and services by a government. It is usually an order of the government in imposing a trade barrier based on economic or political issues. The purpose of trade embargo is to accomplish political ambitions or to avoid religious confrontations (Orefice 2016). For example, there is an embargo in India on the importation of beef because Hindu religious believes prohibit beef consumption.
b. Tariff Measures
Tariffs are taxes or duty imposed by a countries’ government on traded goods as they cross national borders. Tariffs can be applied to both imports and exports, where tariffs which are levied on goods from a country and are bound abroad are known as export duties (Carbaugh 2009). Nations that desire to increase their exports usually avoid using export duties, therefore making tariffs more synonymous with imported goods. Import tariffs or import duties are levied on commodities which are scheduled to a home country from abroad. At other times, a country can rely on transit duties which are levied on goods destined to a third country across a home country. such duties are more concerned with landlocked countries (Carbaugh 2009). when tariffs are imposed, they can create relative changes to the prices of commodities within a country. high tariffs for this matter would be used to restrict international trade, while negative tariffs are supposed to create an expansion of international trade.
i. Types of tariffs
There are basic criterions for imposing tariffs and they include:
1. Specific tariff
This is the amount of money fixed per physical unit or per the measurement or weight of the commodity being imported (Carbaugh 2009). They are levied on commodities such as cement, wheat, sugar among others. specific tariffs are easy to impose because they do not need to have goods evaluated. Specific duties cannot be levied on goods of high-value such as jewelry, precious metals or electronics or auto works.
2. Ad Valorem tariffs
This is a term implying the fixed percentage duty levied on the value of goods traded. They are levied on goods which have disappointedly higher value than their weight and measurement (Carbaugh 2009). They are as mostly equitable to luxury goods which can be levied upon the country’s rich. The more value the commodity is, the more it has the burden of duty and vice versa.
3. Compound tariff.
This is a combination of the ad valorem and specific tariff, where it is structured to include the percentage of the ad valorem and the specific duty of each commodity. Compound tariff is essential because it ensures the protection of home industries effectively and creates greater elasticity of revenue collection by a country (Carbaugh 2009).
4. Sliding Scale Tariff
Duties or taxes which vary with the price of a commodity are known as the sliding scale tariffs. They may either apply to ad valorem or specific duties, however, they are mostly used on specific duties(Carbaugh 2009).
ii. Classification of tariff based on the purpose imposed
1. Revenue tariff
This is a tariff which is imposed by a country for the sole purpose of creating more revenue for the government. in many developed nations, the diversification of direct duties has led to a reduction in the importance of revenue as the primary revenue for governments in trade (Shrivastava 2012). However, in less developed nations, they rely on revenue tariffs to generate revenue. Practically, pure revenue tariff is impossible, but it affects the switch in demand for goods by domestic consumers, thus protecting home-produced goods (Shrivastava, 2012).
2. Protective tariffs
These are duties and taxes which are imposed by the government to protect home industries from cut-throat competition from goods produced by other countries. the greater the tariff imposed, the higher the measure of the protective capacity of the tariff (Shrivastava 2012). A tariff which is perfect is able to completely protect imports from abroad, but in practice, it is impossible. This is because if the domestic demand for the importation of goods remains strong, it can create avenues for smuggling which will not generate any revenue for the government. A higher protection tariff can make home-based producers more inefficient and lethargic in facing foreign competition (Shrivastava 2012).
Singapore’s Trading with the European Union and ASEAN Countries
The Association of Southeast Asian Nations (ASEAN) and the European Union (EU) are a dynamic investment and trading blocs, each desiring a more productive regional integration. These regions aim at having an integrative social and economic development which is based on trade and political interactions (Cieślik; Song 2012). After China and the United States, the ASEAN is the third biggest partner of the EU trade partner in services and trade goods. Also, the EU is the second largest partner, after China in goods and services to the ASEAN (Cieślik; Song 2012).
a. Relationship with the EU
Within the ASEAN, Singapore, which is the hub of trade and investment, holds the largest trading membership within the ASEAN and the EU bloc. It holds the one-third of the EU-ASEAN trading partnership(Locknie 2015). By the end of 2016, Singapore received the highest FDA from Europe and Asia, creating a surplus trade and investment financing. Being the largest partner, in 2017, Singapore accounted for bilateral trade goods worth €53.3 billion and trade services € 43.7 billion in 2016 (Locknie 2015). On the part of the bilateral investment, Singapore accounted for one third with where it amounted to €256 billion in 2016. The EU-Singapore investment and trade agreements are the first bilateral investment and trade agreement to ever be ratified between an ASEAN member and the EU(Locknie 2015). Negotiations were initiated in 2007 going through to 2009 when they reached a stalemate but continued talks having included other players of the ASEAN including Thailand (2013), Malaysia (2010), Indonesia (2016) and Philippines (2015). Over 10,000 investment companies have based their operations in Singapore and use it to the operator in the whole Pacific rim (Locknie 2015).
The Singapore-EU trade agreement is one of the modern trade agreements in the region and it is designed to encourage taking full advantage of opportunities created by Singapore as the transport and business hub in Asia. According to Aziz (2017) the EU is poised to benefit in
i. Eliminations of customs duties where 80% of all goods will enter the Singapore market duty-free.
ii. Facilitate global and regional trade value chains.
iii. Improve non-tariff and technical barriers to trade goods on commodities such as electronics, motor vehicles, and vehicle parts, medical and pharmaceutical devices, renewable energy generation equipment.
iv. Offer new tendering opportunities for EU bidder.
b. Relationship with ASEAN
Singapore holds the current chairmanship of the ASEAN because the nation-state has long been recognized as having a business-friendly and stable economy. Therefore, among the ASEAN its serves as the gateway for development of MNTs and SMEs who would like to break into the Asian market (Tommy; Li Lin; Li-lian 2017). Singapore is better positioned because it has several advantages. One of them is that the country is open to trade, where it prides itself as being the first country to implement a Free Trade Agreement in 1992 which relaxed import customs and duties of countries in the ASEAN. It ratified the Common Effective Preferential Tariff (CEPT) which created avenues for the other ASEAN businesses to establish in the country conveniently (Tommy; Li Lin; Li-lian 2017).
Figure: Zero tariff levies in Singapore among the ASEAN
According to the 2018 World Bank’s Doing Business Index, the country was ranked the second in ease of doing business because of its accessibility, widely spoken English language and efficiency in issues regulations and licenses for MNTs and ASEAN SMEs (The World Bank 2018). It has lower barriers to entry into the country where other companies can set and operate with ease easily. The country has higher tax incentives for multinational companies. In ASEAN, Singapore prides by having the smallest corporate tax of 17%. MNCs operating in Singapore benefit from the Double Taxation Agreement (DTA) which apply to more than eighty nations worldwide (Tommy; Li Lin; Li-lian 2017). As a result, the company serves as the doorway to ASEAN because of its conduciveness to trade. Based on these factors; ease of doing business, tax incentives, and deductions, political stability, personal security, Singapore remains a global leader in international trade and investment (Tommy; Li Lin; Li-lian 2017).
Figure: ASEAN trade bureaucracies and Singapore’s position.
PART TWO: TRADING BLOCS
Introduction
A trading bloc is defined as an agreement between governments of different countries within a geographical location that aims at reducing economic barriers and enhance smooth trade within the involved countries. This partnership enhances easy exportation and importation of goods between countries within the trading blocs and at the same time limits non-member from enjoying such benefits. Regional trading blocs have a common set of a market with certain conditions that differ from the market of other countries that lie outside the bloc.
Trading blocs have existed over a long period of time and they play an integral part in the economic and political stage of different countries and one of the earliest documented trade blocs is the Hanseatic League of the North European Merchants associations that existed in the late 12th century that protected the political and economic privileges of its members. However, after its collapse in the late 16th century it took a while until after the Second World War for other regional trading blocs to be formed throughout the world (Kerremans ;Switky 2018). The trading blocs have several advantages as well as disadvantages that will be discussed in this section.
Figure : Geopolitical map showing major contemporary trade blocs around the globe.
Advantages of trading blocs
I. Competition
Competition from other producers of the same product is an important aspect to investigate before one venture into the market. The introduction of competition policies in markets is an important aspect as it allows businesses and companies to compete fairly among each other. The establishment of regional blocs provides a wider scope of the market for businesses but at the same time, the number of competitors also increases since they come from different countries within the blocs. The blocs consequently allow many manufacturersin different countries to work closely with each other and as a result, a high rate of competition develops among them. (Meissner 2016)
The treaty of Rome in 1957 of the European Union, the competition policy adopted was to create a competition of well-developed set of rules that allow fair market system among big and small firms and subsequently provide a free market system among the consumers(Meissner 2016).
II. Improved market efficiency
The demand and supply chain are a common scenario experienced in any market and plays a key role in the price of any commodity that is at the core. The regional trading blocs allow the production of many products with respect to the rise in demand of consumption and the result an efficient market is formed. Between 1994 and 2004, Mexico provided a large market to the US meat industry and this was attributed to the North America Free Trade Agreement. (Meissner 2016).
III. Trade effects
One of the major reasons for the creation of trading blocs is to eliminate or reduce barriers involved in the importation or exportation of goods within member countries. With zero or fewer tariffs on these goods, the consequence is that there is a reduced price in the commodities which is an advantage to the consumers (Meissner 2016). Therefore, the consumers purchase the products based on their low price and thus the markets prosper. The enactment of NAFTA in 1994 has led to a smooth trading between the Mexico, the United States, and Canada by eliminating the barriers to trade and investment among the countries (Meissner 2016).
IV. Economies of scale
Meissner (2016) states that economies of scale refer to an increased level of production that results in proportional savings per unit cost and the existence of trading blocs has allowed the creation of larger markets that which in turn favors the economies of scale. With a wider market, the demand increases and hence there is an increased production of the unit quantity that reduces the average cost of production.
V. Foreign direct investment
The increase in the foreign investments in many markets is as a result of the creation of trading blocs and therefore the economies of the participating nations increases due to the realization of the large markets that result in the reduction of the production costs. In 2001, the US and COMESA signed an agreement that targeted the development and expansion of trade products and a long-term investment on the development and diversification trade (Meissner 2016).
Disadvantages
I. Regionalism vs. Multinationalism
According to Wang (2010) trading blocs tend to favor their participating countries as compared to the non-members and therefore the trading blocs are opposed by the global free trade advocates because it encourages regional trade instead of the global trade. Trade within the NAFTA countries has increased trading efficiency by 80 percent among Canada and Mexico and has made it difficult for other outside countries to trade due to the increased tariff for the non-members. This goes contrary to the World Trade Organization objectives that allow a global trade for all countries since most of the countries belong to the WTO and therefore, it is an act of regionalism rather than global integration (Wang 2010).
II. Loss of sovereignty
A country’s autonomy may be affected by its existence in a trading bloc. This may happen if the issues that arise are as a result of immigration and environmental protection. The Treaty of Rome that began as a trading bloc for the European Merchants transformed into not only trade-related issues but also political issues that involved consumer consumption security, human rights, and other related marginal issues and the repercussion is that it weakened by the end of the 16th century (Kerremans; Switky 2018).
III. Concessions
Kerremans; Switky (2018) discuss that it is the responsibility of any government to protect its local industries from foreign firms so as to prevent the collapse of their domestic firms. The ramification of trading blocs is that countries that want to join certain blocs must be ready to make sacrifices by making concessions. Therefore, firms of developing countries become less competitive in their local market once developed countries establish their multinational corporations into their market and produce similar goods.
IV. Interdependence
(Meissner 2016) discuss that since regional trading allows interchange of goods that are not available to other countries, it makes the countries involved dependent on each other. However, if the countries are affected by either natural or human calamities the consequences are faced by all the participating dependent countries and thus their economies are affected deeply.
Modes of Entry Into the International Business
Over the years, technological improvements have made it easy for the manufacture of goods and delivering of services by different firms. For a broader market, the corporations attempt to expand their businesses and gain a foreign market in order to gain more profits and therefore, different strategies are adopted to enter the international markets. These channels and strategies that the organizations employ in order to enter a new international market are what is defined as the modes of entry into an international market (Collinson; Narula; Rugman 2016). There are many strategies to consider but the degree in their risks and their return of investments may vary and therefore their alternatives should be considered. In this section, the different alternatives of the modes will be discussed as well as how to develop the entry strategies.
I. Exporting
Exportation of goods and services is the most established and traditional way of selling products in a foreign market and it is defined as a way of sending goods from one country to another. Exportation can be classified into direct and indirect approaches. The direct exportation approach is where the organization decides to sell their products overseas on its own behalf and is, therefore, able to gain control of its products in the foreign market. On the other hand, the indirect exportation approach is where the organization works with a third party to enter an international market and therefore has no control in the foreign market as discussed by (Collinson; Narula; Rugman 2016). Direct exportation is possible through sales representatives and import distributors while the indirect exportation is possible if there exists Export Management Companies (EMCs), Export Trading Companies (ETCs) and non-conforming purchasing agents.
II. Licensing
Licensing is defined as the mode of operation where an organization in one country, who is the licensor, grants permission to another organization in a foreign country to use its trademark during delivering of services to its consumers for a given period at a specific cost. The advantage of licensing is that the licensor and the receiving organization both earn from the partnership from the market while its disadvantage is that the know-how is developed by both the partners and therefore the partnership is consequently short (Elsner 2014).
III. Franchising
Elsner (2014) describes franchising as the mode of operation where the parent company, the franchiser, provides the most and essential requirements that are essential in the operation of the business in the foreign market. It differs from licensing in the sense that the agreements are longer, and the parent company has more rights in running of the business. The advantage is that expansion of the business in different parts of the world can occur simultaneously while its disadvantage is that the franchiser may become competitors in the future once they take advantage of the acquired knowledge during the time of the agreement.
These agreements are majorly involved when it comes in the development of large manufacturing plants. It involves a company contracting another industrial company that is specialized in the building of industrial complex technologies to set up a manufacturing site on their behalf and trains and develop personal skills in the usage of the technologies as described by Collinson; Narula; Rugman (2016). The advantage is that a company can gain more profits once the site is complete especially when foreign investments are involved and at the same time it risks revealing its techniques to another rival company thus enhancing competition.
The series of relationships and agreements of different companies that market international is what is described as a strategic alliance. The different corporations work together in terms of shared manufacturing, research arrangements, distribution, and marketing arrangements but the companies remain separate and independent and are thus have no non-equity agreements (Collinson; Narula; Rugman 2016).
Figure: international business entry modes.
Communication Aspects to be Taken Care For an Effective International Business
The ability to communicate effectively in today’s global business and various cultures as the economies of different countries merge and overlap should not be underestimated. Different international corporations need skilled personnel who can enhance their businesses internationally in the growing global market (Helmová 2017). As a result, different institutions offer degrees that provide training and enhanced knowledge to these individuals of what the business world requires and some of the methods to penetrate different cultural boundaries.
This involves sharing information across different groups and cultures that include the social life, believes, attitude and values, religious adherence, educational and ethnic backgrounds to the people (Varner; Beamer; Beamer 2011) discuss that the cultural background of communities plays a vital role in the business world and therefore for a business to succeed in the cultural context should be considered at any particular time. Failure to regard these considerations is sensitive to both the consumers and the employees and if not taken care of it results in the collapse of the business depending on its geographical location. Several steps can be taken to improve intercultural communication skills and hence increase the efficiency of businesses.
Breaking down of cultural barriers is important when it comes to the marketing of products and this is possible by training people the various skills that meet the global interactions. The interpretation and analysis of cross-cultural interactions are taught in these training so that it makes it easy to remove the cultural barriers between the marketer and the consumer (Varner; Beamer; Beamer 2011). Both interpersonal and intrapersonal communication interaction are important aspects of corporate and can have a major impact on the business world. Several cultures are more team-oriented and require teamwork during marketing and it is, therefore, important to come up with a business plan that interacts well with the consumers. Therefore, for an organization to venture into any geographical location, they are to be aware of the dos and don’ts of the country and their respective cultures (Varner; Beamer; Beamer 2011).
According to Rai; Rai (2010) negotiation skills are very important in any business organization or partnership in order to endeavor in both the cultural and global market. For the consumers to purchase any products or services from an organization, they must be convinced that the products are of the best quality compared to others. Concurrently, it applies in merging of partnership and getting investors to invest in the business in order to expand both global and international business. Each organization, therefore, requires having exemplary negotiation skills in order to improve its marketability. Improved negotiation skills may include good communication skills, time orientation, and globalization (Rai; Rai 2010).
Communication is key for any business to prosper and when language is a barrier then the impact can be very huge when the conveyed message is received differently and thus affects the negotiation between the parties. Time variation can also affect the pace of negotiation of businesses in different global cultures (Rai; Rai 2010). Before any decision is taken, the organizations should look at how time affects the business in one way or the other. Time factor can both be natural or human. Natural factors may be caused by unavoidable circumstances such as weather conditions and natural calamities like floods while human factors can be as a result of political instabilities. Not understanding how time affects business can have a tremendous effect on any negotiations (Rai; Rai 2010).
Conclusion
International business has become rampant as a result of the improvement in the science and technology world and therefore people living in different borders can buy and sell goods with ease. The WTO has made it possible for different countries to do business with an equal baseline and therefore competition is fairer between firms of more developed nations and those of developing nations which improves multinationalism. However, the creation of regional trading blocs has made it easier for countries to trade within themselves at a cheaper price thus creating a larger market globally. Nevertheless, there have been constant arguments between multinationalism and regionalism and which among the two should be adopted for business to prosper by countries.Since international business has become easy, different methods are considered before venturing into the global market with the risks involved put into consideration.
These modes of entry have made partnership among companies of different countries to come and work together as they seek to have a broader market and satisfy the customer's needs. The products have then become of better quality which is an advantage to the consumers since the competition of these companies has become more fierce.Communication is very important when it comes to conducting business and hence the cultures, believes and educational backgrounds of different countries should all be considered in the line of doing business. The right relationship between the seller and the customer should be adopted so that the rights of the consumers and also the employees are not violated.
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