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International business means carrying on business activities beyond national boundaries. These activities normally include the transactions of economic resources such as goods, capital, services & international production. In the present day world it has become indispensable for any country.
To promote international trade, many development organizations such as WTO (World Trade Organization), IMF, WB & UN, UNCTAD are playing a key role. To support the growth & mitigate conflict in the region, various types of Regional Integration have been set up.
Most of the multilateral development organizations listed above is part of the UN system of Organizations. Multilateral Development Banks such as WB, ADB etc. provide concessional finance to developing countries for development projects.
In addition UN system of organizations undertakes wide range of development projects worldwide. This leads to procuring goods and services in the amount of nearly $50 billion every year. These organizations follow their procurement processes which act as a model for many of the countries.
International Business especially importing goods call for understanding the selection of an overseas supplier, preparing the Import Contract, establishing Letter of Credit and custom clearance including shipping documents.
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