To understand the value and impact of international trade policy, we must first focus on the impact of national and bilateral trade policy. Trade policies, in general, define the standards, goals, and rules and regulations of trade agreements between countries. Such policies are specific to each individual country, being determined by the country’s public officials. In some cases, they are employed to protect and promote local businesses. They can also be set up to promote the importing of certain goods, while having an embargo on others.
National trade policy is the formulation of each country’s policies on trade. They are implemented to accommodate the people living in the country and ensure their best interests. These policies can also reflect embargoes and other trade barriers that are in place. Bilateral trade policies are formed between 2 nations to regulate business and trade relations between them. Naturally, the policy must be beneficial to both parties for the most effective outcome. To form such a policy, both countries’ national trade policies are considered to find a golden midway that will work for both involved parties.
The international trade policies are determined by international economic organisations, including the Organisation for Economic Cooperation and Development(OECD), the World Trade Organisation(WTO), and the International Monetary Fund(IMF). These organisations define the international trade policies to uphold the best interests for developed and developing countries’ economies and financial growth. Therefore, these policies are aimed to stimulate international and cross-border trade. However, there are still various operational and compliance challenges which these trade policies do not always address. This is where BlueBlox can make a difference for your business.
BlueBlox is your first choice as a trade compliance consulting house. Our services include trade compliance consulting, trade facilitation and government negotiations between businesses and governments from countries in Africa, the Middle East, and Eastern Europe. We can help you overcome trade barriers and support you in finding feasible and compliant solutions to enable your trade. If a workable trade solution is not available, we can support in facilitating your discussions with the authorities, which aim to develop solutions that will be compliant and acceptable for all parties involved.
For more info on how we can assist your business with cross-border trade, please contact us today with any enquiries.