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Introduction
The time is not far when the face of the economic side of the world will change with the advent of the rules and regulations of the World Trade Organization (WTO) being implemented in China. This is something that has been on the table of discussions for people, especial in many business firms. In brief, the World Trade Organization (WTO) is “the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business. ... The markets will grow and they will open up when a country joins the WTO, and once they do that it will be the customers who will be the final choosers. ...
China entering WTO
When China enters into the WTO, there will be various impacts to the economy as well as to business firms. ... This would depend upon the nature of the business and the industry the company is operating in. ... China enter intro the WTO also meaning that the small-medium enterprises(SME) will face tough competition and in the near future, the weaker company will have to radically improve their productivity in order to survive in the industry or market. ...
Impact on a firm
To a small Hong Kong business firm in the Information Technology industry, the impacts would more likely to be in the area of its technological capability, foreign linkages and business activity. ... To an Informational Technology firm, there may be a management perspective that, with more technological capability. Technology can be easier to transfer in several ways, and each transfer mechanism implies different characteristics of the technology and its role in the firm’s preparedness for the liberalized market. With the continuous upgrade of technological capabilities and therefore continuous improvement of international competitiveness, it means that more business opportunities in the Chinese national market. ... More foreign linkages will be more competitive worldwide and therefore more likely to favor the trade and investment liberalizations that WTO brings in. The WTO will have significant influence on knowledge transfer and the global competitiveness of the firm. In additions, WTO opens up foreign direct investment opportunities, liberalize trade associated with investment, strengthen intellectual property rights protection, and reduce import tariffs on many telecom and IT products, and generally reduce tariffs on many other traded goods.
Approximate Word count = 1983
Approximate Pages = 7.9
(250 words per page double spaced)
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