Critical Issues in Business Management

This article discusses the impact of COVID-19 on Commonwealth countries' global and intra-Commonwealth goods and services exports, and the scene for trade recovery. It also covers the importance of digital trade, its main tendencies, trials, and chances in the Commonwealth involving the effects of COVID-19. Additionally, it highlights the significance of the African Continental Free Trade Area, especially for women, and what the Commonwealth and G7 can do to boost and increase job sustainability.

Critical Issues in
Business Management
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Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Effect of COVID-19 on Commonwealth countries’ global and intra Commonwealth goods
and services exports, and the scene for trade recovery...............................................................3
Sources of future growth including from the Commonwealth advantage..................................4
TASK 2............................................................................................................................................4
Importance of Digital Trade. What are its main tendencies, trials and chances in the
Commonwealth involving the effects of COVID-19?................................................................4
Real significance, the current state transformative and inclusive can African Continental Free
Trade Area is, especially for women...........................................................................................7
TASK 3............................................................................................................................................9
Commonwealth and the G7 can do to boost and increase job (specially from a sustainability
side) can all advantage and why?................................................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
Books and journals....................................................................................................................12
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INTRODUCTION
The collaboration and organisation of company practices is mentioned to as business
management. Business managing and supervising processes and contribution staff in achieving
maximum productivity. A company's management may also be accountable for overseeing or
exercise new personnel, as well as assisting a company in meeting its operating and economic
goals. There is a huge effect of covid 19 on everything as the pandemic's economically and
socially effects are disastrous: hundreds of lots of individuals are at risk of descending into
financial adversity, and the majority of persons who are starving, which is currently probable at
about a million, might rise to more than a millions by the end of every year (Stewart, 2021). Any
collection of people organised under a single policy, especially a republican, is referred to as a
commonwealth. User lives in a commonwealth if visitors reside in the United States of America.
This file covers impact of covid on commonwealth countries, service exports, prospects of trade
recovery, and sources of future growth. This will also cover position of digital trade, experiments
and possibilities and also meaning of the African Continental Free Trade Area.
TASK 1
Effect of COVID-19 on Commonwealth countries’ global and intra Commonwealth goods and
services exports, and the scene for trade recovery.
The COVID-19 widespread has activated a universal monetary disaster that has never been seen
before. It has activated a deep slump in many Commonwealth nations as well as their leading
spread destinations, effective in managing and intra-Commonwealth commerce substantially.
Inflows of foreign investment into Commonwealth nations have also plummeted. The
pandemic's large effect mostly on susceptible economic systems, communities, and medical
institutions, with extremely devastating effects on women, youngsters, the needy, and the
unemployed, could exacerbate existing barriers to financial inclusion in the Commonwealth and
the achievement of the Sustainable Development Goals.
The widespread had a excessively bad influence on various Commonwealth nations' economies
and commerce. It caused a devastating downturn in 45 Commonwealth nations, causing their
GDP to plummet by US trillion in a one year (Rocha, Narcizo and Gianotti, 2022). This
corresponded to billions avoided in individual countries’ worldwide sales and billion in intra-
Commonwealth world trade. These nations were especially prone to economic transmission due
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to their huge communities, connections on exporters, and equally severe downturns in important
trade destinations. Furthermore, COVID-19 proven to be a tough feature for reduced nations,
particularly some Commonwealth minor countries, due to the pre structural vulnerabilities.
Sources of future growth including from the Commonwealth advantage.
COVID-19 presents a severe danger to healthcare systems, businesses, and society as people
know them, and the globe is now facing enormous health difficulties (Treiblmaier and Beck,
2019). The present COVID-19 outbreak has brought to light current problems in the health-care
systems. There is no good opportunity than this to unite in global cooperation to combat the
COVID-19 pandemic's increasing risks. With its global infrastructure of government, non-
governmental, and society organizations throughout all countries, the Commonwealth is an
appropriate platform to address these worldwide medical issues. This is the best growth and
development for the commonwealth countries to provide a better environment and also a growth
for the future.
With this, there are also some of the advantages for the commonwealth countries as parties of the
Commonwealth can use the 'Commonwealth benefit to create a post-pandemic breeze that aids
rebuilding, specifically in tiny states that have been impacted especially difficult. They know that
commerce can help them control the epidemic and that it is an important strategy for regaining
their footing. Members of the Commonwealth can gain from greater cooperation and advantages
provided by programmes including the Commonwealth's Connections Strategy, Blues Covenant,
Energy Technology Transformation Agenda, as well as other activities that promotes a more
equitable, durable, and responsible economic rebound. The Commonwealth trade benefit has
built security and durable, and is currently assessed at a respectable per cent over the same
period, according to the Trade Review (Egwuenu and Omede, 2019). This advantage has nearly
quadrupled in level of finance.
TASK 2
Importance of Digital Trade. What are its main tendencies, trials and chances in the
Commonwealth involving the effects of COVID-19?
Digital trade is a wide notion that encompasses not just the outlet store of consumer’s goods and
the provision of internet platforms, and also information flow that allow global supply chains,
intelligent production facilities, and a variety of other systems and tools.
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Importance of Digital Trade
The digitalization has reduced the prices of worldwide commerce, improved the synchronization
of global value chains (GVCs), assisted in the transfer of knowledge and skill, and linked a
superior amount of companies and clients through the world. Though, while world trade will
never be simpler, the application of advanced advertising plans has resulted in more complicated
international business dealings and regulatory tests. Authorities look important difficulties in
todays rapidly and linked world, not just in supervisory concerns originating from technological
transformation, but also in assuring that the potential and advantages of digital commerce can be
fulfilled and equally distributed.
Digital trade lowers management fees, enhances value network involvement, and expands access
to markets and range (Siltaloppi, Rajala and Hietala, 2020). As a result, digital trade provides
considerable capabilities and quality benefits to organisations. Technical progressions have the
skill to improvement effectiveness and enlarge business chances. Artificial intelligence (AI) and
block chain technology will have an effect on the development of commerce since they can
intensely improve quantity supplied for many sectors, resulting in cheaper costs and rising
production. Furthermore, digital technology will change the structure of commerce by increasing
the activities element, boosting commerce in specific items including such moment goods,
altering absolute and comparative trends, and impacting the complex and duration of global
value chains.
Trends of Digital Trade
Digital business is defined as global trade in products and services that have been purchased
and provided virtually. Digitised decided to order commerce is the global selling or decide to buy
of a service or product over networked computers using methodologies specially developed for
obtaining or ordering stuff; accept trade is worldwide transfers supplied from anywhere in an
electronic format using computer systems particularly created for the reason. Trading between
small, generally lower real objects (parcels bought internet) and electronically practising
certificate (such as online banking services) is rising as a result of digitalisation.
Trade can assist in enabling digitization by lowering the price of access to online networks.
Reducing prohibitions on trading in communications program can help keep access prices down
by intense rivalry, while telecommunication firms boost internet connections to help clients stay
in touch during systematic physical distance (Bastas and Liyanage, 2018). Reduced networking
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gear charges can also help communication platforms save money on health and growth. Trading
also allows us to have access to systems that allows interconnecting. Computing and associated
devices has a foreign positive contribution, making some of the most globalised industries. These
technological facilitators, on the other hand, are still susceptible to duties, emphasising the need
of nations joining the WTO Information Systems Convention to secure commission accessibility
to these items.
There are several digital trends which need to be taken into consideration in order to
attract customers. The main aim of the business organisation is to develop the various new
trending digital platforms in order to adopt the virtual aspect of the products and serveries.
Digitalisation is one of the common trends which need to be identified by the company to attract
customers.
Challenges of digital trade in the Commonwealth with the possessions of COVID-19
COVID-19 has had a negative impact on digital trade internationally and in the Commonwealth.
The effect of the epidemic has been felt including both market forces routes. On the supplier
side, for example, the solubility of processes during shutdowns, shorter efficiency and labour
shortfalls going to result from the requirement to keep social distance and, in certain instances,
start engaging in employees spinning, scarcities of raw materials or finished inputs, and
boundary limitations influencing the transportation of products have all hindered the industrial
production of goods (Millar and Koning, 2018). The production divisions that are more labor-
intensive and far less mechanized have been the most hit. Manufacturing and agricultural
interruptions, as well as availability of labour, have impacted the supply of items in e-commerce
entire value chain. Cross-border e-commerce has also been affected by interruptions in
transportation and logistical services.
Despite these obstacles, the implementation of lockdowns and body exertion limitations to limit
COVID-19 resulted in a significant increase in domestically and bridge e-commerce to maintain
products and services moving. The digitalization and electronic trade have played an imperative
part in minimising some of pandemic's financial damage, and new possibilities in e-commerce
and virtual trade emerging from the accelerated adoption of smartphones are likely to have an
important role in boosting post-COVID-19 economic growth. However, the rise of e-commerce
has brought with it new issues in terms of protecting customer trust and safety, and it has the
potential to promote illegal activity (Millar and Koning, 2018). Illegally imported animals,
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tobacco, fake pharmaceuticals, inadequate protective equipment, and even toys for children that
avoid safety inspections are said to be among the dangerous items.
Chances of digital trade in the Commonwealth with the effects of COVID-19
COVID-19 is rapidly being greeted as a main technique for minimising financial harm. On the
one side, the widespread has hurried the range of an electronic rebound; on either hand, a fast
and increasing dependence on digitalization has worsened the current information gap between
nations (Gatti, Chiucchi and Montemari, 2018). The focus of this article is to gain an insight into
the role of global trading in assisting the Commonwealth's post-COVID economical expansion,
as well as to place it in the frame of reference of the many challenges that come with expanding
online commerce and widening the sharing transformation in Commonwealth nations.
Digital trade efforts, such as the tiny screen, will play a crucial part in developing sustainable
trade flows beyond COVID-19. Digitisation and streamlining of trade rules will boost
productivity and allow businesses to engage more effectively in the global marketplace, saving a
lot of time for them. To keep commodities moving, countries have already implemented export
promotion procedures at their crossings and ports (Makhitha, 2019). Prior to the epidemic, the
government was dedicated to boosting trade and economic by reducing cumbersome laws,
procedures, and practises for corporate entities, as well as tackling investing challenges of
climate change that might stifle spending and innovation.
Real significance, the current state transformative and inclusive can African Continental Free
Trade Area is, especially for women.
The AfCFTA has a broad reach. The deal would import goods between participating nations and
encompass agenda items including economic cooperation and commodities, and also legal
regulations like hygienic requirements and technological trade problems. The AfCFTA's
widespread adoption would change trade and economic growth through the area, increasing
production in the industries, industrial, and natural resource industries. The formation of the
enormous AfCFTA market sector is a great chance to assist African nations expand their
products, enhance competitiveness, and attract foreign capital at a period when the world
economic is in disturbance owing to the COVID-19 widespread.
African Continental Free Trade Area is intended to assist governments in enacting legislation
that maximise the possible benefits of the deal while dropping hazards. Establishing a pan-
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African market will need a concerted effort to eliminate all trade expenses. Authorities will also
have to invent plans to advance their staff's preparedness to seize new possibilities.
The African Continental Free Trade Area (AfCFTA) offers nations in the zone a once-in-a-
lifetime chance to succeed in the international economy, reduction inequality, and social
diversity (Wickam, Finley and Saeger, 2020). While Africa has achieved meaningful strides in
past decades as a result of boosting life quality and lowering inequality, more commerce may
offer the incentive for changes that increase leads to job satisfaction development, so poverty
reduction even further.
This spark can be provided by AfCFTA. We anticipate that adopting the accord will help to
elevate millions million people out of poverty and millions more out of economically
disadvantaged areas by 2035.
In the rare industries where the AfCFTA's adoption of the new in jobs lost, administrations must
be prepared to provide substantial protection measures and retraining measures to employees.
Authorities must also consider the externalities of the AfCFTA across industries and nations, as
well as on qualified and unqualified employees, as well as women and men individuals. As a
result, they will be able to establish strategies that will boost their workforce's preparedness to
adapt to new possibilities. The AfCFTA is a big potential for Africa, but putting it in place will
be difficult. Tariff reductions are merely the first step. Nontariff and chain mobility changes will
necessitate significant legislative changes at the state scale. In certain circumstances, these
improvements may need politically unpalatable judgments. However, there are advantages to the
arrangement.
Women and E-commerce in Africa is the country's initial huge usage network data to determine
the degree of women's e-commerce engagement and also how digital networks may help female
big corporations. The analysis, which was created in collaboration with the European
Commission and funded by the Canopy Initiative for Women's Rights, suggests that eliminating
the income disparity on e-commerce networks could contribute over billions to the worth of the
African e-commerce sector (Kyriakopoulos, Ntanos and Asonitou, 2020). To achieve these
advantages, e-commerce companies, entrepreneurs, and legislators will need to work together to
not just expand the amount of females selling stuff, but also to encourage their growth, including
entrance into top of the walls areas.
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Women play an essential role in African commerce and will be critical to country's achievement
in realising the AfCFTA's complete capacity. The majority of African businessmen are female,
yet they remain to confront barriers and constraints that restrict their competition and making
their enterprises fewer profitable than those controlled by males. Females make up the bulk of
casual bridge merchants in Africa, yet they are adversely impacted by non-tariff obstacles
(NTBs) such as fraud, harassing, disinformation about immigration processes and rules, and
products seizure.
TASK 3
Commonwealth and the G7 can do to boost and increase job (specially from a sustainability side)
can all advantage and why?
Commonwealth and the G7 can do many things to boost or to increase job possibilities as at a
conference, the International Commercial Commissioner will lead a G7 work to promote overall
supply chain resiliency following the epidemic. The G7 is anticipated to reach an agreement on
breakthrough Global Market Guidelines as well as a joint declaration on work camps. At the
inaugural in-person Trade Track gathering, they will advocate for a more open and equitable
worldwide economy. As she invites the G7 Trade Secretaries, the International Economic
Minister will urge on the country's biggest democracy to act together just to enhance global
security in crucial supply chains. Covid-19 has wreaked havoc on global manufacturing and
transportation, closing down China's lastly container port, stranding wooden pallets in Africa and
South America, and producing long lines of freight vessels was unable land in the United States.
If the G7's aims to create wealth are merely to lower protectionist measures, then the meeting
will be a significant squandered chance (Ritzén, 2019). It falls short in contrast to
countries initiative, which seeks to strengthen trade relations, value chain expansion, and market
formation by commerce while also attracting major government expenditures. The States should
think about how economic cooperation might help with restoration. The United Kingdom has
also pledged to assist the world's poor in growing beside them. The public reaction to the Covid-
19 issue, which centred on giving more funds to reduced nations, is compatible with this
concentration on the developing world.
The G7 might suggest and device steps to advance the durability and strength of globalisation.
The emergence of fresh and more value chain chains in differentiate its product and a resource is
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the most pressing problem. To assist these initiatives, a worldwide deal to reduce barriers to
trade on drugs, vaccinations, and healthcare supplies should be explored. Mission critical inputs
must be included in the establishment of effective and sustainable value chains. Increasing the
manufacture of zero-emission automobiles, for example, will necessitate a significant
reorganisation of supply chains. Potassium and rare metals minerals are required for battery
manufacture, and many of these materials are found in asset but low-income nations.
The G7 may suggest and execute measures to strengthen globalisation's resilience and longevity.
The most serious issue is the introduction of new and more supply chain networks to distinguish
its products and raw materials (Nimmagadda, Reiners and Wood, 2018). To aid these efforts, a
global agreement to decrease trade restrictions on pharmaceuticals, vaccines, and healthcare
supplies should be considered. In order to build successful and long-lasting supply chain, task
sources must be incorporated. For example, expanding the production of zero-emission autos
would entail a massive restructuring of distribution networks. The production of batteries
necessitates the use of potash and metal alloy minerals, both of which are abundant in resource-
rich but dramatic reductions in barriers.
The epidemic has stimulated the implementation of electronic skill to market goods and services,
which, if aided by suitable law-making improvements, might result in a substantial rise in global
output. This relates to distant work as well as the need for more liberal taxes (e.g., taxable
residency requirements) and labour rules that would enable for the service of workers from all
over the world (Golightly, Kefalidou and Sharples, 2018). The G7 countries might lead the way
in this area, making it simpler to employ non-resident professionals from poorer countries, for
example. There will also be a debate on how the taxes earned will be divided with the new
country.
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CONCLUSION
It is concluded from the above report is that The fundamental goal of learning business
operations is that it may provide important company knowledge and capabilities to founders,
proprietors, and executives. Learning business operations may help a company owner enhance
his or her capacity to analyse information, make good investment decisions, and forecast the
future. It coordinates industrial variables, gathers and organises assets, and combines assets
efficiently to meet goals. It focuses collective attention on improving which was before
objectives.
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REFERENCES
Books and journals
Stewart, B., 2021. Using Knowledge Management Practices in Small Business
Organizations (Doctoral dissertation, Walden University).
Rocha, C., Narcizo, C.F. and Gianotti, E., 2022. Internet of management artifacts: Internet of
Things architecture for business model renewal. In Emerging Issues And Trends In
Innovation And Technology Management (pp. 297-316).
Treiblmaier, H. and Beck, R. eds., 2019. Business transformation through blockchain.
Egwuenu, A.S. and Omede, N.K., 2019. Contemporary Issues and Entrepreneurship Alternatives
for Managing Post-Retirement Conditions in Nigeria. International Journal of
Economics and Business Management, 5(3).
Siltaloppi, J., Rajala, R. and Hietala, H., 2020. Integrating CSR with business strategy: a tension
management perspective. Journal of Business Ethics, pp.1-21.
Bastas, A. and Liyanage, K., 2018. Sustainable supply chain quality management: A systematic
review. Journal of cleaner production, 181, pp.726-744.
Millar, J. and Koning, J., 2018. From capacity to capability? Rethinking the PRME agenda for
inclusive development in management education. African Journal of Business
Ethics, 12(1).
Millar, J. and Koning, J., 2018. From capacity to capability? Rethinking the PRME agenda for
inclusive development in management education. African Journal of Business
Ethics, 12(1).
Makhitha, K.M., 2019. Marketing strategies for closing the market access gap experienced by
small craft producers in South Africa. Journal of Business and Retail Management
Research, 13(3).
Wickam, M.J., Finley, L.R. and Saeger, K., 2020. Assessing alignment of Entrepreneurial Spirit
to job descriptions seeking business administration or management
undergraduates. Journal of Education for Business, 95(8), pp.527-533.
Kyriakopoulos, G., Ntanos, S. and Asonitou, S., 2020. Investigating the environmental behavior
of business and accounting university students. International Journal of Sustainability
in Higher Education.
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Ritzén, S., 2019. Managing Innovation for Circular Industrial Systems. In Sustainable Business
Models (pp. 181-209). Palgrave Macmillan, Cham.
Nimmagadda, S.L., Reiners, T. and Wood, L.C., 2018. On big data-guided upstream business
research and its knowledge management. Journal of Business Research, 89, pp.143-158.
Golightly, D., Kefalidou, G. and Sharples, S., 2018. A cross-sector analysis of human and
organisational factors in the deployment of data-driven predictive
maintenance. Information Systems and e-Business Management, 16(3), pp.627-648.
Gatti, M., Chiucchi, M.S. and Montemari, M., 2018. Management control systems and integrated
reporting: Which relationships? The case of the Azienda Ospedaliero Universitaria
Ospedali Riuniti Ancona. International Journal of Business and Management, 13(9),
pp.169-181.
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