Roles of Strategic Alliance and Mergers in Achieving Corporate Growth

This article critically evaluates the roles of strategic alliance and mergers in enabling corporate profitability and sustainable growth in international and domestic markets. It discusses the benefits of strategic alliances and mergers in expanding market reach, improving product lines, and gaining competitive advantage. The case study focuses on Sainsbury's, a multinational supermarket chain.

Global strategy
and
International Trade
project

Table of Contents
INTRODUCTION...........................................................................................................................3
.PART A..........................................................................................................................................4
.Question 1: Critically evaluating roles of strategic alliance and mergers or acquisitions for
enabling achievement of corporate probability as well as sustainable growth of a corporation
in international market and domestic market over recent years:.................................................4
PART B............................................................................................................................................9
Question 3: Distinguishing between internal as well as external economies of scale and utilise
these concepts for explaining phenomenon of intra industry trade. Illustrating answer by
examination of extend of intra industry trade EU and UK in recent years. Implications of
results for external trade policy as well as strategy of United Kingdom after Brexit:.................9
CONCLUSION..............................................................................................................................13
.REFERENCES.............................................................................................................................15
INTRODUCTION.........................................................................................................................18

INTRODUCTION
Global strategy can be described as a strategic planning of an organization for
globalization. It refers to strategies that is formulated by company for the purpose of expanding
operations of business in a global market. It can be explained as a plan of an enterprise for
international expansion of activities of an enterprise. It is developed for the purpose of targeting
growth of business beyond borders of a country (Abeliansky and Martínez-Zarzoso, 2019).
Implementation of global strategy in an enterprise generates new revenue potential for business
as it provides larger customer base to a company. International trade can be elaborated as an
activity of exchanging goods, services as well as capital of business across territories or borders
of a nation. It allows expansion of market globally which provides access to customers for goods
and services that may not be available in a domestic market. International trading encourages
firm for specializing their operations as it motivates company to provides effective products to
customers at best price after considering opportunity costs. Global strategy as well as
international trading of business serves as a great source for improvement of image and
recognition of brand in an international market. Along with it, globalization strategy enables
diversification of market which enables stability of revenue sources for business. It pertains
allocation of resources of company in an effective manner which provides opportunity for
profitability enhancement beyond domestic market. It provides competitive advantage as well as
technological strength to firm as it gains access in foreign market. It enhances product line,
financial strength as well as size of an organization that positively influences process of
achieving corporate goals. Along with it, reputation of company is improvised as it gains prestige
of becoming a multinational company. As market in which company serves improves it enhances
economies of scale for business as number of output that is produced in increased which results
in decrement in cost of producing each unit. One of the most vital benefit associated with
international trading of an organization is that it enables market diversification. By serving only
in domestic market leads to higher risk for business as it is highly dependent on particular
market, hence, global strategy making or international trading ensures diversification of risk as
company serves in various market and its dependency reduces. Another advantage associated
with internal trade is that it ensures export financing for an enterprise, hence, company can
explore various financing options. Implementation of business operations in an international
market boosts reputation of company which helps business in enhancing its justifiability as well

as profitability in a longer run. Selected multinational company for this report is Sainsbury's.
Enterprise operates in retailing sector and is headquartered in London, United Kingdom. This
report consists critical evaluation of roles of strategic alliance as well as mergers and acquisitions
in context to achievement of sustained growth profitability of corporation over recent years in an
international market as well as domestic market.
.PART A
.Question 1: Critically evaluating roles of strategic alliance and mergers or acquisitions for
enabling achievement of corporate probability as well as sustainable growth of a
corporation in international market and domestic market over recent years:
Overview of company: Sainsbury's serves in retailing industry and it is a multi national
chain of supermarket that is situated in United Kingdom. It is a public limited company that was
founded in the year 1869 and founder of firm was John James Sainsbury. Total number of
employees that works in an organization is approximately 116400. It is a second largest
supermarket chain in United Kingdom with share of 16 percent. Entity is planning to expand its
business operations in Slovakia.
Strategic alliance:
Strategic alliance can be defined as an arrangement in between two organizations for the
purpose of undertaking project which is mutually benefits for both companies while retaining its
interdependence. In comparison to joint venture which states pooling of resources by businesses
and creating separate entity, strategic alliance is less complex or binding. Business enters into
strategic alliance with the motive of expanding its operations in new market, improving product
line of business, or developing edge or advantage over competitors (Aoyama, 2016). In strategic
alliance of business, roles or responsibilities of every member is defined clearly. It is benefits or
advantages that is gained by both partners which defines how long coalition will be in effect.
Hence, it refers to a agreement among enterprises that decide to share their resources for the
purpose of undertaking a specific or mutually beneficial project. It helps in developing process or
operations which is more effective for business. It enables working of business towards
correlating objectives. In context to Sainsbury's, strategic alliance is an effective approach for
entering into international market of Slovakia. Strategic alliance of Sainsbury's with market
leader of Slovakia will enable company to acquire large customer base in short period of time

and will also reduce the risk of business failure. Alliances in global market provides new ideas as
well as insight to existing product lines of Sainsbury's which creates opportunity of improvement
over period of time (Arvis and et. al., 2018). Strategic alliance of Sainsbury's in international
market helps in broadening of network base of firm in world which increases its brand
reputation. Along with it, global strategic alliance helps in avoiding controls which are
associated with import and export of products. It may also serve as a reason for reduction in
barriers of entry in new market. Incorporation of strategic alliance with local organization of
Slovakia enables enterprise to enjoy already existing customer base which reduces risk factor
associated with international expansion. It enables organization to know about culture and
preferences of customers effectively that boosts activities of customer attraction in right
direction. It is a safe approach for entering into international market with minimal amount of
risk. Strategic alliance of Sainsbury's with a company that serves in delivery sector in domestic
market is a effective approach as it ensures increment in efficiency of company for providing
high quality of service to customers. It leads to improvisation in satisfaction level of customers
which helps in enhancing loyalty of customers towards company. Brand loyalty plays a crucial
role regarding improvement of sustainability of company in a longer run, along with it
profitability of business also improves as its sales increases. Localised risks reduces while
pertaining strategic alliance within domestic economy. In application of technique this technique
Sainsbury's can enhance experience of customers by providing service of effective home delivery
to them. It ensures expansion of operations of a company in domestic market which enables it to
become a market leader. Strategic alliance of an organization provides assess to other
supplementary services for customers which enhances core competencies of business which
helps in expansion of customer base (Biscop, 2016). Strategic alliance provides access to higher
level of innovation in both domestic and international market which enhances quality of
expertise of Sainsbury's that enables company to provide more value to customers. It provides
access to positive brand awareness for an enterprise which reflects all other members of alliance.
Domestic strategic alliance can help in improving process of manufacturing, and creation of new
vendor relationship that enhances efficiency of an organization. It also leads to reduction of costs
associated with distribution network that increases profit margin of Sainsbury's.
Mergers and acquisitions:

Mergers and acquisitions can be defined as a general term that is utilised for describing
consolidation of organizations with various kinds of financial transactions that involves mergers,
tender offers, asset purchase, acquisitions as well as managerial acquisitions. Mergers refers to
agreement that states procedure of combining one entity with another for the purpose of forming
new enterprise. It refers to legal consolidation of two businesses into one. It is conducted mainly
for the purpose of expanding market reach of a company (Chen and et. al., 2018). In addition to
it, mergers enable expansion of business into new segment or gaining high market share. It
ensures increment in value of shareholders of a company. On the other hand, acquisition
indicates acquiring of one company by another. Hence, acquisition occurs when one enterprise
purchases more than 50 percent share of another enterprise for the purpose of gaining control
over it. Here, company that purchases major stake is termed as acquiring company while another
organization is indicated as target company. Hence, it refers to a corporate transaction in which
one entity purchases major portion of another business where ownership and authority of making
decisions transfers to acquiring company. Acquisitions are conducted in order of taking control
over other company or building strength of target firm and capturing synergy. Merger and
acquisition lead to transfer of ownership of organizations. This approach of strategic
management allows growth and downsizing of an enterprise or leads to changes in nature of
business as well as their competitive positioning. Mergers and acquisition serve as an effective
approach for growth and expansion of a business. It is regulated in organizations all over world
and it pertains various benefits. It provides tax advantage to an entity as tax cuts are offered by
many governments on completion of mergers and acquisitions. Expanding business in Slovakia
by incorporation of strategy of mergers and acquisitions leads to attraction of substantial tax
advantages. In addition to it, new market offers new possibilities of growth to Sainsbury’s.
Merging with a company that already have loyal base of customers reduces risk factor
incorporated with expanding an organization in an international market. Apart from it, strategy
of merger and acquisitions enables an enterprise to obtain easier access for skilled force of
labour. It facilitates retaining of staff and integrating them in a newly formulated entity. It helps
in obtaining additional skill or quality staff as a business which incorporates good process system
as well as enhanced management is useful for improving performance of an enterprise. This
strategy leads to diversification of portfolio which can be termed as most advantageous approach
as it relates to providing wider range of products and services. It enhances reputation of

Sainsbury’s in an international market. Hence, portfolio of an organization leads to enhancement
of business and enables gaining of access to larger share of market in domestic as well as
international market. Building of production centres, facilities of distribution or storage of
Sainsbury’s in international market of Slovakia serves as an expensive approach. Hence, merging
with another enterprise which already incorporates such facilities turns out to be an affordable
approach. Hence, setting up a venture in Slovakia by acquiring an existing organization
facilitates reduction in costs and risk factor associated with expansion of market in market of
Slovakia. Merger and acquisition strategy provide better access for larger market. It provides
greater power to business and more influence regarding financial (Daioglou and et.al 2020).
This strategy represents growth for both enterprises that are involved in transaction. It provides
more financial power because revenue is generated by pooling income of both entities.
Incorporation of greater power of financial indicates occupying of large market share and
pertains more influence in relation to customers by enabling reduction in competition of
Sainsbury’s. In relation to domestic market it can be stated that merger and acquisition strategy
enables pooling of resources which fosters merging of power and control of both businesses over
a market. Another advantage associated with it is that strategy of expanding business operations
of Sainsbury’s by application of merger and acquisition provides synergy to an organization. It
allows increment in value and efficiency of business and fosters enrichment in returns gained by
an entity as well as enables saving or reduction in costs that is incurred in an enterprise (Henisz,
2016). Apart from it, economies of scale of an organization is increased by adoption growth
strategy of merger and acquisition as it provides sharing of services and resources which leads to
reduction in overall cost associated with business and provides advantage or edge over
competitors of Sainsbury’s. This strategy is feasible for company as it results in raising of buying
and selling power of an organization in domestic market and also provides longer production run
(De Massis and et. al., 2018). It provides innovative techniques for decrement in financial risk
which is associated with application of strategies for growth and expansion of firm in domestic
as well as international market. Hence, it can be stated that risk of business is reduced by
applying merger and acquisition strategy. For organizations to become competitive in this
constantly evolving and changing world, firms need to compel with advancement and
development of technology and its dealing with applications. By applying merger and acquisition
strategy, Sainsbury’s leads to associate with entities that pertain unique technologies which

ensure sustainability, growth and retention of business in longer run. Financial advantage
associated with Sainsbury’s is that mergers and acquisitions of corporations instigates utilization
of tax shields, increment in monetary leverage as well as utilization of alternative benefits of tax
in domestic market. Further, economies of scope are provided by mergers and acquisitions which
is not always possible by organic growth. Economies of scope allows organizations to tap into
larger market share which enables tapping into demand of larger base of client. M&A provides
opportunistic generation of value in domestic or international market. Acquisitions facilitates
purchasing of a company at a price which is lower than fair market value of net assets of a target
organization (Gani, 2017). Such companies face financial distress hence, a deal can be created
for keeping it afloat by adding immediate value in it. Larger organization often becomes more
competitive as it pertains more brand value and recognition in domestic and international market
(Slaughter, 2017). Diversification of risk serves as a benefit in case of adopting merger and
acquisition strategy while expanding business of Sainsbury’s in domestic market as well as
international market of Slovakia. With this approach, company can operate in various markets
which reduces dependence in a particular sector or market. Hence, risk associated with an
organization is diversified. In other words, it can be stated that risk of firm is spread across
various revenue streams. Mergers and acquisitions come up as an efficient approach for making
long term strategy in case an enterprise plans to enter into new market. For entering into
Slovakia market, rather than building from ground up, implementation of merger or acquisition
strategy provides an opportunity to enjoy already set base of customers which enhances chances
of success as well as sustainability in a market. Apart from it, company gains benefit in relevance
to distribution as well as brand value. In addition to it, in case of implementing new product
development in domestic market or research and development, mergers and acquisition leads to
achievement of such strategies quicker in comparison to organic growth. Better facilities of
production and distribution in domestic market leads to decrement in unnecessary expenditures
of an entity as target company often incorporate large amount of capacity which is unused and is
marginally profitable (Kimball, 2016). Further, costs and overheads are reduced due to shared
budgets of marketing and it leads to improvement in purchasing power of an enterprise (Ye and
et.al., 2019. Overall, it can be stated that mergers and acquisition prove to be an effective
strategy or approach for expanding or growing operations of Sainsbury’s in international market
of Slovakia or in domestic market of a firm.

PART B
Question 3: Distinguishing between internal as well as external economies of scale and utilise
these concepts for explaining phenomenon of intra industry trade. Illustrating answer by
examination of extend of intra industry trade EU and UK in recent years. Implications of
results for external trade policy as well as strategy of United Kingdom after Brexit:
Economies of scale: It can be described as a cost advantages that is reaped by
organizations which states that production are becoming efficient. Economies of scale can be
achieved by companies by enhancing production and reducing costs. It occurs because costs or
expenditures are spread among large number of products. Such expenditures can be variable or
fixed. Size of an organization plays a crucial role in relevance to economies of scale. Here, larger
firm enjoys more savings in costs, i.e., enhanced economies of scale (Kohl, Brakman and
Garretsen, 2016). There are internal as well as external economies of scale. Former economies of
scale in based on decisions of management. While on the other hand, external economies of scale
relate with outside factors. Economies of scale proves to an essential concept for businesses as it
represents cost savings as well as competitive advantages. Internal economies of scale are borne
within an enterprise. It happens when costs are cut by company internally. It results in sheer size
of an entity because of management decisions of firm. These two types of industry are further
explained below:
Internal economies of scale: It measures production efficiency of an organization. An
internal type of economies of scale enables measurement of an efficiency of a company in
context to production (Lasserre, 2017). Such efficiency of production is attained by improving
level of output of an organization which leads to reduction of average cost associated with per
product. In relevance to Unilever, this type of economies of scale refers to a consequence of size
of an enterprise and it is controlled by management teams of business, such as, production
measures, machinery as well as workforce. Such factors of business are therefore independent of
entire industry. Therefore, it can be stated that Internal economies refers to economies in
production that occurs in an organization itself when its output is expanded or its scale of
production is enlarged. Various types of Internal economies of scale are technical economies,
administrative and managerial economies, marketing economies, indivisibility and financial
economies.

External economies of scale: This type of economies of scale can be generally defined
as pertaining an effect on the entire industry. Hence, at the time of growth of industry, the
average costs associated with business decreases. External economies of scale happen due to
positive as well as negative externalities. Positive externalities involve a trained and specialized
workforce, relationships among suppliers, and more innovation (Niepmann and Schmidt-
Eisenlohr, 2017). External type of economies of scale can be defined as factors which are beyond
control of a firm, still occurs within an industry, and it leads to providing a cost benefit or
advantage to Unilever. One of the example of this factor is, imposing of higher tariffs by
government of a country on importing of a particular good, proves to be beneficial for every
domestic organizations that are producing such products since it enables reduction of their
competition. External type f economies of scale can be indicated as factors that proves to be
business-enhancing and which occurs outside an enterprise but occurs within same industry. It
helps in lowering cost of production in Unilever and decreases its operating costs. It leads to
reduction of per unit of variable costs which incurs in a company and reason for it is operational
efficiencies as well as synergies.
Distinguishing between internal as well as external types of economies of scale:
Economies of scale indicates factors which drives decrement of costs of down while and
improvises volume of output in a business. There are mainly two types of economies of scale:
internal as well as external. Internal economies of scale refer to firm-specific factors and it is
caused internally. While on the other hand, external economies of scale are based on large
amount of changes which occurs outside an enterprise. Both above mentioned types of
economies of scale results in reduction of marginal costs associated with production in a
business, yet net effect of it is same. Overall, in relevance to Unilever, it can be noted that
internal economies of scale enable measurement an efficiency of entity related to production and
occurs due to factors which controlled managing team of an enterprise. While, external type of
economies of scale occurs due to large amount of changes in an industry, hence, when growth
occurs in an industry than average costs of an organization drops. Great amount of competitive
advantage is offered by internal type of economies of scale as economies of scale related to
external is shared among various competitors of an enterprise.
Intra industry trade: Intra-industry trade can be explained as activities of exchanging
similar type of products that belongs to same industry. This term is usually applicable to

international trade, in which similar types of products or services are exported as well as
imported. Intra-industry trade can be represented as an international trade within an industry
instead of between industries. Such type of trade proves to be more beneficial in comparison to
inter-industry trade and the reason is that it stimulates innovation as well as exploits economies
of scale. Apart from it, while considering reason behind taking place of international trade is that
existence of both internal as well as external economies of scale in production. In context to
Unilever, economies of scale indicate production of products a larger which ensures decrement
in cost of production which incurs in business. Existence of such characteristic, specialization as
well as trade in production activities of a firm, results in improvisation of its productive
efficiency and in addition to it, provides welfare benefits which accrue to all activities of trading
in intra industry. As intra industry trade expands selling of an enterprise which produces such
products also increases. This enables company to produce higher level of output. As, number of
output produced increases in a firm, costs which is associated with its per unit production tends
to decrease. Due to this reason, entity gains higher economies of scale which fosters efficiency or
productivity of an organization and enhances its sustainability in longer run. External type of
economies of scale such as lowering of tariffs regarding exporting of products by government
fosters or serves as a reason for boosting trade in relevance to intra industry. Overall, it can be
stated that intra industry trade and economies of scale pertains high amount of relation or
influence on each other (Pauwelyn, Guzman and Hillman, 2016).
Extend of intra industry trade within United Kingdom and European Union in
recent years: EU-UK trade is highly characterised by trade of intra-industry. For some countries
like Czech Republic, share associated with trade of intra-industry in context to total trade with
the European Union approaches leads to 60 percent. While decomposition of trade of intra-
industry into horizontal as well as vertical shares enables or reveals overwhelming structures
which are vertical along with strong advantages for the European Union and leads to shrinking of
quality advantages for United Kingdom wherever such trades have been liberalised (Peng, 2021).
Empirical research associated with factors leads to determination of this structure in a European
Union-United Kingdom framework has been lagged theoretical as well as empirical research in
context to horizontal trade as well as vertical trade in other regions of the world. Utilizing an
approach of cross-country in which differences of relative wage and size of country plays a
leading role. In addition to it, in implication of a model related to product-quality cycle,

examination of factors related to income distribution helps in determining influence of emerging
European Union-United Kingdom of trade flow structure. Overall, it can be stated that increasing
differences of wage comes up as a result from an increment in gap of productivity between low-
quality as well as high-quality of industries, then long-term significant barriers will be created
through vertical structures, for the purpose of increase in incomes of United Kingdom and
lowering of European Union-United Kingdom income differentials. European Union can be
stated as most important or essential trading partner of United Kingdom. Exports to the European
Union makes up to 43 percent of total exports of United Kingdom in the year 2019 and European
Union serves as a source of 51percent of imports of United Kingdom. Services of it accounted
for 43 percent of total exports of United Kingdom. Both exports to as well as imports from the
European Union have declined or reduced since early 2000s. The United Kingdom pertains trade
deficit of overall £72 billion with European Union in the year 2019.
Implications on external trade policies and strategies of United Kingdom after
Brexit:
Brexit refers to Withdrawal of UK from EU and community of European energy. United
Kingdom comes up as a first as well as only nation that formally left European Union. United
Kingdom state within European Communities for 47 years but ended this membership on 31
January of 2020.
European Union served as a largest trade partner of United Kingdom as almost half of the
trades of a country was with European Union (Tocci, 2016). Membership of EU leads to
reduction of trade costs between United Kingdom and European Union. It enables incorporation
of products and services in UK at a cheaper rate for customers which enables enterprises of UK
to enhance its exporting activities. Brexit comes up as reason for reduction in trading activities
among United Kingdom and European Union due to high tariff as well as non-tariff barriers in
relevance to trade. Further, profitability or benefit of UK declined because of decrement in
market integration within European Union. Reduction in trading activities of a country comes up
as a reason for decrement in productivity and efficiency of a nation. Negotiations between UK
and EU pertains a major impact on policies of United Kingdom in relation to trade. After Brexit,
United Kingdom is required to define new policies in relevance to investment. On the one hand it
hinders profitability of a country while on the other hand, it provides an opportunity for
considering impact which is associated with developments and investments. Apart from it, nation

pertains more opportunity for creating a open as well as transparent mechanism for the purpose
of dispute settlement. Hence, new external trade policies of United Kingdom is required to be
more development friendly that considers other aspects beyond tariffs, such as, investments,
standards, service provisions etc. despite of being one of the largest economy of world, after
Brexit United Kingdom comes up as a small and open economy. As, trade policies of UK in
context to broader policy leverage proves to be ineffective until it is combined with policies if
European Union. Another aspect which is required to be considered while evaluating impact of
external trade policies or strategies of UK is that if nation insists conducting EPA, i.e., Economic
Partnership Agreements, still zero tariffs are offered by developing countries on its exports. It
results in costly diversion of trade which does not benefit effective suppliers of a nation. Brexit
proves to a likely factor for reduction of immigration for EEA, that is, European economic area
and imposes challenges or issues as it pertains immediate as well as long term effect on nation's
economy. One among such issues is that real per capital income of United Kingdom is reduced
and negatively impacted for medium term and long term, apart from it, economy of a country
faced high damage. Further, Brexit induces uncertainty and leads to reduction of national income
of a nation, investments by organizations, employment as well as international trade (Tocci,
2017).
While considering impact of Brexit on Sainsbury's which is a leading company in United
Kingdom, it can be noted that entity is facing end in relation to transition period. Brexit was not
expected a al hence, it pertains high negative impact on business. It hindered policies and
strategies of businesses for longer run and served as a reason for huge loss of an organization.
As, no strategies were formulated by managing team for the purpose of dealing and coping up
with the change (Wang and et.al., 2020). . Profitability of an enterprise is impacted negatively as
exporting activities in international market of European Union is restricted. This leads to
decrement in productivity and efficiency of company as motivation level of employees reduced
due to emergence of risk associated with loss of job because of low profit generating capacity.
CONCLUSION
From the above report it can be concluded that global strategies indicates plans of a firm
for growing and developing operations of a business beyond borders of a country in which entity
is currently situated in. It ensures attainment of objectives of an organization in relation to
international expansion. Further, international trade refers to exchange of services or products

across international territories. International trade are of mainly three types, that are, import,
export and entreport. Apart from it, this report states that strategic alliance is signifies a
agreement among parties on the basis of objectives which are mutually agreed. Organizations
which are involved in strategic alliance remain independent. Further, mergers and acquisition is a
approach or strategy that is adopted by enterprise for the purpose of growing or expanding its
business. It states combing of two entities which enhances capabilities and proficiency of an
entity. Both above mentioned approaches can be utilised by businesses as strategies for growth.
Apart from it, this report indicates that economies of scale cost advantages which is reaped by
entities while gaining efficiency in production. There are two types of economies of scale. i.e.,
internal as well as external. In addition to it, emergence of Brexit pertains major impact on
external trade policies of United Kingdom.

.REFERENCES
Books and Journals:
Abeliansky, A. L. and Martínez-Zarzoso, I., 2019. The relationship between the Chinese'going
out'strategy and international trade.
Aoyama, R., 2016. “One belt, one road”: China's new global strategy. Journal of Contemporary
East Asia Studies.5(2). pp.3-22.
Arvis, J. F. and et. al., 2018. Connecting to compete 2018: trade logistics in the global economy.
World Bank.
Biscop, S., 2016. The EU global strategy: realpolitik with European characteristics.Might and
Right in World Politics, pp.91-100.
Chen, B. and et. al., 2018. Global energy flows embodied in international trade: a combination
of environmentally extended input–output analysis and complex network analysis.
Applied energy.210. pp.98-107.
Daioglou, V., Muratori, M., Lamers, P., Fujimori, S., Kitous, A., Köberle, A.C., Bauer, N.,
Junginger, M., Kato, E., Leblanc, F. and Mima, S., 2020. Implications of climate change
mitigation strategies on international bioenergy trade. Climatic Change.163(3).
pp.1639-1658.
De Massis, A. and et. al., 2018. Family firms in the global economy: Toward a deeper
understanding of internationalization determinants, processes, and outcomes. Global
Strategy Journal.8(1). pp.3-21.
Gani, A., 2017. The logistics performance effect in international trade. The Asian Journal of
Shipping and Logistics.33(4). pp.279-288.
Kimball, A.M., 2016. Risky trade: Infectious disease in the era of global trade. Routledge.
Kohl, T., Brakman, S. and Garretsen, H., 2016. Do trade agreements stimulate international trade
differently? Evidence from 296 trade agreements. The World Economy.39(1). pp.97-
131.
Lasserre, P., 2017. Global strategic management. Macmillan International Higher Education.
Li, R., Wang, Q. and Cheong, K.C., 2016. From obscurity to global prominence—Yiwu's
emergence as an international trade hub. Cities. 53.pp.8-17.
Niepmann, F. and Schmidt-Eisenlohr, T., 2017. International trade, risk and the role of banks.
Journal of International Economics. 107. pp.111-126.
Pauwelyn, J. H., Guzman, A. and Hillman, J.A., 2016. International trade law. Wolters Kluwer
Law & Business.
Peng, M. W., 2021. Global strategy. Cengage learning.
Tocci, N., 2016. The making of the EU Global Strategy. Contemporary security policy.
37(3).pp.461-472.
Tocci, N., 2017. Framing the EU global strategy. A Stronger Europe in a Fragile World,
Basingstoke.
Wang, F. and et.al., 2020. China's trade‐off between economic benefits and sulfur dioxide
emissions in changing global trade. Earth's Future. 8(1). p.e2019EF001354.

INTRODUCTION
18