WTO's Role in Global Business: Benefits, Drivers & PESTLE Analysis

This report examines the role of the World Trade Organization (WTO) in international business, highlighting its function in reducing trade barriers and facilitating market access for businesses. It differentiates between domestic and international business, noting advantages like market expansion and brand loyalty. The report identifies key drivers of globalisation, including reduced trade and investment barriers, and technological advancements. It also touches upon the impact of trading blocs and includes references to support its analysis of global business aspects. Desklib provides students with access to similar solved assignments and resources.

Global Business Aspects
Internal and external factor analysis based on "PESTLE"Drivers behind globalisation
Decline in the trade barriers
Decline in investment barriers
Role of technological changes
Benefits
the organisation have a benefits to expand
its business and earn the higher profits and
revenue.
The another benefit for the business
enterprise to to expand its market share and
have a new customer base.
The organization also can build the brand
loyalty by its international presence.
This will also benefit the organisation in
adopting the new culture and benefit in the
expansion and growth of the organisation.
(Kastay, D.K., 2020)
Difference between
domestic and international
There are the various differences between the
domestic and internation business where the
domestic business involves with the economic
transaction which take place within the
geographical boundaries of the country
whereas the international business involves
the various activities and the economic
transactions which take place outside the
geographical areas of a specific country. In
the domestic business the both buyers and
sellers belong to the same country where the
References
Hampden-Turner, C., Trompenaars, F. and Hampden-
Turner, C., 2020. Riding the waves of culture:
Understanding diversity in global business. Hachette
UK.
Routh, K. and Pal, T., 2018, February. A survey on
technological, business and societal aspects of Internet
of Things by Q3, 2017. In 2018 3rd International
Conference On Internet of Things: Smart Innovation
and Usages (IoT-SIU) (pp. 1-4). IEEE.
Yang, J., 2019. Contract Law Aspects of Sustainable
Companies’ Certification in the Global Value Chain.
European Review of Contract Law, 15(1), pp.31-52.
Effect of trading blocs
Trading blocs are typically gatherings of nations
explicit locales that oversee and advance
exchange exercises. Exchanging coalitions lead to
exchange advancement (the deliberating of
exchange from protectionist measures) and
Role of WTO
The WTO is defined as World Trade Organisations which
it has a major role play in the international business. This
is defined as the most powerful institution in order to
reduce the trade related barriers between the different
countries and opening in to the new market for the several
business organisation. This is the only international
governing body which take care of the several aspect and
the companies who are involves in the
internationalisations and globalisation. The main purpose
of the world trade organisation is to provide a fair
platform for its members countries in order to help in the
various services such as import, export,.