CHANGING GLOBAL ENVIRONMENT AND CHALLENGES OF INTERNATIONAL BUSINESS

Abstract

Rapid advancement of Information & Communication Technology (ICT) provides a newer shape of business. Pattern of doing business has changed into a completely different format. Concept of free market economy got its existence from the conceptual base through the advancement of online marketing facility. Countries are working to come closer through different regional blockings as well as under the multilateral trading system through the World Trade Organization (WTO)s active intervention to make international trade easier than ever. World Customs Organization (WCO) introduced HS Code system to harmonize world trade facilitate quick customs clearance. After all globalization get a momentum in last decade and many non-tariff, Para-tariff barriers are addressed and in a considerable position of solution of the problems. Countries are negotiating and committed to co-operate each others to ensure free movement of trade around the globe. As a result new issues are coming into emergence with challenge or opportunity in its two sites. Nowhere, perhaps, was it felt more keenly than in the world of international business. Political, economic, and environmental issues are increasingly becoming the remit of international business leaders as much as governments. The next generation of global business leaders, embracing the opportunities and challenges of international business. While the global marketplace becomes more interconnected and accessible, the risks involved in doing business abroad are not to be taken lightly. The aim of the research is to introduce and explain international business in an important emerging light of globalization. The paper concludes that business people and governments around the world will have to be more knowledgeable about the international dimensions of management than at any time in the past. KEYWORDS: World Customs Organization, International dimensions, Globalization, Communication Technology.