BU7412 International Business

BU7412 International Business Assignment Sample

Introduction

The report is going to demonstrate the Political Environmental aspects which can impact foreign business with the other international countries. The impact of the internal environment has affected the international business which will be discussed in this report.

The approaches of the government will be explained which has helped the internal political environment of the business industry. However, the main issues of challenges in their foreign business are going to be discussed. The challenge and competition issues will be explained on the basis of foreign market.

The discussion of trading between the regional bloc and England will be introduced here and the concept of trading with the other international country within the regional trading bloc is going to be explained.

Section 1  

1.1 Impact of internal political environment on foreign business in England 

The political factors can impact an organization or business in several ways that could add a risk and lead to major losses. It has been found that due to the political environment the United States has no closer partner in comparison to the United Kingdom.

On the other hand, due to the political factors the strong relationship between the UK and US reflects the common democratic values and ideals. Apart from these, the political environment of the UK has also affected the economic environment and also has influenced the socio-cultural environment of the country.

Therefore, IoT can be said that the political environment has affected positively in some ways as the partnership looks forward to negotiating an ambitious U.S -UK free trade agreement (Trade.gov, 2021). http://BU7412 International Business Assignment Sample

The UK is politically stable so that positively, it has been observed that the strong relationship between the US and UK and the partnership is recognised to be the foundation of their mutual security and prosperity. In addition to this, in the year of 2020, the departure from the EU, the US is becoming a strong partner to the UK.

Apart from these, the government of the UK can lower or raise the corporation tax that can impact on the level of profits. In addition to this, it has also the ability to affect the business through increased in VAT on the business rates and products (Bbc.co.uk, 2022).http://BU7412 International Business Assignment Sample Besides, it can bring in new laws such as the national minimum wage that impacts on employment rights and profits. For example, it can be said that the government can introduce new safety and health legislation that a company has to change.

Impact of Brexit movement in foreign business

The Brexit movement has impacted the international business of the UK which impacted the trading concept with the other international business in the UK. The European Union has been voted through by the people of the UK for leaving the countries of the UK.

The entire foreign business has been affected by the impact of the Brexit movement in the UK. The entire international trading business of the UK to the foreign country has been raised for the sudden leaving of the EU from the UK. However, all the business company has faced the sudden loss of treading of business firms with the huge amount of customers of European Union.

However, 25% of the EU boats’ fishing gets the rights to the fleet in the UK water for the next five years which affected the foreign business of the UK (Bbc.com, 2021).http://BU7412 International Business Assignment Sample The loss of trading business with the customers of the EU has impacted the entire foreign business negatively as the UK companies have large customers of the EU.

Impact of government laws in foreign business

The political laws of the UK have impacted the retail industry of the country of the UK in positive and negative ways during foreign trading with international countries.

The internal political factors impacted the entire business in the UK as the national minimum wages affected the revenues and employment factors of the industrial companies.

The entire profits gained and employment rights have been impacted due to the wages laws of the UK government (Bbc.co.uk, 2021). http://BU7412 International Business Assignment Sample However, the UK government has introduced new laws regarding health and safety legislation during the Covid-19 pandemic.

Impact of tax policies in foreign business

The different types of tax policies of the UK have impacted the foreign business in the countries of the UK.  However, the UK government has introduced a lower corporation tax impacting the entire profits and revenues in the industrial business in the UK.

In addition, the UK government has introduced the values added tax which impacted the entire business rates of products and services for increasing the business growth of companies of the UK.

BU7412 International Business

Figure 1: Level of fiscal support system to the people of different countries

(Source: Imf.org, 2020)

The fiscal policies have been introduced in the around 190 countries for providing the tax system and public spending system for the development of the international monetary fund (IMF).

1.2 Approaches of government for supporting foreign business

 The UK government has introduced various types of laws and rules to help the industrial companies in the UK. The government has provided the export intensives for the development of the business growth of companies in the UK. The business intensives by the UK government help the companies in the UK to increase the competitive advantages in the global business markets.

On the other hand, the government supports the trading business of the UK and provides unrestricted trades to the entire business companies which have been beneficial for the development of foreign business.

The unrestricted trading facilities of the UK market help the companies for trading with the international trading organization and the trading organization are mainly world trade organizations and the European Union trading organization.

The initial strategies of the UK government for exporting in a foreign country

The UK government has increased the facilities to the retail companies of the UK and brought innovative strategies in the exporting system of industrial companies.

However, the government has identified the barriers in the foreign market for decreasing the business risks in the global market. On the other hand, the UK market has faced several risks in the exporting system and the risks are low capacity, market barriers and limited networks during the foreign business.

As per the rules and regulations by the UK government, the department of international trade has developed the 230000 businesses which have generated revenues above £500,000 in the exporting business (Nao.org.uk, 2020).http://BU7412 International Business Assignment Sample However, the UK business market has increased the business growth in the Covid – 19 pandemic with the help of the department of international trade in the UK.

Government initiatives to increase the GDP in the foreign business

The innovative strategies of the UK government have the intention of improving the GDP growth of the exporting business in the foreign market. However, the main ambition of the government is to increase the GDP growth from 30% to 35% in the export business (Nao.org.uk, 2020). http://BU7412 International Business Assignment Sample

On the other hand, the department of international trade has focused on the objectives of the business in the UK marketplace for developing the business revenues.

The economic strategies of the UK government have helped the entire business in the Covid- 19 pandemic. However, the lack of business timeframes in the retail business has reduced the opportunities of holding the DIT accountable for the business growth.


BU7412 International Business

Figure 2: The total values of exporting goods and services of UK in 2019

(Source: Nao.org.uk, 2020)

The UK government has the aim of increasing business growth and it has been identified that the total value of exportation of goods and services was around £701.2 billion in 2019.

Exporting opportunities in the different sectors   in overseas market through UK government

The department of international trades has the capabilities for increasing the business growth which develops the exporting business in the different sectors of the UK business market.

The business companies of England have been migrating with the companies of Europe as various countries such as African companies have been migrating with European companies (Economist.com, 2021).http://BU7412 International Business Assignment Sample As per the rules of the UK government, the companies of England get the good information to develop the business growth in the overseas market.

1.3 Main contemporary issues and challenges for foreign business

The entire business industry has faced a lot of contemporary issues and challenges during foreign business. However, retail companies such as Sainsbury, ASDA have faced the challenge during the export business in business within the country.

The industrial companies get the barriers in the foreign business which is the political risks, communication, cultural issues and complexity in supply chain and labour exploitation.

Political risks

The Brexit movement was the main reason for increasing the challenges and contemporary issues in the foreign business. The political stability has been hampered due to the Brexit movement as more companies in England lost business partnerships and huge amounts of EU customers.

The Covid- 19 pandemic has brought uncertainty in the foreign business for other international companies in England (Verbeke & Yuan, 2021). http://BU7412 International Business Assignment SampleHowever, the retail companies of the US and China have faced challenges in the foreign business in the pandemic.

Cultural differences and difficulties in communication

The other competitive sissies during the foreign business are the cultural differences and complexity in communication with their other people. Good communication development is the key factor for increasing the growth of the companies in England.

The companies from china have faced the slow growth in foreign business in England and the companies faced the social and political issues in business management (Ghauri, Strange & Cooke, 2021). http://BU7412 International Business Assignment SampleThe cultural differences and language barriers of the foreign business has been increased in the global business.

However, the cultural differentiation among the business partners companies affect the quality of products and services and the market demand has increased in the international business. The other companies face these communication and cultural issues during their business in England.

Complexity in supply chain

The complexity in the supply chain is another issue in the foreign business and the labour exploitation has decreased the business growth in the international business with the other country (Narula, 2019). http://BU7412 International Business Assignment Sample

However, the business of the companies has faced the challenges for the workers’ exploitation in the international business. The sustainable business goals have been decreased for the Brexit movement as the company faced huge trading rates in the foreign business.

Section 2

2.1 Discussion of trading between the England and regional bloc 

A regional bloc is considered to be a cooperative group or union of the countries within a specific geographical boundary. It has been found that the RTB protects its potential member nations within the religion that effectively imports from the union members.

Based on the regional blocs, it can be said that there are several advantages such as foreign direct investment that benefits the economies of participating nations. In addition to this, the larger makers are able to create a lower cost because of mass manufacturing of the products locally.

In addition to this, it has been found that the UK and India launch negotiations on an effective ambition that is free trade agreement at an event in New Delhi (Gov.uk, 2022).  http://BU7412 International Business Assignment SampleOn the other hand, it has been observed that in the case of Albania agreement with Albania country, total UK trade is 80.

In addition to this, in the case of Andean countries’ agreement with the Colombian country, the UK’s total trade is 2,043 and in the same agreement with the Ecuador country, the total UK trade is 2,043.

Besides, in the case of CARIFORUM trade bloc, for the Bahamas country, the total trade UK is 2,713 and the same UK trade is also applicable for the same agreement for Antigua and Barbuda countries (Gov.uk, 2021). http://BU7412 International Business Assignment SampleDeep trade agreements are highly significant in order to develop the regional business infrastructure that can help the traders to obtain economic advantages.

Contribution of Ireland in the UK regional trading bloc

Ireland is one of the significant trading zones for the UK and Ireland’s market similarities with the UK trading market makes Ireland an ideal exporter of the materials and products produced by England. As per the recent study, Ireland is

England’s fifth-largest export market, 36.6 billion GBP worth of goods and materials were exported to the Irish region in 2019 (Great.gov.uk, 2021). http://BU7412 International Business Assignment SampleIn order to trade or export to Ireland, exporters must maintain the tax rates and customs regulations which are controlled by the office of the revenue commissioners.

The majority of the goods supplied to the Ireland and Wales region are subject to VAT and applicable rates variates regarding the value of the goods. 23% standard rate is applicable, 9% on tourism goods and 4.8% on livestock and 0% taxes are applicable on public interest goods. In order to successfully conduct the exchange of goods and trading materials, all the products’ quality and packaging measures must abide by EU standards (Great.gov.uk, 2021).http://BU7412 International Business Assignment Sample

Similarly, a significant amount of Irish manufactured goods have been transported to Great Britain in recent times.

As per the recent data retrieved from the business environment, 43% of food and live animals has been exported to England from the Republic of Ireland in 2018, whereas 56% of British manufactured goods were exported to Ireland (Statista.com, 2021).http://BU7412 International Business Assignment Sample

BU7412 International Business
Figure 3: Share of trade with the United Kingdom (UK) in the total goods export and import trade of the Republic of Ireland in 2018, by product category

(Source: Statista.com, 2021)

Trading relations between Scotland and England

In the UK trading bloc, Scotland has a significant share of trading percentages with England and a significant rise in import and export between these countries is noted in the last few decades.

Exports from Scotland to England and the rest of the UK, in the last 20 years has risen to significant figures which affected the overall GDP of the UK up to 3124 Billion GBP in 2021 (Statista.com, 2021).http://BU7412 International Business Assignment Sample

Scottish exports have been continuously increasing over the decade and engagement with the other countries in the UK has improved simultaneously regarding the business exchange measures. Goods worth 54.2 billion GBP were approximately transported to the UK which is significant proof of developing trading measures of the UK regional trading bloc (Statista.com, 2021).http://BU7412 International Business Assignment Sample


BU7412 International Business

Figure 4: Value of exports from Scotland to the rest of the United Kingdom (UK) from 2000 to 2018 (in million GBP)

(Source: Statista.com, 2021)

2.2 Challenges and competition faced by the country in trading with regional bloc

Trade diversion

Trade diversion refers to the decrease of trading quantity across a trading bloc which relatively can affect the regular trade transactions and disrupt the relationship between the bloc members. The diversion can affect the overall formation of the bloc where businesses with lower-cost non-trading members can be replaced or exchanged by bloc members with higher costs.

Tariff agreements often cause trade diversion where considerable increases in production opportunity are noticed whereas comparative advantages lower down.

As mentioned by Akça, Harun & Cağlayan (2017), the formation of a customs union can be generated by trade diversion in the regional bloc which allows the countries among the bloc to avail the opportunity to import required goods at a lower price from another member of the trading bloc.

In the UK trading bloc, England withholds major imports in comparison with other countries under the UK region.

Trade diversion on the other hand means that trade shifts from a lower-cost producer outside the union to a higher-cost producer inside the union.

This will not benefit consumers within the union as they are not getting access to cheaper international goods.

A no-deal scenario for Brexit

The No-deal scenario has impacted the trading and business management quite significantly after the exit of the UK from the EU trading bloc. The negotiations of Brexit regarding the trading terms and conditions, offered by the European Union chief, were found inappropriate by the UK  traders and the nation cut off their trading deals with the participants of the EU trading bloc.

As opined by Keohane (2020), the UK will have to conduct their business in the European region based on World Trade Organisation regulations which will cause significant disruptions along with the application of the tariffs and price-hike on several goods.

Although the UK traders have obtained independent trading facilities in their internal training, the price hike has been affecting the economy and overall economic engagement with external nations.

Additional tariff issues

The incident has left a heavy impact on the GDP of the UK economy and additional tariffs on the export of the goods reduced the annual revenue of the national business significantly in specific sectors.

As stated by Umfreville et al. (2018), the ‘no-deal prospect of the UK traders, pushed back the negotiating position of the UK government with the EU chief which has led to serious fall in cross-border dealings of the UK companies operating in the EU trading bloc.

The exit of the UK has left a significant impact on the economical aspects of the countries in the UK regional trading bloc. 5.69 billion GBP fall in the UK exports to EU has been noticed in 2021 and approximately 15% of cross border traders have been facing issues while exploring the goods (Statista.com, 2021).http://BU7412 International Business Assignment Sample


BU7412 International Business

Figure 5: Brexit and the UK economy – Statistics & Facts

(Source: Statista.com, 2021)

2.3 Trade of other countries within the regional trading bloc

The trading business of England with the internal countries of the UK and with the other countries of Europe has been developed day by day after the Brexit movement occurred in the UK.

Trade between England and other countries in the Europe

The trading business of England with the other countries of Europe has been developed after the Brexit movement. Mainly the machinery and transportation goods have been imported to entire England from different countries of the EU.

The UK exported to the countries of the EU around £294 billion which was 43% of the overall turnovers in exportation in 2019 (Commonslibrary.parliament.UK, 2020).http://BU7412 International Business Assignment Sample

Trade between England and other countries in the UK

The Scotland government has a significant share in the foreign business in the business in England. The trading business between Scotland and England has increased since the last years after the Brexit movement.

The value of importing from the other countries to Scotland has been increased in 2018 as per the comparison to the last year 2014(Statistics.com, 2020).http://BU7412 International Business Assignment Sample However, the revenues growth of the foreign business of Scotland has been developed for increasing the trading business with other countries in the UK.

Section 3

3.1 Analysis of initiatives and steps for overcoming the competition issues and challenges

Tariffs are considered to be the important source of government that have the ability in the context of in coming in low income countries. These sources are also recognised to be the source of lobbying and inefficiency.

Therefore, it can be said that in the context of mitigating the issues, the government of the UK can follow the regional agreements that is considered to be a path in reducing the trade barriers. As per the statement of Okunade & Ogunnubi (2021), a regional trading agreement refers to a treaty that is effectively signed by two or more countries in the context of encouraging free movement for services and goods.

Therefore, it can be said that this type of agreement will be fruitful for both the UK and other countries who are doing an agreement with the UK.  It has been found that there are several benefits of using regional trade agreements such as it can be able in widening the access of market and entertaining the market growth. Therefore, it can be said that the growth of market share helps an organization or country in the context of gaining more competitive advantages for their betterment.

Regional trade agreement is recognised to be one that is made by two or more than two countries or contracting parties that can share the common denomination.

It is known as a region and the purpose of this kind of agreement is to reinforce trade relations between the effective members. It has been found that there are several types of regional trading agreements such as free trade area, economic union, full integration and customs union as well as common market (Moyo, 2020).http://BU7412 International Business Assignment Sample These will be helpful for the country in the context of mitigating the problems as it is considered to be one of the best agreement types.

Uncompensated price management

After the exit of the UK from the EU, the trade between two regions has become a complex one and barriers have been occurring. Ongoing negotiations and practical obstacles in the business resulted in a “no-trade-deal” situation among these two territories.

Before Brexit about more than 6,600 economic actors have been trading the global trade network and been impacted by the changes in trading policies (Wenz et al. 2020).http://BU7412 International Business Assignment Sample In that scenario, some innovations have been taken by the industrial player to run business in the Brexit scenario.

As mentioned by Seferidi et al. (2019), conditional price elasticity has been approached by the food and vegetable retail players in the post Brexit situation. Uncompensated price has been effective for the traders to manage the product disaggregation and the assumption of consumers’ income was effective as well.

Based on the assumptions, some changes to the price of fruit and vegetable subgroups have been made to run the business in the Brexit scenario by the England F&V industry due to CVD deaths.

BU7412 International Business

Figure 6: Estimated relative change in the price of fruit and vegetable

(Source: Wenz et al. 2020)

Re-evaluation of trading opportunities

As the UK has to deal with the EU in separate terms and conditions, where the major factor has been the free trade facility inside the European region has been lifted.

The agreement between the authorities has been rearranged regarding aviation and road transport, law enforcement, judicial cooperation and attending the European Union programs, where favourable trading decisions will not be availed by the UK government.

Therefore, as a result, the economic integration levels have been reduced from the previous conditions, while the UK was a member of the EU trading bloc (Ec.europa.eu, 2021).http://BU7412 International Business Assignment Sample

The operational relation has to face prior provisions such as free trade agreement, full freedom in the aviation navigating system which will default affect the entire trading operations of the UK nations.

Therefore, the situation can be a significant opportunity for England and other UK nations to evaluate the trading opportunities and implement new strategies which can be profitable for the economical aspects. As opined by Sampson (2017), trade operations outside of the European region will no longer have to be regulated by the EU trade rules.

Therefore, the entire operations can be controlled and profit measures will directly affect the economy of the UK. In 2020, the impact of the Covid-19 pandemic and withdrawal from the European Union trading bloc resulted in a significant fall in the GDP of the UK by 9.9%. Although, the GDP is expected to grow by 4% in 2021 regarding the retained economic stability by the UK traders which are also can enhance the GDP by approximately 7.3% in 2022 (Statista.com, 2021).http://BU7412 International Business Assignment Sample

BU7412 International Business

Figure 6: Monthly growth of the gross domestic product in the United Kingdom from January 2010 to July 2021

(Source: Statista.com, 2021)

Collaboration with the alternative trading bloc

In order to maintain the business expenditure in the Global trading bloc, the UK nations are expected to join the Transpacific trading bloc for further expansion of the business expenditure.

The bilateral trade agreement can be conducted with the members including Japan, Singapore which can implement the comprehensive and progressive partnership between the countries. The collaboration can be highly effective for the UK traders to obtain a large market share and establish a secure channel to export British cars, infamous

British alcoholic beverages to the Asian-Pacific region. Moreover, the simplified trade rules in the Asian-Pacific region can be beneficial for the UK manufacturers with reduced tariffs can enhance the trade revenues.

3.2 Future result of the initiatives regarding challenges and competition issues

Increasing the Newmarket

The initiative which is to be taken by the traders of England and overall the UK must align with the required economic development aspects. In order to retain the economic and trading capacity of the UK traders, new market and trading segments have to be identified to enhance the overall revenue of the UK regional trading bloc.

As opined Owoey, Olatunji & Faturoti (2019), to maintain the business expenditure in the Global trading bloc, the UK nations are expected to join the Transpacific trading bloc for further expansion of the business expenditure.

The bilateral trade agreement can be conducted with the members including Japan, Singapore which can implement the comprehensive and progressive partnership between the countries. In the Asia-Pacific trade pact, global trade giants such as China, USA have major involvement in the global trading bloc and it will affect the UK trading operations to deal directly with the foreign companies without paying taxes to the EU (Bbc.com, 2021).http://BU7412 International Business Assignment Sample

Competitive advantages

Competitive global markets and new potential traders can be partnered up with the UK traders without any hesitation as the countries outside of Europe do not have to follow the guideline of the EU trading bloc.

The factor will create an open channel between the UK traders and foreign nations and traders which can also affect the additional tariffs that the organisations were bound to follow.

Reduction of violation of competition rules

Acknowledgement of the compliance programmes can be effective for competition infringements and minimise procurement or anti-corruption in the following times. Compliance risk can be reduced which can come from the reduction of the violation rules between two regions.

Strong leadership and management commitment can be developed alongside having transparency in communications and documentation. Legal and economic perspectives can be maintained with the analysis of the competition rules.

It can be said that, developments in agency approaches for the compliance programmes will lead to the changes in the next 10 years from now. On the other hand, the widespread agreement will be effective to prevent anti-competitive behaviour at regional level.

Conclusion and recommendation

The study has evaluated the trade practices in the UK regional bloc, and most importantly the study has investigated the trade practices of England as the sub-region.

The challenges have been investigated which are faced by companies business in the UK region from the side of England. It has been found that there are several challenges that have been faced such as Trade diversion, a no-deal scenario for Brexit, Additional tariff issues that could damage the activities of a country. The initiatives on the challenges have been identified which are taken by the industrial players and the effectiveness of the initiatives have been measured.

It is to be said that, with business development, consideration of the continuous changes of the regional market is important to be followed. Here are some strategies that can be followed in order to maintain a business on a regional level.

  • Knowing the potential audience of the business:  In the context of developing or maintaining business at a regional level it is required to get to know the regional audience. It can be said that when the brand may have already done research in the context knowing the potential audience that will be better for searching out the demand of the customers. In addition to this, it is also required to avoid anti-competitive effects and market enforcement and remedies for doing business (Jenny et al. 2018).http://BU7412 International Business Assignment Sample Therefore, it can be said that it will help in the context of reducing the frequency of international disagreements in order to maintain the flow of the business.
  • Creating different campaigns for different types of regions: in the context of maintaining the business on a regional level, it will be fruitful for the business, if the management of business creates different campaigns. It is required to shape measures for the region such as creating campaigns around events or local holidays and sporty teams (Bright et al. 2020).http://BU7412 International Business Assignment Sample In addition to this, considering the season, the management of the business must offer and deliver the services and products to the customers.  England has to focus on the foreign business with the closest countries to the outer countries of the UK for getting the free trading opportunities.

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