International Business Transactions

As we move toward a global economy where countries grow more economically interdependent on each other, some understanding of the international legal environment is very essential. International business affects almost every individual in the United States. For instance, the typical American consumer who purchases a Japanese television has an indirect role in international trade. Several international trade participants, from the Japanese manufacturer to the local American retailer, played a part in the sale of the television to the customer in the United States.

International business activities generate more than one-third of the U.S. gross national product. The global impact of international business also is staggering. More than two hundred multinational businesses have sales in excess of $1 billion per year. As a firm expands beyond a single country and its business activities cross national borders, the need for the firm’s managers to understand the evolving international business marketplace is of paramount importance.

The international legal environment of business does not consist of a cohesive body of uniform principles. It contains elements of United States domestic law, the law of other countries, multilateral, bilateral and regional agreements or treaties, and customary international law.

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Unit 7A	\|	Methods of Transacting International Business

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