The United States Department of the Treasury’s Office of Foreign Assets Control offers information on trade sanctions that can hinder exporting (globaledge.msu.edu). This department maintains a list of trade sanctions by the US government. The sanctions are grouped according to region, country, or reason for sanction. The source also contains the licensing information and information on enforcement regulations.
The European Union Module provides information on Free Trade Agreements. Some of the information contained includes information on the history of the European Union, predecessors to the current EU leadership, trade agreements between the US and the EU as well as the implications of the EU constitution on international business (globaledge.msu.edu).
The National District Export Council helps exporters with legal advice on exporting matters. The organization leverages local professionals in trade to help ease the challenges businesses face when exporting. A typical council includes government representatives, CEOs and attorneys.
When developing a strategy to export to India the firm must evaluate the legal advice regarding exporting. India is a diverse country and any firm wishing to do business there needs to adequately understand the legal framework of different states. The Export Legal Assistance Network, a program by private firms and attorneys provide free basic consultations for small and medium sized firms on exporting issues.
It is imperative for a firm to obtain information on investment practices in any country prior to exporting. The globaledge Country Insights lists the websites of various banks around the world. India is a large, populous country with numerous banks and varying investment practices (Prasad, 5). A source from where a potential exporter can obtain banking practices and investment practices is useful in decision making.
It is imperative that a company establishes the economic and political risks involved in the exporting business. Some foreign governments restrict commercial payments for fear of political and/or economic instability. The US government provides insurance cover for political instability risks. The Insurance and Risk Mitigation section from Export.gov handles such insurance issues. The exporter is, therefore, compensated in case the importers from the other country fail to settle the payments. This ensures that business do not undergo massive losses.
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globalEDGE: Your source for Global Business Knowledge . N.p., n.d. Web. 21 Oct.
Prasad, Mahesh. India’s foreign trade: from antiquity to date. Delhi: Kalpaz Publications, 2011.