As globalization accelerates its pace, many companies face the drastic need to pay increased attention to global aspects of their business. Along with economic trends and cross-cultural competence, this also means the need to be proficient in international business law. A company that deals in foreign as well as domestic operations can utilize many pieces of knowledge about this domain.
In particular, knowledge of the forms of International Business is useful to someone who considers a partnership with a foreign business entity or is eager to enhance current relationships. This experience is valuable even if the company does not venture beyond the local market since it most probably has to compete with, buy from or sell to businesses that represent the international trade in its various forms.
A business executive also has to be aware of various trade regulations concerning exporting, importing, and global sourcing. In the age of the WTO and gradual movement toward free trade, with fewer and fewer government restrictions in place, the situation in the worldwide market has a direct influence on the one in the domestic market. Everyone interested in understanding the case of other businesses in virtually every industry has to read on international licensing agreements and trade controls.
