Trade mission

Last updated

Trade mission is an international trip by government officials and businesspeople that is organized by agencies of national or provincial governments for purpose of exploring international business opportunities. Business people who attend trade missions are typically introduced both to important business contacts and to well-placed government officials. A trade mission is a way in which countries or organizations can seek out potential buyers and sellers. Trade missions will usually occur after one party has undergone significant market research. In short, trade mission is a trip that is designed to transport business executives into a foreign business environment to achieve International business relationship. [ citation needed ]

Contents

Considerations

Several factors are needed to be considered whenever a business executive is trying to join a trade mission. [1] Clearly stating the goal of trade mission before the departure is important. Choosing the target industry and the participants is a crucial aspect. Executives have to analyze the costs and possible future benefits of trade mission. Careful evaluation of the agenda is required. Target audience should be decided upon actual trade mission.[ citation needed ]

Controversy regarding Trade Mission

Trade missions are supposed to be about developing trade opportunities. However, when government agency is involved, there is controversy regarding international politics being involved. Trade mission might not be conducted targeting particular industry or actual companies which won't be about developing international trade but international politics.[ citation needed ]

Canada

In Canada, trade missions which include both the federal and provincial governments working together (perhaps also with cities and private businesses) are called "Team Canada Missions"[ citation needed ]

UK

UK sends British High commissions to India for trade missions. [2] UK's continuous efforts with India in having trade missions in both countries have brought huge economic benefits. [3]

See also

Related Research Articles

Economy of Canada National economy

The economy of Canada is a highly developed mixed economy. It is the 9th largest GDP by nominal and 15th largest GDP by PPP in the world. As with other developed nations, the country's economy is dominated by the service industry which employs about three quarters of Canadians. Canada has the third highest total estimated value of natural resources, valued at US$33.2 trillion in 2019. It has the world's third largest proven petroleum reserves and is the fourth largest exporter of petroleum. It is also the fourth largest exporter of natural gas. Canada is considered an "energy superpower" due to its abundant natural resources and a small population of 37 million inhabitants relative to its land area.

The following outline is provided as an overview of and topical guide to public affairs:

National Telecommunications and Information Administration American government agency

The National Telecommunications and Information Administration (NTIA) is an agency of the United States Department of Commerce that serves as the President's principal adviser on telecommunications policies pertaining to the United States' economic and technological advancement and to regulation of the telecommunications industry.

Foreign relations of Canada Overview of the foreign relations of Canada

The foreign relations of Canada are Canada's relations with other governments and nations. Britain was the chief foreign contact before World War II. Since then Canada's most important relationship, being the largest trading relationship in the world, is with the United States. However, Canadian governments have traditionally maintained active relations with other nations, mostly through multilateral organizations such as the United Nations, the Commonwealth of Nations, La Francophonie, the Organization of American States, and the North Atlantic Treaty Organization (NATO).

Employment is a relationship between two parties, usually based on a contract where work is paid for, where one party, which may be a corporation, for profit, not-for-profit organization, co-operative or other entity is the employer and the other is the employee. Employees work in return for payment, which may be in the form of an hourly wage, by piecework or an annual salary, depending on the type of work an employee does or which sector they are working in. Employees in some fields or sectors may receive gratuities, bonus payment or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits can include health insurance, housing, disability insurance or use of a gym. Employment is typically governed by employment laws, organisation or legal contracts.

A trade association, also known as an industry trade group, business association, sector association or industry body, is an organization founded and funded by businesses that operate in a specific industry. An industry trade association participates in public relations activities such as advertising, education, publishing, lobbying, and political donations, but its focus is collaboration between companies. Associations may offer other services, such as producing conferences, holding networking or charitable events, or offering classes or educational materials. Many associations are non-profit organizations governed by bylaws and directed by officers who are also members.

A social enterprise is an organization that applies commercial strategies to maximize improvements in financial, social and environmental well-being—this may include maximizing social impact alongside profits for co-owners.

Private sector development (PSD) is a term in the international development industry to refer to a range of strategies for promoting economic growth and reducing poverty in developing countries by building private enterprises. This could be through working with firms directly, with membership organisations to represent them, or through a range of areas of policy and regulation to promote functioning, competitive markets.

The Australian Trade and Investment Commission, or Austrade, is the Australian Government's trade, investment and education promotion agency. Austrade was established under the Australian Trade Commission Act 1985. It is a non-corporate Commonwealth entity under the Public Governance, Performance and Accountability Act 2013, and a statutory agency under the Public Service Act 1999. Austrade is part of the Foreign Affairs and Trade portfolio.

Sister Cities International Organization

Sister Cities International (SCI) is a nonprofit citizen diplomacy network that creates and strengthens partnerships between communities in the United States and those in other countries, particularly through the establishment of "sister cities". A total of 1,800 cities, states, and counties are partnered in 138 countries around the world. The organization "strives to build global cooperation at the municipal level, promote cultural understanding and stimulate economic development".

The pharmaceutical industry in India, US$40 billion by value, world's 3rd largest by overall volume and world's largest as provider of generic medicines globally, with 20% and 3.5% share of total global pharmaceutical exports by volume and value respectively to more than 200 countries and territories in 2021. With industry standards compliant mega production capabilities and large number of skilled domestic workforce, Indian exports meet the standards and requirements of highly regulated markets of USA, UK, European Union and Canada. According to the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, domestic pharmaceutical market turnover reached Rs 129,015 crore in 2018, growing 9.4 per cent year-on-year and exports revenue was US$17.28 billion in FY18 and US$19.14 billion in FY19.

Economic liberalization is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities. In politics, the doctrine is associated with classical liberalism and neoliberalism. Liberalization in short is "the removal of controls" to encourage economic development.

Vibrant Gujarat Biennial investors summit in Gujarat, India

Vibrant Gujarat is a biennial investors' summit held by the Government of Gujarat in Gujarat, India. The event is aimed at bringing together business leaders, investors, corporations, thought leaders, policy and opinion makers; the summit is advertised as a platform to understand and explore business opportunities in Gujarat.

Economic diplomacy is a form of diplomacy that uses the full spectrum of economic tools of a state to achieve its national interests. The scope of economic diplomacy can encompass the all of the main international economic activities of a state including, but not limited to, policy decisions designed to influence exports, imports, investments, lending, aid, free trade agreements, etc.

New Zealand Trade and Enterprise (NZTE) is New Zealand's economic development and trade promotion agency. It offers strategic advice, access to networks and influencers, research and market intelligence, and targeted financial support to help businesses on their international journey, and works to promote and support the growth of New Zealand business overseas.

The Fur Institute of Canada (FIC) works to promote the fur trade and to advocate for the fur industry. The organization, has more than 100 members from industry and trade, government, Aboriginal groups and the scientific community.

Public affairs generally refers to the engagement efforts between organizations, often times in the context of building business or governmental relationships. The industry has developed over recent years and is normally considered a branch or sub-discipline of public relations (PR). Having such a broad range of coverage regarding its definition, public affairs is, by nature, a hybrid of disciplines that relies heavily on strategic communication. While often equated with lobbying, this is usually only a small part of what a public affairs practitioner might do. Other typical functions include research, strategy planning and providing advice. Dr. Juan-Carlos Molleda writes, “Many types of organizations virtually and physically interact and communicate with publics and/or audiences outside of their own country of origin to build a dynamic set of relationships. Trade, direct foreign investment, political coalitions, worthy global causes, information flow, and social networking, among other phenomena, are increasing the complexity of those relationships dramatically”. Organizations who make use of public affairs are typically large companies, charities, trade unions, membership organizations and interest groups. They will either have staff working directly for them or employ a firm of public affairs consultants. Very often public affairs staff will work with their non-PR colleagues who are experts in a given field.

Technical Intelligence (TECHINT) is intelligence about weapons and equipment used by the armed forces of foreign nations. The related term, scientific and technical intelligence, addresses information collected or analyzed about the broad range of foreign science, technology, and weapon systems.

WREN is a major non-profit organization registered in the United Kingdom with charitable status and affiliated to UNESCO, the Deputy Director General of which is its honorary President. It has a Governing Council, an Executive Committee and a Director General. It maintains links with many United Nations, governmental and non-governmental organisations.

References

  1. http://going-global.com/articles/understanding_trade_missions.htm
  2. https://storify.com/ukinindia
  3. "UK help and services in India - GOV.UK".