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International Transactions Valerie Thornburg Professor Pinkney International Bus

by | Aug 29, 2022 | Other | 0 comments

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International Transactions
Valerie Thornburg
Professor Pinkney International Business BUSI-303- B04 202240
Liberty University
August 29, 2022
Definition of Key Term
The definition of International Transaction, according to lawinsider.com, is,
“a transaction between two or more associated enterprises, either or both of whom are non-residents, in the nature of the purchase, sale, or lease of tangible or intangible property, or provision of services, or lending or borrowing money, or any other transaction having a bearing on the profits, income, losses or assets of such enterprises, and shall include a mutual agreement or arrangement between two or more associated enterprises for the allocation or apportionment of, or any contribution to, any cost or expense incurred or to be incurred in connection with a benefit, service, or facility provided or to be provided to anyone or more of such enterprises.” (International transaction definition. (n.d.). Law Insider. Retrieved August 23, 2022).
Summary
The old adage “buy low and sell high” has found its way onto the world stage via the internet, crossing borders of e-commerce. The internet has made it possible for international transactions to occur quickly and efficiently through newer shipping methods such as postal and express delivery for tangible products. Along with tangible products, intangible properties are transacted between two or more associated enterprises. They can involve services, such as market research or development, or even capital financing transactions between countries, for example.
For this discussion, we will review newly released international transaction data in the types of trades, consumer arbitrage on the online market, and global legal structure.
Discussion
Newly released data from the U.S. International Transactions, First Quarter 2022 and Annual Update indicate that “Exports of goods and services to, and income received from, foreign residents increased $25.7 billion to $1.03 trillion in the first quarter, while imports of goods and services from, and income paid to, foreign residents increased $92.3 billion to $1.32 trillion” (U.S. international transactions, first quarter 2022 and annual update. (n.d.). Types of transactions include goods such as clothing, services such as business services including consulting and business travel, primary income receipts from increased portfolios of investments, and secondary income that include governmental transfers from taxes on income and wealth, as described in the annual update report. This data only reflects imports and exports of international transactions in the United States but demonstrates that e-commerce of cross-border transactions has skyrocketed since the Covid19 pandemic in 2020.
The pandemic played an essential role in exchanging products, services, and resources, as people and businesses went to the internet while locked down. International transactions flooded cross-border exchanges, seeking ways to buy goods or services at the lowest prices, to either consume or sell at higher prices due to market shortages. Examples of this would be covid masks, gloves, and sanitizers. It is worth noting that the international postal network played “an integral part of international trade and the scale economics of its network allowed consumers to face low transport costs, coupled with price rigidity and low search costs allowed for international arbitrage” (Anson, J., Boffa, M., & Helble, M. (2019) p.1245). The macroeconomic effects of these post-Covid19 international trades also impacted international legal structures between foreign countries that were first-time exchanges, which include requiring a change of currency and foreign-initiated transaction fees that dealt with an exchange rate.
Due to the recent unprecedented growth of international transactions involving activities among different countries, “international trade becomes a complex process that requires an extensive legal system or framework from an international perspective” (Hassan, S., Dhali, M., Javed, Y., & Khahro, S. H. (2022). The article also recognizes that legal structures and international law played an essential role in advancing international trade and economy, explicitly focusing on increasing market economics in the era of globalization. Identifying new implications of trade discrimination, cultural diversity, and conflict resolution to navigate banking systems and cross-border payments between countries, banks, and currencies all became part of resolving these international trade-related issues.
In closing this discussion, we have identified what an international transaction looks like, how the pandemic played a part in the globalization expansion of business trade, and as an outcome, recognized the need for new legal structures that dealt with law applications, diversity, and improved standards that promote cross-border trading. It was also identified that e-commerce using the internet and delivery systems through international postal networks play an essential role in the movement of many global transactions.
References
Anson, J., Boffa, M., & Helble, M. (2019). Consumer arbitrage in cross-border e-commerce. Review of International Economics, 27(4), 1234–1251. https://doi.org/10.1111/roie.12424
Hassan, S., Dhali, M., Javed, Y., & Khahro, S. H. (2022). EXPLORING NEXUS BETWEEN INTERNATIONAL LEGAL STRUCTURE, CROSS-BORDER TRANSACTIONS, AND APPROACH FOR ECONOMIC DEVELOPMENT. Journal of Legal, Ethical and Regulatory Issues, 25(1), 1-11. https://go.openathens.net/redirector/liberty.edu?url=https://www-proquest-com.ezproxy.liberty.edu/scholarly-journals/exploring-nexus-between-international-legal/docview/2618818144/se-2
International transaction definition. (n.d.). Law Insider. Retrieved August 23, 2022, from https://www.lawinsider.com/dictionary/international-transaction
U.S. international transactions, first quarter 2022, and annual update. (n.d.). Bea.gov. Retrieved August 23, 2022, from https://www.bea.gov/news/2022/us-international-transactions-first-quarter-2022-and-annual-update
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