Question

What changes to business law would you recommend to best facilitate international transactions?

Answer 1

International transactions refer to the transactions and the business taking place out of the domestic territory of the business and its operations. Many laws and duties exist for the organisation to practice the international law safely and legally. The type of changes I would like to introduce to make the international transactions better are:

1. Reduction in Taxes: The first legal duty I would like to make a change would be reduction in the taxes. Often it is seen that many small businesses who wish to go international doesn't have financial fund to support their actions as government charge a lot of money in the name of tax to export and import stuff. The burden falls on the consumers thereby. Thus, I would like to reduce the tariffs and the taxes associated with the international transactions.

2. More Government Support: As mentioned earlier, apart from the funds, a small business owner often doesn't knowledge, technology and other resources to go global. Thus, to make a global village and integration of economies, goverment and authorised bodies like World Trade Organisation should take initiatives and steps to upgrade people with the knowledge and skills to expand business.

3. Less Barriers for Countries: At last, as one knows many countries like China have a strict barrier for operating their business and doesn't allow for an open economy. It makes busines transactions for many countries harder. Thus, countries should allow more open economy initiatives for better performance and growth of the world.