Authors: 1Dr. Dotsey Nelson Monday, 2Dr. Maindson Kweku Benn & 3Dr. David Ackah PhD
Head of Research Development, Vice President Academics, & President of IPMP
Institute of Project Management Professionals – IPMP
Email: dackah@goldensunbeamuniversity.edu.gh & nelsonmonday@gmail.com
Abstract
International trades between countries and across continents have existed for centuries including previous civilizations. Traditionally international trade consisted of traded goods like textile, food items, spices, precious metals, precious stones, and objects of art and various items across the borders. Everybody has heard of the silk route as well as amber road and other famous routes that existed and the ports and settlements that flourished due to the trade, which was carried on through land route as well as sea routes.
We have come a long way since the earlier times and International trade today has taken on new dimension. It was a fact earlier that impact of trade between two countries was not limited to economics alone, but fuelled political, social ambitions too. Today with the advancement of technology and impact of globalization has made it necessary for all countries to engage necessarily in international trade for their survival. Various factors including but not limited to industrialization, development of transportation, globalization, technology that enables trade and communication has contributed to change in the format of business organizations as well as trade practices. Companies and Organizations today are no longer entities with a local identity. Multinational organizations have emerged through the previous century with footprints all over the globe. They have in fact shrunk the earth and changed the way businesses are conducted. Companies no longer limit themselves to local markets. They no longer depend upon local resources. These companies setup manufacturing wherever it is conducive in terms of cheaper resource availability as well as support from local government and in terms of markets, geographical boundaries do not bother them. They are present everywhere. Technology in terms of communication as well as software technology has changed the way business organizations manage activities be it manufacturing, procurement, finance or sales. Today software applications drive the processes and work at the speed of thought.
Keyword: Trade Perspective, International Trade, International Trade Payment System
