Question

How has the increasingly global economy impacted the laws concerning international trade,bussiness practices and banking

Answer 1

Although globalization and trade present new opportunities, it is not without challenges. Developing countries may struggle to compete on a global scale for many reasons.

Inefficient or inadequate systems of transportation, logistics, or customs;
Poor connectivity in telecommunications, financial markets or information technology;
Complicated regulatory environments that discourage new investments;
Anticompetitive behavior by major market players or cartels that stifle innovation, productivity, or market growth.
The increasing complexity of trade has serious implications for the world’s poor, who often are disproportionately disconnected from global, regional – or even local – markets. Poverty is often concentrated in geographic areas that are poorly connected to active economic centers. Firms and communities in these areas miss opportunities to develop skilled, competitive workforces; they are not integrated in global production chains and are less able to diversify their products and skills.

There are also distributional consequences of increasing trade. While on aggregate, economies gain enormously from increasing trade, as competition increases and many good jobs are created in export sectors—the wages of workers in import-competing industries may suffer or some workers may lose their jobs. Here is more information. The WBG is supportive of an open, rules-based, predictable multilateral trading system, with the goal of helping countries participate in and enjoy the benefits of such a system.

Key strategies in this agenda include:

Trade facilitation, logistics, and border management: helping countries integrate into global value chains (GVCs) through targeted reforms and investments;
Trade agreements: advising countries on their technical details and supporting implementation of commitments made through these agreements;
Emphasizing trade and competitiveness at the core of national development strategies
Aid for Trade: Among multilateral institutions, the Bank Group is the largest provider of “Aid for Trade,” a multilateral initiative designed to assist developing countries, especially low-income countries, spur growth by integrating into the world economy.
Markets and competition policy: encouraging growth and shared prosperity by opening and transforming markets.
In 2017, trade volumes grew by 4.3%, the fastest rate in 6 years. Behind increased trade levels are countries whose GDP is growing, companies who are trading goods across borders and citizens who can access goods and services at lower prices. To further enhance global trade, the World Bank works with governments to address trade obstacles by designing and implementing policies that maximize competitiveness, increase connectivity, and facilitate trade. In line with twin goals of eradicating extreme poverty and increasing shared prosperity, the World Bank Group helps its client countries improve their access to developed country markets and enhance their participation in the world economy. Trade advisory and support work spans 111 Bank lending projects in 57 countries, 219 Bank advisory tasks in 64 countries, and 56 IFC Advisory projects in 35 countries including through the World Bank Trade Facilitation Support Program (TFSP) and the Umbrella Facility for Trade (UF).

The WBG’s global, regional, and country trade engagements have boosted trade competitiveness, inducing predictability in trade operations, lowering a variety of trade costs, opening and creating markets, and prioritizing inclusive trade integration. Prominent results from IBRD operations include: Bosnia and Herzegovina. Hope this helps!