Career in International Foreign Trade
International business or foreign trade includes both the export and import of goods and services i.e. all commercial transactions whether private or governmental. The growth in the international business sector in India is estimated as more than 7% per annum. There are exciting, challenging and profitable career opportunities in international business in terms of employment and entrepreneurial ventures.
Broadly speaking, international business strives to achieve the foreign trade objectives of a country by integrating the export and import practices of various trading partners/countries. After the emergence of WTO (World Trade Organization) in 1999 the international trade practices have been standardized and member countries have agreed to come under a broader network with some common rules and trade codes of conduct.
Major work areas in International Business or Foreign Trade
International business operations involve the work of production, research & development, quality control, inspection, invoicing, packing, insurance, transportation and shipping, logistics, documentation, marketing, custom clearance, legislation, risk assessment, surveying, service, foreign exchange management, merchandising, taxation, etc.
Other work areas of international business are – dealing with foreign exchange markets and their operations, institutions that extend assistance for finance and infrastructure including export promotion councils and commodity boards, state trading corporations, export processing zones, e-commerce, etc. They enhance the scope of international business. Another important area is that of human resource management.
Personal Characteristics and skills Required to Make Career in International Foreign Trade
Interest in gaining knowledge about culture of different countries, knowledge about foreign business affairs, learning foreign languages, and having knowledge about the business laws of the countries with which you want to deal, are some features which appear peculiar to the international business.
As an importer or exporter you need strong business sense, qualities of entrepreneurship, taking initiative, fast decision making, effective oral and written communication skill, analytical ability, proficiency in organizing, planning, coordinating and directing activities. Keeping yourself abreast with the latest international procedures, rules and regulation, international trade laws, foreign exchange rules, export regulations, etc. may help you excel in this field. You also require problem-
Education Needed in International Business or Foreign Trade
After 10+2, you can go Diploma and Certificate level courses in International Business. You are required to have good English to pursue these courses. If you have completed your graduation, you have the option to go for Postgraduate Diploma courses in International Business or MBA with specialisation in International Business.
Some Universities offer Masters Degree in International Business (MIB). Admission to these courses are made on the basis of score of CAT by IIMs, MAT, XAT, group discussion and personal interview. Shri Ram College of Commerce conducts an entrance test for PG Diploma in Global Business operation.
Final Thoughts
Usually, International Finance, International Management, International Marketing, Economic Development, International Transportation, International Chartering, Comparative Public Administration, International Logistics, International Trade and Investment Law, Foreign Markets, Cultures and Regimes, International Comparative Management, Human Resource Management, Global Trends etc. are studied in export management course.
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