The internet has created unprecedented global business opportunities over the last decade or so, giving small companies the ability to compete with big players in countries all over the world. While this revolution is historic on every level, the world is now looking at possibly an even greater development: the breaking down of trade barriers between countries, even those that may have been inaccessible before.
The various Free Trade Agreements (FTAs) which have been established or are currently being considered open up new opportunities for suppliers to gain market share in economies that were previously not open or were strongly protected. Trade barriers like import duties and tariffs are being systematically eliminated by these FTAs, and that is a wonderful thing for businesses – as long as they understand the consequences and take the steps necessary to ensure compliance with the agreements. Take, for example, this case study: Australia Open For Business – Real Stories – AACO Beef.
Today we consider the effect of new trade agreements on global business and how auditing should be emphasised to stay competitive