Finance: Essay
The United States-Mexico-Canada Agreement (USMCA), the World Trade Organization (WTO), and the European Union (EU) significantly impact global entrepreneurship. The influence occurs across various fronts, from fostering stability across the economies to promoting market access and reducing trade barriers (Malkawi, 2021). Notably, this essay seeks to discuss the impact that these bodies have on global entrepreneurship by focusing on each separately: Finance: Essay.
On the first pact of USMCA, global entrepreneurship is influenced by tariffs, regulations, and protection. Essentially, the pact ensures that tariffs are reduced for global entrepreneurship to thrive across the North American region, it ensures regulations are streamlined to fit global entrepreneurship dimensions, and lastly, it ensures intellectual properties are protected across the region for the prosperity of intellectual properties that give birth to entrepreneurial ideas. According to Munyo and Veiga (2024), when all three of these are in place, small and medium-sized enterprises will have access to broader markets with lesser costs and succeed globally.
The WTO and the EU engage in processes affecting entrepreneurship on an international level by enhancing an open and certain trading regime. The WTO contributes to the general frameworks for trade, thus giving entrepreneurs confidence to undertake business across borders since they know that there are standard operating rules and that mechanisms are in place where there is a dispute (Lumpkin & Pidduck, 2021).
The EU fosters intra- and extra-continental enterprise by establishing a common market in EU member countries, which includes three complementary facilities: people, goods, services, and capital. EU regulations assist in funding startups, ease regulations surrounding these activities, and promote innovation in digital businesses. Overall, the three organizations discussed play a crucial role in promoting global entrepreneurship through various avenues, such as promoting a better work environment for enterprises to grow at the global level.
References
Lumpkin, G. T., & Pidduck, R. J. (2021). Global entrepreneurial orientation (GEO): An updated, multidimensional view of EO. In Entrepreneurial orientation: Epistemological, theoretical, and empirical perspectives (pp. 17-68). Emerald Publishing Limited.
Malkawi, B. (2021). Digital trade issues in WTO jurisprudence and the USMCA. The International Trade Journal, 35(1), 123 131.https://doi.org/10.1080/08853908.2020.1801536
Munyo, I., & Veiga, L. (2024). Entrepreneurship and economic growth. Journal of the Knowledge Economy, 15(1), 319-336. https://doi.org/10.1007/s13132-022-01032-8
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How do the following organizations impact global entrepreneurship: USMCA, WTO, and the EU?
Finance: Essay
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