Since the day when I earned my first pocket money and discovered that any business transaction requires not only basic knowledge in the specified domain but also impressive communication skills, diplomacy, and the ability to market ones assets in an impressive manner, I have been obsessed with trade and financing. The technological breakthrough of the 21st century and the introduction of IT elements into the realm of business have only fueled my imagination with the pool of opportunities that these innovations offer.
Being excited about the possibilities, which the latest innovations in shipping trade and finance offer, as well as highly interested in the specified domains, I believe that the MSc Shipping Trade and Finance course will help me acquire the skills and knowledge necessary to break new grounds in trade relationships.
Main Body
As far as my record in business and economy is concerned, I must mention that I have been doing quite well in studying the subject on a Bachelor level. Though I have been dealing with the theoretical aspect of the issue for the most part, I have completed a number of projects on the subject of business and economy in general and trade and financing in particular. Moreover, I must mention that I have taken part in a range of extracurricular activities devoted to the subject of trade and financing; concerning discussions and reports on the issues that emerge in the realm of the 21st-century global economy and the technological advances that the recent breakthrough has provided, these activities have helped me gain a better prospect of what I was going to study in order to attain the MSc degree and, most importantly, what I needed the latter for.
Now that I know exactly what I want to achieve and have a plan of how I am going to do that, I am eager to learn the information and acquire the skills that will help me become a top-notch analyst of trading processes and the related issues, including the possibilities concerning logistics, international partnership and the adoption of acquisition and merger policy.
Apart from handling a number of assignments and projects related to trade and financing, I have also developed numerous skills that will help me in the process of getting the degree and learning the essentials about international trade and financing. For instance, over the course of studying for a Bachelors Degree, I have shaped my leadership skills greatly, learning to adopt new and more efficient approaches.
At some point, I realized that, even with such a powerful method of managing people and organizational processes as transformational leadership, I will soon face the necessity to introduce new methods of boosting employees motivation. As a result, I have designed a new leadership strategy, which is based on the key tenets of transformational and charismatic leadership theories, therefore, creating the approach that is bound to work in any business environment.
Conclusion
With a range of ideas to test and the need to make a difference in the present-day concept of international trade and financing, I am positive that the MSc Shipping Trade and Finance course is exactly what I need. Though I still have a lot to learn, I am perfectly sure that years of consistent academic success and training in the skills related to business communication and accounting will help me reach my goals.
Following the currently experienced globalization, world economies are becoming more interdependent through trade and foreign investment. As it has been revealed, this economic integration among nations has largely been triggered by the increasing technology in the information system which has facilitated easy communication and financial partnerships among countries.
As the world trade becomes more open and highly liberated, foreign investors and international traders have been quite opportunistic to venture in different international businesses; since the new face of global financialization has been intertwined with investment trends. This paper will discuss the ultimate relationship between Japan and United Arabs Emirates in terms of foreign trade and investment.
According to Ramavarman (431), foreign trade has been one of the most significant economic boosters in Japan, through imports and exports with various countries, UAE being the dominant. The bilateral trade between Japan and UAE has reportedly been a potential anchor for the two economies stability.
Between the year 2007 and 2009, the foreign trade between Japan and UAE was adversely affected due the global financial crisis whose origin was in US. It should be noted that, the great depression resulted into contracted consumption due to increased housing bubble, making consumers to cut their consumption.
As a result, international trade among nations was adversely affected since the level of global consumption had declined. Mainly this was the main reason why foreign trade between Japan and UAE has not been performing well until the first quarter of the year 2010.
As reported by Schaefer (43) the first quarter of the year 2010 was remarked by 12% and 55% increase in Japans exports and imports respectively from UAE as the global economy had now started recovering from the depression conditions. The main exports of Japan to UAE have been motors vehicles, consumer durable goods and capital equipments like machinery.
On the other hand, its main imports from UAE have been industrial supplies, predominantly petroleum and metal minerals. It is important to note that, these countries have largely been interdependent in the way each country depends on very sensitive commodities for its economic development.
More specifically, the main imports and exports involved in the bilateral trade between Japan and UAE are largely based on the industrial sector which forms a fundamental part of production in various sectors of their economies (Watt 89). With the increased exchange between the two countries in terms of imports and exports, their economic performance is anticipated to increase significantly.
As it has been revealed, the progressive development of the railway transport structure in Dubai there has been great boost of Japans exports in terms of equipments and materials required for rail construction has boosted Japans economy largely. For instance, the value of the material Japan exported to UAE in the year 2009 was valued at $ 262 million, which was 21% increase from similar previous exports in the year 2008.
Quite importantly, most of the infrastructure development plans in UAE have been entrusted to Japanese contractors. The advancement in the transport system in UAE is also anticipated to create larger volume of trade between UAE and Japan, by facilitating easy supply of goods and services from the main trading centers to the interior states of the country (Watt 94).
Despite the economic crisis and the overall slump in Japans exports in the year 2009, the United Arabs Emirates remained its major export market for construction equipments like cranes, bulldozers and truck loaders among others.
With the major exports in Japan to UAE remaining mainly capital equipments, there are high chances of the bilateral trade between the two countries, as industrialization takes effect in most global economies.
According to Schaefer (46), the decline in global consumption during the year 2009 in UAE resulted into significant decline in Japans exports for consumer products, which was further reinforced by the appreciation of Japanese Yen. More so, Ramavarman (438) considers the adverse economic conditions in the year 2009 as having contributed to decreased usage of personal transport vessels, since fuels were adversely affected.
As a result, cars exports from Japan decreased by 6% in the UAE, as large vehicles becoming the major vessels for transport. For in stance, passenger cars in the category above 3000 cc increased by 49% to $ 674 million in the year 2009. This was an implication that, the Japanese manufacturers of vehicles under the category below 3000 cc were adversely affected since they could not find enough markets in the international markets.
As noted by Watt (106), the decline in fuel supplies in the world in the year 2009 impacted a lot on Japans overall imports from UAE. During the year 2009 Japans imports were valued at $ 23 billion, which was a significant drop by 53% from the previous year. This is reflected in the Japans total imports from UAE during that year, which constituted 77% of the total value of the overall imports.
The global surge of oil prices triggered the subsequent increase in the oil prices, resulting into oil imports from UAE for Japan constituting of the highest percentage in terms of cost. Compared to the raw materials and metal products, which constituted of Japans major exports to UAE in the year 2009, mineral fuels from UAE to Japan remained higher.
As noted by Schaefer (51), the UAEs supplies of mineral fuels to Japan in the year 2009 constituted of 11% of the overall Japans imports. This is a clear indication that, Japan and UAE have been highly linked through trade, which has facilitated their ultimate economic stability, especially after the 2009 crisis.
With the rise of e-commerce, the trade between UAE and Japan has been reinforced, since it has been easier to make virtual transactions between business organizations between the countries. Notably, most of the financial institutions like banks have been reinstated to enhancer and process international transactions, with the rise of massive financialization among nations.
For is stance, UAE and Japan have been engaging in more productive agreements between governments and the financial services industry for a more stable tax system, higher performance among corporations would be realized. With the new boom era, corporations have realized the importance of a more sustainable tax system in the long-run, so as to enable them to plan for their investment plans effectively (Schaefer 51).
This stable tax system is meant to ensure a more supportive flexible capital markets which would further facilitate expansion of the investments or establishment of new investments. This would largely increase the investors confidence between the tow countries, since the fiscal systems would be more stable to enhance more productive interactions among the nations.
With regard to Watt (98), the governments of Japan and UAE have been reportedly planning to expand strategic relationships in trading and investment affairs by liberating their trading conditions. Quite significantly, the bilateral trade between United Arabs Emirates and Japan has its anchor on common economic interests; both in trading and investment trends.
Since UAE is one of the largest mineral oils producers, Japan on the other hand has been prospective in the production of industrial capital goods. As a result, the major products of these two countries have largely been considered as complements, resulting into their ultimate inter-relationships in trade and investments.
On this basis, the ultimate relationship between United Arabs Emirates and Japan in economic affairs is anticipated to stay for long time, since the current trend of industrial production expansion would largely require the inter-relationship to continue for longer time. As a result, the two countries seem to base their ultimate economic success on their similar economic interests.
As reported by Schaefer (53), the shared strategic relationship between UAE and Japan has enhanced continuous increase in direct investments in Abu Dhabi from Japan. The outstanding high rate of foreign investment in Dubai has largely been contributed by Japanese investors, constituting of 31% of direct foreign investment in the country.
In the current efforts to conserve energy by introducing renewable energy among nations, UAE and Japan have strategically combined to introduce innovations and inventions in the energy conservation in various ways.
According to Ramavarman (432), the senior assistant minister of economy of the UAE has reportedly been advocating for the friendly relationship between Japan and UAE to motivate the private sector in energy conservation programs.
Expertises from Japan have been outsourced by UAE manufacturers to enhance the incorporation of energy conservation production strategies in UAE industries. Particularly, about 34% of the foreign expertises in UAE are Japanese, implying the mutual relationship between the two countries in terms of trade and investment.
One of the main factors which has contributed to the mutual relationship between Japan and UAE is the free economic and trade policies in UAE. In the entire Great Gulf region, UAE is strategically positioned, making it easy to access for ideal foreign trade and investment.
With sophisticated communication and transport infrastructure, Dubai has for long remained as one of the most prospective cities in UAE. On this basis, Japan has ultimately utilized the opportunity of the free economic zone policy in UAE to establish various investments in the country.
For instance, many private organizations have been observed to open branches in UAE, with an aim of expanding their markets while reducing export expenses.
As revealed by Ramavarman (435), UAEs oil supply across the world seems promising since its oil wells are rich enough to sustain petroleum and supply to its major markets for the next fifty years. As a result, the relationship between Japan and UAE trade and investment basis is anticipated to take course for long period.
Conclusion
As it has been observed, foreign trade between UAE and Japan has been one of the most significant economic boosters between these two countries. With advancing trend of industrialization, the mutual strategic alliances between Japan and UAE in trade and investment have largely enhanced their industrial growth.
It has been revealed that, 34% of UAEs imports of industrial capital goods are Japanese products, implying considerable significance of Japanese products in UAE. More so, textile and automobile products from Japanese have for long been major imports of United Arabs Emirates.
On the other hand, Japanese has largely been relying on UAE for sustained petroleum products. As a result, the trend of trade and investment between UAE and Japan has been revealed to be long-ranged, considering the type of products involved in their trade.
Though the 2007/09 crisis resulted into significant decline in trade between UAE and Japan, their mutual relationship was still sustained until the global economy recovered. As depicted in the first quarter of the year 2010, the mutual exchange in terms of trade and investment between these two countries started increasing significantly.
The restructuring of transport and industrial infrastructure in UAE boosted Japans economy very much, since most pf the equipments required in UAE were ultimately imported from Japan. Further, most of expertise labor required in inventions and innovations in the UAE industrial sector relied on Japanese largely. As a result, there has been sustained relationship between these two countries in terms of trade and investment.
Works Cited
Ramavarman, Thomas. UAE, Japan Plan to Extend Trade Ties. Business Review. 31.7, (2010): 431-457.
Schaefer, Hacker. International Economic Trend Analysis. London: Routledge Publishers, 2010.
Watt, Richard. Recent Trends in Global Economics. Washington, DC: Edward Elgar Publishing, 2011.
Nations all over the world strive to achieve stable economies through legislation of various policies. They do so in the attempt to woe investors to participate in activities that will develop and expand their operations. There is no country in the world that can exist without relying on foreign investors and foreign trading activities (Ilmanen, 2011, 33).
This is due to the disparities in nature and amount of endowments in these countries. Exchange rate is an essential financial aspect that determines the level of a countrys participation in international trade. There are several factors that nations undertake which determine their exchange rates as evident in this essay.
Definition
Exchange rate is the value at which the currency of a country measures against the currencies of other countries. All countries in the word have exchange rates they use to determine the value of goods from other countries (Sarno and Taylor 2003, 11). This rate enables traders to know the value of their goods in the international market.
How States Influence Exchange Rates
Even though, a nation does not have an absolute right of deciding or fixing the rate at which its currency exchanges with those of other countries, there are some extents to which a state can determine these rates. These are steps a nation takes to ensure the exchange rate favours both local and foreign trading activities. Therefore, importation and exportation of goods and services ensures consumers and traders get a fair deal for their money and investments respectively.
Political Stability
Peace is an indispensable factor that promotes trading activities all over the world. Nations that strive to maintain peace within and outside their boundaries enjoy an influx of investors. This means that not only their investments are secure but also their lives are saved. No one will ever wish to invest in a war prone country regardless of the profits the investor will get.
However, countries that encounter civil strife discourage investors (Weither, 2006, 20). Their goods and services do not attract international demand; as a result, their value depreciates. Therefore, the more a government strives to maintain peace within and outside its territories, the higher the chances of enjoying favourable exchange rates.
Growth Potential
Investors are usually looking for countries that offer potentials of economic growth. Nations coming out of prolonged civil conflicts due to poor governance, those that have unexploited resources and those that open their boundaries to foreign trade, attract investors (Jha, 2011, 47). Some African countries are enjoying favourable exchange rates as a result of restructuring their government systems and assuming responsible leadership.
They have demand for modern technology, expertise and investments. This demand makes their currencies fetch high prices in the international market. Therefore, their exchange rates compete effectively with other currencies. The more a country offers investment opportunities to foreign investors, the better its exchange rate ranks.
Balance of Trade
It is not enough for a country to participate in international trade. However, nations should ensure there is a positive relationship between the volume and value of exports and imports (Ilmanen, 2011, 54).
This situation has significant influence on a nations exchange rate. The more a country exports, the lower the exchange rate of its currency compared to other nations. Therefore, nations should ensure they export more goods than what they import. This means they participate in productive international trade that raises the value of their currencies.
States Debts
Even though, most nations can not survive without relying on international bodies like the World Bank, for financial assistance, it is better for them to borrow as little as possible. The higher the amount of debts a nation has from global organisations or other nations, the higher her currency exchanges with those of other countries.
This leads to an unfavourable exchange rate since the country is not economically independent (Schofield and Bowler, 2011, 96). However, countries with fewer debts have a strong command on international trade activities, and thus their currencies have high values. Therefore, to have favourable exchange rates nations must borrow as little as possible from other nations or international organisations.
Interest Rates
Investors expect high returns on their investments regardless of the risks involved. Foreign investors look for nations that offer high rates on investments in order to cater for operational costs and gain profits. Nations that offer high interest rates on investments have without doubt attracted many investors.
Competitions among investors become inevitable leading to high value for the limited currency of these nations (Clark, 2011, 33). However, countries that offer peanuts to investors discourage them leading to depreciation of the value of their currencies. Therefore, the higher nations offer returns on investments, the more the values of their currencies are appreciated.
Conclusion
Most nations find international trade a one sided activity due to high exchange rates that do not favour them. However, from the above discussion it is clear that such nations can influence the value of their currencies in international markets. Nations should strive to achieve conditions that facilitate foreign and local investments to stand high chances of favourable exchange rates.
References
Clark, I. (2011). Foreign Exchange Option Pricing: A Practitioners Guide (The Wiley Finance Series). New York: Wiley.
Ilmanen, A. (2011). Expected Returns: An Investors Guide to Harvesting Market Rewards (The Wiley Finance Series). New York: Wiley.
Jha, S. (2011). Interest Rate Markets: A Practical Approach to Fixed Income (Wiley Trading). New York: Wiley.
Sarno, L. and Taylor, M. P. (2003). The Economics of Exchange Rates. New York: Cambridge University Press.
Schofield, N. and Bowler, T. (2011). Trading the Fixed Income, Inflation and Credit Markets: A Relative Value Guide. New York: Wiley.
Weither, T. (2006). Foreign Exchange: A Practical Guide to the FX Markets (Wiley Finance). New York: Wiley.
Trade is a crucial aspect of globalization given that international trade continues to furnish consumers all over the world, with commodities that are not produced in their countries. It is in this regard that this piece of academic literature seeks to demystify some of the myths of international trade. On the same note, the paper sheds light on the strategies employed in international trade, its merits and demerits, and the overall best practices employed in cross-border trade.
Due to globalization and increased competition in the field of business, international investment has gained popularity as a way of increasing sales. Many firms both large and small have found that to increase demand of their products as well as enjoy economies of scale, they have to invest in various foreign countries.
Besides increasing choices that are available to consumers nowadays, international trade has enhanced efficiency in production thereby improving the quality of products (Onkvisit, 2008). However, before opting to invest internationally, a firm should conduct a feasibility study taking into account the risks involved as well as the pressing reasons for the endeavor. On the same note, it is important to explore the idea of portfolio diversification and the available methods of international investment.
Portfolio diversification in the field of investment is defined as a strategy where an investor invests in various assets, in a move that is aimed at reducing the overall risk of investment.
By investing in many assets, an investor ensures that incase the prices of some assets do not move in his or her favor, the risk is minimized (Brady, 2010). In addition, portfolio diversification ensures that while the overall risk is lowered, portfolio returns remain unaffected. Investing in real estate, infrastructure and commodities in different countries is a good example of portfolio diversification.
Financial analysts highly recommend portfolio diversification because it is common for commodity prices to crush, sometimes by more than 50% (Wang, 2009). Geographical diversification is highly beneficial because besides ensuring that the risks are spread, an investor takes advantage of higher returns in other regions, especially emerging markets.
Many firms have different reasons why they invest in international markets, which range from private to legal. To begin with, firms or individuals invest internationally to enhance the market for their commodities. International investment enables businesses to enjoy economies of scale besides increasing their volume of sales. Therefore, international trade enables businesses to reduce cost of production (Krugman & Obstfeld, 2011).
On the same note, some firms invest internationally because inputs of production are cheaper in some foreign countries compared to their cost locally. Additionally, other investors opt for international investment in order to diversify the risks that face their businesses in their local markets. Furthermore, investors also choose to invest internationally due to the potential of growth as well as the high rate of return in other economies (Wang, 2009).
The major risk of investing in foreign markets is the possibility of exchange rate between the host country and the American dollar fluctuating. Exchange rate fluctuation has the tendency to either scale the return to investments up or down, due to the fact that host countries pay their dividends in local currency.
In this regard, when the local currency strengthens against the dollar the investors get more returns. On the contrary, when the local currency is weaker than the American dollar the returns decline (krugman & Obstfeld, 2011). On the same note, there are usually social and political events that tend to curtail the growth and development of most foreign markets. Civil unrest and political interference in the business environment is common in most developing countries.
Unfortunately, this can stifle investment plans of most companies that branch out to foreign markets. Incidentally, a common business practice by most multi-nationals is to invest in a foreign market during the boom phase of the business cycle (Onkvisit, 2008). However, it is more prudent to invest in markets in the long-term as opposed to short-term initiatives that can be unsavory, especially when insatiability arises.
There are different entry modes that a firm may use when investing internationally. Some governments have enforced laws that protect local industries and do not allow foreign companies to invest directly in their economy (Brady, 2010).
In this regard, a firm that wants to invest in these economies may do so by partnering with a local firm, a mode known as joint venture. On the same note, the firm can decide to license another firm in the target market to produce its commodities. In this case, the licensing firm is paid in exchange for production rights and does not have to incur any expenses.
On the other hand, if there are no restrictions a firm may explore the possibility of direct investment, where a firm establishes a new territory in a foreign country. Furthermore, a firm may decide to continue the production locally but export the commodities when finished to the target market (Wang, 2009). This method does not require investment in the foreign market but tariffs and other trade restrictions might highly affect the firm.
International trade is unavoidable for firms, especially those that will want to increase market for their commodities. However, given the risks that are associated with the investment, good research is vital to ensure that the plan is feasible before money is committed. Additionally, studying the laws and culture of the target market is paramount because it will enable the firm to decide on the entry mode. All in all, foreign markets offer opportunities for firms to expand and take advantage of cheap resources internationally.
References
Brady, D. L. (2010). Essentials of International Marketing. New York: M.E Sharpe.
Krugman, P. R., & Obstfeld, M. (2011). International Economics: Theory and Policy. New York: Pearson.
Onkvisit, S. (2008). International marketing: Analysis and Strategy. New York: Taylor & Francis.
Wang, P. (2009). The Economics of Foreign Exchange and Global Finance. New York: Springer.
Trade stats express is a service provided by the international trade administration to avail the latest annual and quarterly trade data of the United States. It gives the current trade statistics at national and state levels. The export and import trade balances are custom-tailored to year and dollar ranges as well as display preferences. The national trade data and state export data category have two main sections with each having the same basic tools.
The data provided by the trade stats express is usually timely and accurate (Haddad and Shepherd, 2011). Analysts and economists utilize this data to develop strategies and recommendations that directly translate to sound economic policies. The data still provides trade flows for the foreign markets making the local business improve their standards to reach international competition.
The US national trade data reflects government and non-governmental shipments of merchandise between that nation and its custom territory, composed of the fifty states. The US Census Bureau provides this national trade data. The data gives the current foreign trade analysis as well as detailed value of commodities. This graph shows the national trade data from 1999 to 2004 as provided by the Census Bureau.
This data is helpful in determining the best state to target their production efforts. It helps her to gauge the local market size per state hence develop the market strategy (Haddad and Shepherd, 2011).
The Chinese holdings of the Yuan undervalued are the leading causes of the bilateral trade deficit between United States and china. In other words, United States imports from China are far more than the exports to China. However, this relationship between the value of Yuan and the trade balance does not reflect in the international trade data (Moosa, 2012).
The trade balance has continued to grow until 2009. This formed the climax of accumulation as the economy of the United States fell by more than 20 percent, and the exports were flat. China has held the value of the currency as compared to the United States. This makes the exports form United States less competitive in the international market.
United States has therefore, been recording negative trade balance with China monthly form 2005 to 2011. This is because of the excess imports United States makes form China as compared to its exports to the same country. United States has maintained a negative trade deficit with China. The deficit clinched $ 27 billion in November 2011.
Report
The bilateral relationship between China and United States has been constrained and complicated by the uneven nature of financial flows between the two countries. This deficit has had an impact on the both individual and national level of the participants (Moosa, 2012). These effects are more explicit in United States. At the individual level, living standards of persons has significantly gone down. This is because of the immense number of persons who have lost jobs since 2005.
The deficit of U.S with China has caused the former more than 2.8 million jobs between 2005 and 2011. The biggest net losses in jobs were in Texas, California, Illinois, Florida, and North Carolina. At the national level, the effect is still immense. The national GDP has dropped from $ 278 Billion in 2005 to $ 84 in 2009.
The Chinese economy, on the other hand has been on the rising end. Currency manipulation has exacerbated the biased trade balance between United States and China. The currency of china is pegged hence does not fluctuate in the world market like that of United States (Haddad and Shepherd, 2011). This has rendered it to remain artificially low hence subsidizing the Chinese exports and raising the US exports artificially.
The US goods therefore are less competitive in the world market. This situation has forced the imports by the United States from China to rise significantly with extremely few exports made. This directly translates to loss of jobs by the Americans. The country has consistently piled up foreign debt hence losing its export capacity.
This is the main contributor to the crisis in US manufacturing sector. Other causes of deficit in the trade balance are the Chinese nature of suppressing its labor rights. This lowers the production cost within China. The extensive foreign direct investment by China is also a factor to consider.
References
Haddad, M & Shepherd, B. (2011). Managing Openness: Trade and Outward-Oriented Growth After the Crisis. Washington, DC: World Bank Publications.
Moosa, I. (2012). U.S.-China Trade Dispute: Facts, Figures and Myths. Cheltenham: Edward Elgar Publishing.
Following the interest that your highly reputable firm has expressed regarding setting foot in overseas markets, it is prudent that we bring to your attention the organizations that govern international trade. In this respect, we hope to help you understand some of the unacceptable business malpractices in foreign markets.
Moreover, we aim at enlightening you on how business conflicts can be resolved amicable through the assistance of global bodies (Bines & Thel, 2004). The world body mandated with the duty of overseeing peaceful operations of international businesses in the world is the World Trade Organization.
Geneva is the headquarter of this organization that took over the roles of its predecessor, General Agreement on Tariffs and Trades, which had become obsolete by the end of the Second World War.
The organization tries to liberalize international trade by making foreign firms access markets in countries of interest. There are discriminations and negative perceptions that a foreign company may face in a new market. The organization ensures that all players get an equal opportunity in terms of selling products (Krugman, Obstfeld & Melitz, 2012).
The organization provides advisory services to new companies regarding policies on business operations. Moreover, the organization offers mechanisms through which conflicts could be resolved. However, it does not have its own terms and conditions but simply implements already existing laws in the covered regions.
These agreements are signed to make the trade process smoother. Such agreements are aimed at creating bilateral trade agreements between countries. Currently, Europe is a single market economy, also referred to as a free trade area. Due to the single market economy, states accepted to use a single currency as a means of exchange. Therefore, goods from any country within the continent can find markets in any part of the region indiscriminately (Dicey, 1993).
Speaking of the WTO trade disputes, one must mention the latest case was between Coca Cola Company and governments in the East and Central African states. There were claims that the soft drinks manufacturer was using excessive carbon in the preservation of drinks. The amounts of carbon and other preservatives in these drinks, including caffeine were in excess levels.
Consumers claimed that excess carbon could encourage the growth of cancerous cells in human bodies. WTO handled the situation, and a series of lab tests were carried out (Krugman, Obstfeld & Melitz, 2012). Although the levels of preservatives found in the drinks were a little higher, there was no cause of alarm as the claims that these components could encourage the reproduction of cancerous cells were invalid. However, the company later continued operating after proving credible.
WTO has stated that one of its prior goals since the day the organization was established was offering coherent trade rules and regulations (WTO Ministerial Conference, n.d.). However, it is necessary to take into account that WTO has never portrayed itself as the organization that is trying to take over the entire world market and control all the economics-related events that take place on the world scale.
Hence, the fact that the WTO does not have the influence to affect the current world market is quite understandable and does not signify that the organization has failed. However, another related issue must be considered as well. According to Krugman, Obstfeld & Melitz,
One recurrent theme in the anti-globalization movement is that the drive for free trade and free flow of capital has undermined national sovereignty. In the extreme versions of this complaint, the World Trade Organization is characterized as a supranational power able to prevent national governments from pursuing policies in their own interests. (Krugman, Obstfeld & Melitz, 2012, 284)
The above-mentioned issue could be considered as a major failure of the WTO if the latter ever wanted to control national policies. However, according to the members of the WTO, the WTO code does not presuppose any measures of the kind. As Krugman, Obstfeld & Melitz claim, The short answer is that the WTO does not look anything like a world government (Krugman, Obstfeld & Melitz, 2012, 284).
Therefore, it can be considered that WTO has achieved its primary goals, which were the provision of basic trade laws and regulations, has been achieved. However, according to the WTO Ministerial Conference, there is a possibility to do more and launch a new round of trade negotiations that will help all countries, especially developing countries, to expand their economies (WTO Ministerial Conference, n.d.).
Given the performance record of the organization in offering assistance to foreign businesses, it has so far been effective. It is therefore advisable to register your new business with the organization and make certain that your trade decisions follow WTO basic trade principles.
References
Bines, H., & Thel, S. (2004). Investment Management Law and Regulation. London: Aspen.
Dicey, M. (1993). The conflict of laws. London: Sweet and Maxwell Ltd.
Krugman, P., Obstfeld, M., & Melitz, M. J. (2012). International Economics: Theory and Policy (9th ed.). New York: Pearson.
Comparative advantage is an important aspect of economics, and it has made many economists design studies aimed at understanding the concept in a better manner. Although the aspect seems to be easy, many international economists and professors have admitted that it is a relatively difficult issue that must be well understood by managers and nations in order to engage in profitable business activities. Despite the fact that a Ricardian model is a simple approach with regard to international free trade, distinguished economists have argued that the approach to trade looks oversimplified. In fact, the people who often term the model simple are casual readers who have no deep interest in understanding the impact of the aspect of international trade.
Goldsmith contends that David Ricardo focused on specialization, which countries could adopt to ensure that they succeed in their business activities. Goldsmith also argues that Ricardo proposed that nations should conduct business activities that have a high chance of achieving comparative advantage. Many economists who have reviewed the Ricardian model have not offered satisfactory answers in response to several questions raised with regard to the issue.
The assertion by Michael Lind about the theory of free international trade is not founded on any economic principles. In fact, the statement by the renowned intellectual writer does not contain any economic fact. For example, the writer ignores the use of facts by assuming that the 30% improvement in production in the US was achieved in all sectors of the economy. This is a dangerous assumption that could lead to inaccurate projections in the future because economists focus on past events to predict economic performances in the future. The fact is that the increase in productivity was unequally distributed among the different sectors of the economy. For example, the business sector recorded only a 13% increase in production.
Regardless of the flaws made by several people when explaining the Ricardian model, it could be concluded the theory has three essential assumptions. First, it assumes that salaries are influenced by the availability of labor in the market. However, the problem with the assumption is that professionals and non-professionals seem to view trade with respect to labor differently. Second, the model hypothesizes that all nations achieve full employment levels for their citizens. Third, there is an assumption that trade between the two countries is balanced. The hypotheses are not true in a contemporary world that is characterized by several market trends. Thus, it is required that people should shift their thinking from the traditional-based approaches to modern thinking with regard to free trade.
My comments
It amazes that many people could misunderstand a simple economic concept that has important implications for trade. It is apparent that both professionals and non-professionals fail to interpret the Ricardian model because they do not interact with modern ideas that focus on current issues in free trade. The three assumptions proposed by David Ricardo are not true in the modern world. In fact, since the model was proposed, several other economic principles have been suggested, which have rendered Ricardos assumptions obsolete. It would be important for all people who wish to comment on economic issues to be updated with the aim of avoiding misleading the public. For example, commentators should learn about modern trends that are impacting the comparative advantage of organizations and nations.
Abu Dhabi is one of the most significant of all the emirates of the United Arab Emirates. It has the second largest urban settlement in the country and acts as the capital for the all the emirates. Apart from being the most populous of the emirates, Abu Dhabi is known for being a major economic hub in the country.
The Department of Economic Development, an agency within the government, is the major promoter of export trade (DED, 2012). It provides support for firms that are involved in the export trade. It is the Division of Foreign Trade and Export Support that aids the firms in establishing export business. This department has established several programs in order to support export trade by foreign and local firms.
Foreign trade and export division has been holding seminars for the managements of companies in the emirates to educate them on the need for export and the benefit of exporting their products (DED, 2012). These seminars are aimed at minimizing the perpetual dependence of the firms on the local market.
In addition, the division concerned with exports endeavored to provide local companies with information regarding the nature of regional markets. Current trends and logistics regarding the expected conditions in the market are also available from the agency (DED, 2012). The division also holds meetings with banks to furnish them with information regarding the export market. This is intended to encourage the banks to finance projects initiated by the local companies in the foreign market.
Another effort towards promotion of exports is the organization of orientation visits to the neighboring countries by the export division. Representatives of local firms visit other countries in the region to observe and learn business practices prevailing in the particular countries.
The practices observed include the legal limitations that the companies may face while starting an export business in the specific countries (DED, 2012). Furthermore, the local firms get to learn of the opportunities that trade policies in the potential host countries offer to their businesses.
The export division provides customized services to businesses by investigating the international market for them. After completing the investigation, specific recommendations are made to fit the objectives of the particular organization (DED, 2012). This enables the firms to establish the scale of the chances of success in their operations in the new market. In addition, the firms are able to know the business trends and culture in the potential markets.
Governments initiative to solicit for finance for the local firms to facilitate establishment of export trade is an important initiative. This strategy provides a means for the exporting firms to obtain capital from banks (Simerson, 2011).
It also furnishes the banks with information about foreign markets in order to win their trust. Due to this trust, the export firms are able to obtain essential funding. In the past, the financial institutions in the United Arab Emirates were not willing to fund export trade due to uncertainty about the foreign market.
The orientation programs organized by the export division also help the companies to familiarize with the legal environments of the foreign markets. Using this information, the firms are able to develop the strategic plans they use in establishing profitable export trade.
The provision of customized services is of critical importance. A firm with the intention of starting an export business has a reliable source of information for strategy formulation Knowledge of legal environment and social structure is essential in strategy development (Jansen, 2009). Furthermore, firms are able to use the information provided to outline their competitive advantages in relation to the potential markets (Jansen, 2009). This is an important aspect of strategic decision making for any firm.
References
DED, E. D. (2012, April 5). Export Promotion Department of Economic Development. Home /’&1) ‘D*FEJ) ‘D’B*5’/J). Web.
Jansen, M. (2009). Knowledge is the organisations essential source of competetive advantage A discussion. Munchen: GRIN Verlag GmbH.
Simerson, B. K. (2011). Strategic planning a practical guide to strategy formulation and execution. Santa Barbara, Calif.: Praeger.
When considering a trade, international relations become one of the most critical aspects, because countries cannot strive alone without exchanging products. In an attempt to foster universal trade, countries come together to form blocs that help to liberalise the movement of business people across borders. However, the formation and operation of these blocs have experienced critical challenges that are pertinent to their prosperity. Besides the blocs, international trade is affected by the policies and operations of WTO that is mandated to oversee the running of this trade. This paper seeks to analyse some of the issues that revolve around trading blocs and WTO bearing in mind that they are major players when it comes to global trade.
Identification of Major Issues
While analysing a case study that sought to investigate the flexibility of trading blocs, it was established that these coalitions encounter severe shortcomings. In this context, flexibility is the ability of trading blocs to disband, reorganise, and update the existing policies with the aim of aligning them to the changing global dynamics (Melatos and Dunn 1). It was established that the trading blocs end up stipulating overlapping agreements so that various coalitions have made similar provisions to the member countries. This implies that, if a country needs to join several trading blocs, there are no additional privileges occasioned by the multi-membership.
Therefore, the countries commit themselves to agreements that liberalise trade with many countries without adding economic advantages. This can result in severe deterioration of the economies, because most countries will allow their counterparts to trade freely, but the similar policies are provided across various blocs that they have joined.
The second aspect that was identified was conjoined with the prevalence of free trade area is contrary to the unions. In this regard, it was noted that most countries preferred free-trade areas rather than the formation of customs unions. Indeed, FTA was found to have more benefits, since it did not only allow the free movement of goods and services but also allowed people to interact without restrictions among the member countries. On the other hand, the customs union provides an opportunity to make a common external tariff that is pertinent to each of the members.
In addition, it was noted that the disbandment of the binding agreements between the members of trading blocs is essentially rare. It is evident that there are very few trading blocs that review their trading policies and agreements in order to update them according to the prevailing economic conditions. This is essentially conservative and dangerous since the agreements should be updated to ensure that they do not become ineffective as far as the presence of financial, social, and political aspects are concerned.
After evaluating the case study concerning the future of WTO as a global regulatory and supportive authority of international trade, the most conscious theme that comes out is the change of trade patterns and powers. In this case, the authors reveal that the economic powers have shifted from the European to Asian countries (Abbott 10). Most of the developing countries have started trading with the Asiatic countries, such as China, Korea and India, in a more active manner than the western counterparts. This undertaking has led to profound changes in the trading patterns so that WTO faces critical challenges regarding global governance.
Potential Solution
In regard to the overlapping of policies and lack of review, the most pertinent solution is the establishment of a provision that triggers the trading blocs to review their agreements on a routine basis. This implies that the trading blocs should evaluate their agreements after a stipulated time in order to identify the changes that have taken place in the economic arena. Subsequently, the members are capable of reviewing their agreements as well as policies in order to align them with those global changes. In addition, the reviewing process should be conducted in a comparative manner, thus enabling the members to avoid duplicating policies that are offered by other blocs. This will ensure that the trading coalitions will develop innovative agreements that will attract more members and provide better opportunities for them.
Regarding the aspect of WTO, where it was established that the organisation is affected by the changing trading patterns and economic powers, it is essential for this organisation to restructure its policies in line with the dramatic changes. For example, China has become the second-largest world economy, thus acquired great global power when it comes to economic credence. In addition, the country has subscribed to the membership of WTO since it has not been one of the players. Consequently, the organisation should restructure its decision-making policies to accommodate the upcoming economic giants because their influence is very critical to the success of international trade.
Decision Criteria
When dealing with the issues of overlapping policies and conservative agreements, the decision concerning the time of reviewing the agreements should be based on routine and emergency plans. For the routine plan, the trading blocs should be structured to review their agreements and policies after every financial year. However, some issues might emerge urgently so that immediate review is needed before the end of the financial year. In that situation, the blocs can still evaluate their policies based on the emergency provision. In addition, the decisions concerning the change of these agreements should be based on comparative analysis.
In essence, the analysis should be compared to the provision of other trading blocs to avoid duplication. For the case of WTO, the decisions concerning the countries to include in the organisation should be based on economic and political capability. Understandably, the power to make critical decisions is affected extensively by its influence in the global arena. For example, decisions that are supported by China can be supported by countries such as Korea and India. On the other hand, if the USA supports a certain decision, there is a very high possibility that countries such as France and the UK will support it.
Conclusion
It is evident that international trade is one of the most vital aspects of the global economy since countries rely on each other for the exchange of goods. In that regard, the existence of blocs among nations and WTO is of great significance to the worldwide trade bearing in mind that they are critical facilitators. According to the above analysis, it is evident that the trading blocs are faced by critical challenges, including the overlapping of policies, more prevalence of FTA than unions, and existence of conservative agreements that are not changed. In essence, it has been established that they can be solved by the routine and emergency review of the agreement to align them to the economic changes.
Works Cited
Abbott, Roderick. The Future of the Multilateral Trading System. International Centre for Trade and Sustainable Development 2 (2012): 10-14. Print.
Melatos, Mark, and Stephanie Dunn. Flexibility in Trade Bloc Design. Department of Economic Journal 16 (2010): 1-24. Print.
From September 2001 until September 2008, the United Arab Emirates has utilized its state-run capitalist economic model (i.e. the Dubai Model) as a means of developing itself into a trading and tourism hub. The U.A.E has enjoyed significant rewards in terms of increased trade, tourism and infrastructure development over the past decade as seen in its 1000% percent increase in tourism, 120% increase in infrastructure development and a tripling of its 2004 GDP from $124 billion to $360 by 2012 (with Dubai and Abu Dhabi reaping a majority of the reward ). The primary critique of the Dubai model for growth and development is that it has focused on utilizing property development as a means of measuring the growth and success of the region instead of the development of other sectors of its economy.
However, the 2008 financial crisis and the resulting economic downturn led to the delay or cancellation of an estimated $364 billion worth of projects in the UAE, almost all of which were in construction (Hassan, 2012). Government intervention from the central bank in the form of financial stimulus (i.e. $100 billion in stimulus money) has been made available in order to counter the economic downturn and there are no major concerns about financing ongoing big projects (i.e. major construction and development projects such as the Narshada eco development project), however the increasing cost of borrowing due to lackluster global economic performance has had a negative impact on the creation of new construction and landscape development projects (ex: the World Islands) which has been one of major means of attracting international investors and businesses into the U.A.E (Hassan, 2012).
Taking such factors into consideration, should the U.A.E continue its focus on developing itself into a trading and tourism hub, or diversify into other potential ventures given the current state of the global economic environment which has resulted in lower instances of tourism? Choosing tourism and trading as one of the main factors behind successful development was actually not a result of local market forces as seen in the case of the Philippines, Malaysia and Thailand (i.e. the countries had beautiful natural locations that were prime areas for tourism and possessed a growing population base which was ideal for creating a more consumer oriented society), rather, it was a result of the plan advocated by Mohammed bin Rashid Al Maktoum, the current Prime Minister and Vice President of the United Arab Emirates who helped to establish the Dubai model.
Bains (2008) explains that Mohammed bin Rashid Al Maktoum had a vision so to speak of how the U.A.E could be like and sought to establish policies to make such a vision into reality. This vision involved transforming the Emirate into a region that was less dependent on oil wealth and one that brought in income through tourism and trade. As a result, given his position in the government, Al Maktoum helped to establish the necessary policies to help encourage the development of these particular sectors of the economy.
Unfortunately, this was done at the expense of forgoing the development of other sectors which would have given the U.A.E a better balanced local economy. The capital for development does exist within the region (as seen in the more than $100 billion allocated towards local economic stimulus by the central bank) towards either further development along its proposed path or a shift towards something entirely new. However, given the current state of the global economy and the increasing focus on Asia as a new hub for investment and growth in both trade and tourism, it is questionable whether the current economic orientation of the U.A.E is viable given competition from Asian markets which are larger and have better tourism and trade industries.
What is the Dubai Model?
The Dubai model focuses on the creation of a thriving local economy from almost nothing through the use of oil revenue as the primary means of encouraging growth and development in trade, tourism, and infrastructure development (UAE, 2010). Basically, the Dubai model operates under the premise that by creating the right conditions (i.e. no taxation, abundant capital and creating incentives for businesses to come to the region), the U.A.E can become a business hub that would attract foreign corporations and investments thus resulting in a better local economy (Economic Structure and Context: Key Sectors, 2012). The supposed end result of such an endeavor would transform the U.A.E into a popular destination for tourism and business which would enable the local economy to survive after the regions oil wealth has dried up.
In the case of the U.A.E, this has been accomplished by utilizing oil revenue as a means of creating conditions favorable to foreign investment, such as free trade zones, no corporate taxes (since the government derives its revenue from oil resources) and the creation of numerous ports to facilitate the import and export of goods. Significant investments into state owned construction firms also facilitated the development of increasing amounts of infrastructure projects which further bolstered the local economy (Economic Structure and Context: Key Sectors, 2012). The conditions within the U.A.E, especially in Dubai, resulted in more foreign workers and corporations looking for opportunities in the region which lead to the development of the U.A.E into a trading, tourism and I.T. hub for the region. While Dubai and other parts of the U.A.E enjoyed years of growth as a result of the Dubai model, the fact remains that such growth was created on a relatively unstable foundation.
Problems with the Dubai Model
One of the primary problems with the Dubai model is in its reliance on foreign workers and corporations in developing its private sector. There was little in the way of significant investments into technical expertise development. Foreign companies were initially enticed by the tax free zones that were created under the auspices of the Dubai model,however, the fact remained that there was little to no transfer of technical skills or expertise from these companies into the local population. This is due to the fact that 85 percent of the U.A.Es work force primarily consisted of foreign labor since the region has a relatively small local population compared to its size (less than 8 million) (UAE, 2010).
Not only that, the Bains (2008) study stated that this dependence on foreign corporations to bolster the U.A.Es growth is incredibly fragile given its reliance on the goodwill and confidence of foreign corporations and institutions regarding the potential the region holds for growth and development (Bains, 2008). Once such confidence disappears (i.e. confidence in the development of the U.A.E into a global financial center like Manhattan, Singapore or Hong Kong), there is little in the way of actual solid economic fundamentals in the form of a robust industrial, agricultural or even technical sector that would convince foreign corporations to stay.
Due to continued speculation in the property sector of the region, property prices in urban areas such as Abu Dhabi and Dubai have soared, which have made the cost of doing business that much more expensive. The banking sector of the U.A.E is among one of the most robust in the world since it is supported by the sovereign wealth management and income from the sale of oil. However, the fact remains that the speculative nature of property prices and the fact that the region did not truly have a significant industrial, agricultural, commercial or even technical base to justify its continued rapid infrastructure expansion which was based on foreign confidence in the region.
These factors created what was apparently an externally effective model (as seen in the increase in construction, tourism and trade) but were internally incredibly fragile (this was due to a lack of diversification into other potential sectors making it vulnerable to external market shocks). This was shown during the advent of the 2008 financial crisis and its repercussions on the U.A.E wherein $364 billion worth of construction projects (i.e. housing development and high rises) had been put on hold or cancelled. Extensive levels of capital flight occurred and foreign sentiment regarding the region evaporated quickly resulting in considerable economic stagnation which is all the more evident in Dubai.
Differences in State Run Capitalism
The Dubai model is actually a variant of State Capitalism, whereby the State takes an active role in directing investment in an otherwise normal capitalist system.. In the case of the Dubai model, the lack of taxation on foreign corporations and entities is balanced via the profits gained from the various state owned business ventures within the region wherein the construction industry is usually the most widely utilized.
The fatal flaw in the Dubai model, in comparison to the state capitalist model of China, is the fact that it does not focus enough on the development of local industrial sectors and instead focuses on enticing foreigners and foreign corporations to come into the country through tourism and no taxes. The problem with a strategy that lacks a sufficiently diverse improvement of fundamental economic sectors and instead focuses on three specific sectors (i.e. tourism, trade and construction), is that it creates a greater propensity for collapse (United Arab Emirates: Country Reports Recent Analysis, 2012).
In the case of China, when the 2008 financial crisis occurred, its tourism and construction sectors experienced significant financial losses. However, it was able to continue to absorb most of the damage due to its robust industrial sector which the government had invested in as well as its agricultural sector which is one of the largest in the world. China also has a relatively young and inexpensive workforce which makes it a prime destination for companies looking to save money through outsourcing. In comparison, it can be seen that the Dubai model simply focused too much on tourism, construction and trade which were vulnerable to external economic influences. The 2008 financial crisis revealed such vulnerabilities which showcases the need for greater diversification in the strategy that the local government is implementing in terms of improving the local economy.
Counterfactual View on the Development of the U.A.E Economy
Let us take the following potential scenario into consideration, if the 2008 financial crisis had not happened, would this have resulted in a more sustainable environment for the development of the U.A.E under the Dubai model? First is the fact that the Dubai model focuses on the development of the region into a tourism, business and trade hub which would make it less dependent on oil wealth as a means of supporting the local economy. If the 2008 financial crisis had not occurred, it can be argued that the U.A.E would have continued along its development path of tourism and trade.
The reason behind this is due to the finite nature of the regions oil reserves resulting in the need for alternative sources of economic development. However, under the examination of the article Dubais debt woes expose governance model (2010) , it was shown that business development within the U.A.E focused primarily on construction, financial services, hospitality, transport and logistics since these were the only available routes to the region at the time. There was a distinct absence of a significant manufacturing presence within the region in terms of the factories and manufacturing centers that can be seen in countries such as China, India and Malaysia. One of the reasons behind the lack of significant centers of industrial manufacturing despite the presence of large amounts of capital towards their development is simply due to the fact that labor within the U.A.E is far too expensive (Dubais debt woes expose governance model, 2010).
Outsourcing of manufacturing and business process centers to countries within Asia has been one of the current trends in global economic development within the past 17 years. As seen in the examination of Mahdavi (2013), companies have been off shoring or outsourcing their production and processing facilities to China, India, the Philippines and Malaysia due to the cheaper labor sources within such countries. Despite the presence of Exclusive Economic Zones (EECs) and the general absence of significant levels of business taxation within the U.A.E, corporations still continue to focus on Asia as the destination of choice for business (Mahdavi, 2013). As a result, nearly 50% of all global trade crosses through the South China Sea from ports located in Singapore, Hong Kong, Taiwan, and China. While it may be true that the U.A.E has become a major port for shipping within the past 8 years, current trends in shipping consolidation is creating a significant threat towards this particular industry within the U.A.E.
The Hvidt (2011) study explains that another of the developing trends in supply chain management has been the consolidation of manufacturing and shipping methods wherein corporations are increasingly choosing ports near to where they manufacture their goods as the primary locations where goods are offloaded and transported to their intended locations for immediate sale due to reduced operational costs. What this means for the U.A.E is that despite the goal of the Dubai model to transform the region into a center for global trade, the lack of significant levels of local industrial manufacturing and current trends in shipping consolidation means that corporations are more likely to focus shipping operations in Asia since that is where their manufacturing centers are located as compared to the U.A.E. Combined with the continued outsourcing of business processing jobs to the Philippines where there is an estimated 435,000 business processing employees, it can be seen that the current trend in business development has been the reduction of costs through the outsourcing of labor (Hvidt, 2011).
Due to the nature of the region (arid with a distinct lack of farmable land), the U.A.E simply lacks the means of being a major agricultural center resulting in the current situation where nearly 95% of all its food resources are imported (United Arab Emirates: Country Reports Recent Analysis, 2012). This means that in terms of agricultural and industrial products, the U.A.E is heavily dependent on imports as seen in the case of its import oriented economy. Taking the various factors that have been mentioned in this section into consideration, it can be seen that even if the 2008 financial crisis had not occurred, the Dubai model simply did not advocate an effective enough means of enticing global businesses to operate within the U.A.E since it is far cheaper and easier to simply outsource to Asia. Combined with the lack of a sufficiently robust local industrial sector, manufacturing companies which make up the bulk of present day economic activity simply would not outsource to the U.A.E especially with a lack of talented and affordable employees.
Conclusion
Based on the data that was presented in this paper, it can be seen that the current focus of the U.A.E towards developing itself into a trading and tourism hub using the Dubai model is not applicable in todays current economy. The fact is that focusing too much on tourism, trade and construction while neglecting other sectors such as the development of a sufficiently robust industrial sector leaves a region vulnerable to external shocks as seen in the case of the 2008 financial crisis. Not only that, when taking into consideration the cyclical nature of global business where there are periods of economic highs and lows which significantly influence the rate of travel and investment, it is likely that during these low periods the local economy of the U.A.E would be devastated if it relied entirely on tourism, trade and construction as the main drivers of economic growth since it is these specific sectors that suffer the most during low periods in the global economy. The primary lesson learned from the 2008 financial crisis is that the Dubai model is simply not feasible in the long term since it is necessary to have a broader economic base that has multiple strong sectors that enable a country to absorb economic shocks .
Reference List
Bains, E. (2008). Brand Dubai loses its lustre. MEED: Middle East Economic Digest, 52(48), 42-43.
Economic Structure and Context: Key Sectors. (2012). United Arab Emirates Country Monitor, 19-20.
Hassan Khan, M. (2012). Stability and Sustainability of UAE Macro-Economy. Defense Journal, 16(3), 109.
Hvidt, M. (2011). Economic and Institutional Reforms in the Arab Gulf Countries. Middle East Journal, 65(1), 85-102.
Mahdavi, P. (2013). Gender, labour and the law: the nexus of domestic work, human trafficking and the informal economy in the United Arab Emirates. Global Networks, 13(4), 425-440.
UAE. (2010). MEED: Middle East Economic Digest, 54(22), 29.
United Arab Emirates: Country Reports Recent Analysis. (2012). United Arab Emirates Country Monitor, 24-25.
