What is the role of international norms and standards in global business?

International norms and standards play an important role in global business. These norms and standards ensure that companies in different countries abide by similar regulations and ethics. This helps to create consistency, as well as safeguards for businesses operating internationally. International laws and treaties, as well as organizations like the World Trade Organization (WTO), help to set regulations that businesses must abide by. This can include regulations regarding labor laws, environmental protection, tariffs, trade agreements, and investment agreements. These agreements are important as they help to ensure that all countries abide by the same rules when it comes to international business transactions. International standards also help to keep businesses from engaging in unethical practices. This includes avoidance of activities like child labor, bribery, and money laundering. By participating in international business, companies have a responsibility to uphold the same standards and regulations as those located in other countries. Overall, international norms and standards are essential in global business. They help to create consistency and fairness in global trade, as well as help to uphold ethical standards in the business community.

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What is the role of international norms and standards in global business?

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