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integration of national economy with the global economy through virtual removal of all conceivable forms trade barriers across geopolitical boundaries. This, in turn, has opened-up new vista of enormous trade opportunities for international trading players and partners for business expansion ventures through multilateral contracts, deals and negotiations in all sectors of economy. Hence, to move on with the fast-changing global economy the shape of things to come should be to embrace such of those negotiation policies and strategies that are most innovative, imaginative and challenging to overcome cross-cultural and geopolitical barriers as are often confronted with in dealing global businesses. The paper highlights some of the important aspects that need to be carefully considered for entering into successful International business negotiation through sound processes. In global negotiation, cross-cultural issues figure prominently and largely determine the success or failures of negotiations, especially for joint-ventures. Several Negotiation process Models have been developed and tested with varying degrees of success; and yet many more are still evolving- wherein corporate experiences and modus operandi differ. Among other things, diplomacy and, corporate ethics should play a pivotal role for long-term sustainability of international negotiation. Best Alternative to Negotiated Agreement (BANA) can be successfully planned, tested, executed and delivered in the event the 'Breakthrough Negotiation' approach faces rough weather in reaching International Agreements. Cultural intelligence and proper analysis of geopolitical factors, especially those that are relevant to multilateral trade agreements under the WTO regime, can go a long way in averting overseas corporate failures in global business negotiations. The paper highlights these aspects

Keywords

Global Business, Cross-cultural & Geopolitical Barrier, Cultural Intelligence, Negotiation Process Models, BATNA, Break-through Negotiation, Multilateral Trade Agreements

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GCC-India Trade Nexus and Emerging Strategic Issues

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Authors

A.N. Sarkar ¹

Affiliations
1 Senior Professor (International Business), Asia-Pacific Management Institute New Delhi-110025

Source

Drishtikon: A Management Journal, Vol 2, No 1 (2010), Pagination:

Abstract

Gulf Cooperation Council (GCC), established in 1981, and primarily served two strategic missions: Regional Common Market through Free Trade Area (FTA) concept and providing Regional defence security. Over the years, GCC further evolved to integrate regional economy with global economy- particularly India, by expansion of its Trade portfolios- inclusive mainly of Oil & Natural gas, textiles, food commodities, electronic goods, pharma products, gems & jewellries etc. GCC-India trade ties through several Trade Agreements since 1984 has given and opened up several business opportunities for both partners. This, however, has suffered certain drawbacks due to several Trade-related barriers (viz. tariff, tax structure, customs duty evaluation, measures of standards, service and investment norms/ facilities, IPR regulations etc.) imposed by the members of GCC; as also due to slow progress in the desired level of reforms processes- thereby impacting trade performance. The paper critically examines the ongoing status of GCC-India Trade performance and suggests the various measures to improve the future trade opportunities between GCC and India through constructive trade Agreements, multi/ bilateral Trade negotiations,long-term Investment Contracts, joint ventures, organizing Industrial Conferences etc.

Keywords

Gulf Cooperation Council, Gcc-india Trade Nexus, Free Trade Areas, Regional Defence Strategy, Global Economy, Trade Agreement, Multi/bilateral Trade Negotiation

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