Friday, May 31, 2024

The Globalization Impact on Trading Sector of Bangladesh

Introduction

The liberalization and globalization process in a trading covers both the stabilization and structural adjustment measures. It introduced a host of structural measures in the industrial sector, foreign trade regime.

Trade in a narrow sense trade is a function of buying and selling activities. But in a broad sense trade means collecting raw materials manufacturing product, distributing, importing, exporting and other regarding function.

Globalization is little consensus exists among the export on the definition evidence explanation and implication of globalization. If the people are asked about what they mean by globalization, most of them reply with vagueness consistency, vagueness and confusion. Regrettably many discussion of globalization have suffered from over simplification, exaggeration and wishful thinking.

However, globalization is a process of development of the world into a single interested economic unit. Special educated person, Dr. Jac halaq said, “Globalization is a combination of much freer trade in goods and services combined with free capital market”.

Social scientist Susan Jorge of Finland said, “Globalization means the increased internationalization of economic activities or political negotiation or even cultural trends.

That means the terms of globalization includes the following criteria:

  • Revolution in the information and communication technology, which has created closer links between nations.
  • Easing of restriction of cross border trade in goods and services.
  • Free follow of financial and investment capital across national boundaries.
  • Increased harmonization of rules governing world economic order.

Globalization does not necessary lead to a win-win situation. There are both winner and loser. The degree of success depends critically on how quickly one can adapt to the new globalization.

It is a very simple that Bangladesh also a developing country of the world. The relation between Bangladesh and the trends of globalization implies multi literalism mainly multilateral trade, liberalizations, trade policy and micro economic phenomena where firms are competing independently at global level. The globalize world is featured by the contribution of international trade in the GDP. The volume of foreign direct investment integration of free market thereby promoting an environment for trade liberalization, privatization and deregulation.

In the recent years Bangladesh is increasing by trying to adapt to prescriptions suitable for globalization like trade barriers should be low. More or less uniform across the sectors and should operate through the price mechanism Bangladesh is applying these principle through across of autonomous unilateral liberalization; then again Bangladesh is also converging towards regional integration agreement ASEAN, SAFTA, EU, EFTA, NAFTA etc. are the product of regional treatise, which began to explore and participates in regional trading agreement.

Literature review

Ghosh and Kumar (1991) remark that the process of business planning can be considered as four parts viz, the analysis of factors affecting the future, forecasting the future environment preparing the plan, installing the plan.

Ahmed (2001) describes that if Bangladesh cannot avail the opportunities and minimize the dangers created by globalization, it will loss tremendously.

According to Khan & Ejaj (2001) total quality management philosophy consists of following basic beliefs: absolute customer focus employee improvement, involvement and ownership, continuous improvement, use of systematic approaches to management.

Stern (2002) comments that Bangladesh is not only in danger of missing the millennium goals but it may also lose out to competitor countries in the competition for the resources needed to reach those goals.

Objectives of the study

The study has the objectives of that the impact of globalization on developing countries but study has the following objectives:

  • Identifying the impact (import & export) of globalization on Bangladesh.
  • How can minimize the negative impact of Bangladesh.
  • How can get benefit from globalization.
  • To identify the prospective sectors for Bangladesh.

Methodology of the proposed study

Collection of data: The research will be conducted on the basis of mainly secondary data; beside the primary will be needed.

We collect secondary data from international organization: IMF, WTO, WB, GATT Ambassador etc. because of they published various information about trade and globalization. Other else, government organization such as Bangladesh Bank Statistical Bureau, journals and commercial organization.

We collect primary data from expert businessman exporting and importing firms.

Techniques of data collection: We collect primary data by questionnaire method through personal interview.

Processing and analysis of data: After collecting data there need to shorting and tabulating of that data. To find out the relationship between the variable various statistical method are to apply in according to the nature of the tabulated data. Using easy and understanding statistical tools of data preparation. Finally the results of study may be shown by using deferent figure, graphs and tables.

Importance of the study

We can say that, though the above discussion if the globalization will be occurred from 2005. Then we have to face the following facts:

  • Major obstacle the democracy.
  • Under mining every fabric of community.
  • Increasing trend of sick industries.
  • Domination of the developed world.

We can remove these threats to maintain following steps-

  • Provide/ Maintaining balance of payment.
  • To protect infant industries by proper programming.
  • To provide special and preferential treatment.
  • To increase duration of GSP facilities.
  • To provide subsidies.
  • To take differential treatment.
  • To take limited control in capital inflow and out flows.
  • To solution of loan problem.
  • To reduce discrimination in information technology sectors.

Finally such type of research proposal works will help to minimize the globalization threat on Bangladesh.

Time schedule

The research project will be needed the times-

Literature review7 days
Data collection7 days
Data analysis3 days
Report writing3 days
Computers compose2 days
Bindings1 days
Total23 days

Bibliography

The globalization of world politics- by Jon Aart Scholte.

Current affairs – August-2000 & October –2001.

Stern NH (2002) the investment climate government and inclusion in Bangladesh public lecture organized by Bangladesh economic association- 8 January-2002.

Rose-P.S. (1999) commercial bank management, McGraw-Hill book – Co. Singapore- 4th edition.

Ahmed Q. K. (2001) key messages arising from deliberation of Bangladesh social economic forum, Dhaka. Supplied document by Enayet Hossain.

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