http://www.mediamughals.com/significance-of-following-fair-trade-rules-in-open-economy/
Right from its initiation in early-90s, International Tax and Investment Center has hunted for the consistent ways, methodologies and mechanisms that can greet open trade practices in globalized economy. The Washington based group has strong belief that when it comes to global progression, each nation should trail their compulsion and step forward with a hearty business attitude. With a mutual understanding a comprehensive development is possible. To make sure conformity in trade practices worldwide, the International Tax and Investment Center Tobacco has initiated a series of brilliant measures.
Out of them one is the Regional Cooperation Agreements widely known as RECs which talks about the measures and practices that nations should undergo to welcome healthy trade systems globally. Interestingly, based on this mechanism the expert group has worked in collaboration with the ministers of finance, commerce and other public authorities of East African Community, Asian Economic Group Community, Eurasian Economic Community, and South-African Development Community and has guided them the ways following which they have gained trade practices and in finding investors
In reality, apart from the developing nations, even the highly developed or affluent countries cannot ignore the crucial factors like poverty, illiteracy or unemployment problems. By bringing in a comprehensive change in trade policies, as a national can encourage local business, it can also attract overseas as well as inland investors. Thus, with the growth in trade and commerce, it is possible to slow down the major issues and uplift the national income plus economy. The different ways International Tax and Investment Center extends its services are
o Working on a series of agenda in relation to tax structure including VAT, GST, levies like excise duty and allied ones; the International Tax and Investment Center is also activated to find great ways to invite fair business setting together with investment possibilities;
o Supports all client nations, affiliates and corporate business enterprises with expert advices that are entrenched in globally established healthy business practices and policies; Remains down-to-business to response appeals and demand-based requirements found from the public departments seeking for expert advices and solutions from ITIC
o Working untiringly to find ways out to discontinue unlawful business practices; a special pool of ITIC is prepared to stay watchful about the illegitimate transactions typically done in the boundary zones; it also alerts its associate nations as well, those who are not its members about these unfair deals
o Welcoming affiliates to share the Neutral Table platform with other bodies globally and helping them avail tangible benefits by joining its international forum.
The great approach of ITIC’s Solution Finding Triangle, branded as ‘NUTRAL TABLE’ has been globally accepted and is an established process which is capable to offer positive solutions. The first experiment of its research based solution was convened in Russia and then in Kazakhstan during 1990. The subject of the trial made was implementation of VAT and assessing its effectiveness. The experience was successful which strengthened the position of International Tax and Investment Center Tobacco in global market.