PRINCIPLE BARRIERS TO INTERNATIONAL TRADEAND IT’S EFFECT ON LEBANESE FINANCIAL INSTITUTIONS

Authors

ALI ISSAM CHAMS1 PhD Candidate, Faculty of Business Administration, Beirut Arab University, LebanonFollow

Keywords

International Trade, barriers, sanctions, banks, Syria, Lebanon

Disciplines

Architecture | Business | Life Sciences | Medicine and Health Sciences

Abstract

This paper provides an overview of the principal barriers of international trade and the sanctions imposed on countries and its effect on the Lebanese economy. Illustrating the barriers effect by two examples one related to decreasing tariffs on imports from Latin America and the other on protectionism system implemented in Europe. Then studying two other cases in the Lebanese market where barriers leave a huge effect on the businesses in Lebanon and giving examples faced in two different businesses in Lebanon in the financial sector. International trade promoted high standard of living for trading nations. Hence, despite its various unpleasant effects to some, it is still the best to practice free international trade since it is being a stimulator of the rise of global economies leaving economies having economic and social benefits. This paper attempts to bring to light to the free-trade and the general barriers international trade faces presently and some examples of the unions between two countries to form the best trade with fewer obstacles. Moreover, I would be lightening on Cash+; money transfer company and relate it to the barriers it faces in everyday business. As well as, giving a quick overview of the banks in Lebanon, we will talk about the offering of trade finance products which cut the risk of exporting products; the substantial risk between the buyer and seller. These cornerstones (banks) are a major pillar in the country leaving space for the neighbor countries’ citizens to benefit from their services too. As well as, relating that to the bans and the sanctions imposed on the Syrian country and the Syrians and concentrating on the effect of the international barriers on Syria as a country and on Syrian citizens and their work relating it to the banking sector in Lebanon. In the last part, an example on a closed versus open economy is mentioned with numbers to end up with why recommendations and solutions listed are important to all nations.

Recommended Citation

CHAMS1, ALI ISSAM PhD Candidate, Faculty of Business Administration (2018) "PRINCIPLE BARRIERS TO INTERNATIONAL TRADEAND IT’S EFFECT ON LEBANESE FINANCIAL INSTITUTIONS," BAU Journal - Health and Wellbeing: Vol. 1: Iss. 3, Article 73.
DOI: https://doi.org/10.54729/2789-8288.1125