Last Updated 17 Aug 2022

Importance and Scope of Commerce

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Since the second part of the 20th century, the world is entered in the new era of the globalization. This era began with the creation of the GATT (General Agreement on Tariffs and Trade) in 1947 which finally lead to the creation of the WTO (World Trade Organization) in 1995. Those organizations have for objectives to accelerate, in the world scale, exchanges of goods, services by limiting the barriers of the commerce between the countries. In this era of globalization, the commerce has a central place.

The importance of the commerce is in the fact that it provides goods and services which are easing the life of the consumer all around the world. Commerce is a preponderant vector of economics development and growth for countries. Indeed, the countries the most powerful, on an economical point of view, are the countries which dominate the world’s business, like the United States of America, China or Arabic countries due to the oil’s market.

The opening of economies to the rest of the world and the trade liberalization (which can be reach thanks to the GATT and WTO’s work) are essential steps to improve the well-being of populations. It contributes to reducing poverty and helping countries to accelerate their progress (developing countries). The final objective of commerce is to make all the countries economically independent, in a sustainable way. Due to the importance of commerce in the present day world, there is a constant development of businesses and specific jobs in relation with commerce.

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That means that more and more people are engaged in commerce and concerned by this activity. So, the scope of commerce is very wide and is still changing day after day. Indeed, since the world is growing (new consumers, new way of life […]) and the technology are changing, there is new businesses which open every day worldwide. Furthermore, there is a change in the world’s economy which influences the scope of commerce. For example, in one hand we can see that all the manufacturing companies are moving to developing countries to benefit of the low-cost labor force, in China or India for example.

So it changes the frontiers of commerce by create new players in the world business. In the other hand, the developed countries have to find new opportunities for maintain their importance. So they explore new fields for business like the Internet. Thus, most of the companies from developed countries are moving toward the internet by the creation of a new way of make business: the e-commerce. With this opening on the virtual world for commerce, it expends more and more the scope of commerce.

And you can guess that in the near future, with the development of new technologies, companies from developed countries will find other field to continue their business. So, we can conclude that the importance of the commerce in our society is very strong and that his scope is as wide as commerce is important in the 21st century. But we have to keep in mind that the current limits of commerce won’t be the same tomorrow and are not the same as yesterday because the scope of commerce is in constant evolution: each day, new entrants are coming to the business replacing other players who disappear.

Importance and Scope of Commerce essay

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