The objective of this course is to provide the participants with the fundamental trade economic knowledge and skills that are relevant for business success. By the end of this course, the participants will be able to:

• Identify and explain the key concepts and principles of trade economics, such as comparative advantage, terms of trade, balance of payments, etc.
• Apply the trade economic way of thinking to analyze the behavior and decisions of countries, regions, and firms in international trade
• Understand the different types of trade policies, such as tariffs, quotas, subsidies, non-tariff barriers, etc., and their effects on trade and welfare
• Recognize the role and impact of exchange rates, currency regimes, and foreign exchange markets on trade and business
• Evaluate the benefits and costs of various trade agreements, such as WTO, NAFTA, EU, etc., for trade and business

This course is designed for professionals who want to learn or refresh their knowledge of trade economics and its relevance to business. It is suitable for anyone who works in or interacts with the international business sector, such as managers, entrepreneurs, consultants, analysts, marketers, accountants, lawyers, etc.

Taking this course will help the participants to:

• Develop a solid foundation and understanding of trade economics and its importance for business
• Enhance their critical thinking and problem-solving skills
• Improve their decision-making and strategic planning abilities
• Increase their awareness and appreciation of the international trade environment and its challenges and opportunities for business
• Develop their confidence and competence in applying trade economic concepts and tools to real-world business situations

Day One:

Introduction to Trade Economics and Comparative Advantage

• What is trade economics and why is it important for business?
• The trade economic problem: gains from trade vs costs of trade
• The trade economic way of thinking: opportunity cost, relative prices, and specialization
• The concept of comparative advantage: definition, determinants, and measurement
• The Ricardian model: assumptions, predictions, and implications

Day Two:

Trade Policies: How They Affect Trade and Welfare

• What are trade policies and why do they intervene in trade?
• The types of trade policies: tariffs vs quotas vs subsidies vs non-tariff barriers
• The effects of trade policies on trade: price effects vs quantity effects vs revenue effects
• The effects of trade policies on welfare: consumer surplus vs producer surplus vs government surplus vs deadweight loss
• The reasons for trade intervention: market failures vs equity vs political economy

Day Three:

Exchange Rates: How They Influence Trade and Business

• What are exchange rates and why are they important for trade and business?
• The concept of exchange rates: definition, determination, and classification
• The types of exchange rate regimes: fixed vs flexible vs intermediate
• The foreign exchange market: participants, transactions, and interventions
• The effects of exchange rate changes on trade: appreciation vs depreciation vs revaluation vs devaluation

Day Four:

Trade Agreements: How They Facilitate Trade and Cooperation

• What are trade agreements and why are they important for trade and business?
• The concept of trade agreements: definition, objectives, and features
• The types of trade agreements: multilateral vs regional vs bilateral
• The examples of trade agreements: WTO vs NAFTA vs EU vs TPP vs RCEP
• The benefits and costs of trade agreements: efficiency vs equity vs sovereignty

Day Five:

Trade Economics in Practice: How to Apply Trade Economic Concepts and Tools to Business Situations

• What are some practical applications of trade economics for business?
• How to use trade economic concepts and tools to analyze business problems and scenarios related to international trade
• How to use trade economic concepts and tools to evaluate business opportunities and threats related to international trade
• How to use trade economic concepts and tools to design business strategies and plans related to international trade

To enhance learning and practical application of concepts, the training course will use a combination of interactive lectures, case studies, group discussions, practical exercises, and real-world examples. Participants will also get the chance to collaborate on group projects and create action plans adapted to the needs of their respective organizations.