Emerging Strategic Issues in Global Business Negotiation: Sharing Global Vision

Abstract

In past two decades, Globalization has propelled the process of integration of national economy with the global economy through virtual removal of all conceivable forms trade barriers across geopolitical boundaries. This, in turn, has opened-up new vista of enormous trade opportunities for international trading players and partners for business expansion ventures through multilateral contracts, deals and negotiations in all sectors of economy. Hence, to move on with the fast-changing global economy the shape of things to come should be to embrace such of those negotiation policies and strategies that are most innovative, imaginative and challenging to overcome cross-cultural and geopolitical barriers as are often confronted with in dealing global businesses. The paper highlights some of the important aspects that need to be carefully considered for entering into successful International business negotiation through sound processes. In global negotiation, cross-cultural issues figure prominently and largely determine the success or failures of negotiations, especially for joint-ventures. Several Negotiation process Models have been developed and tested with varying degrees of success; and yet many more are still evolving- wherein corporate experiences and modus operandi differ. Among other things, diplomacy and, corporate ethics should play a pivotal role for long-term sustainability of international negotiation. Best Alternative to Negotiated Agreement (BANA) can be successfully planned, tested, executed and delivered in the event the ‘Breakthrough Negotiation’ approach faces rough weather in reaching International Agreements. Cultural intelligence and proper analysis of geopolitical factors, especially those that are relevant to multilateral trade agreements under the WTO regime, can go a long way in averting overseas corporate failures in global business negotiations. The paper highlights these aspects. Key words: Global Business, cross-cultural & geopolitical barrier, Cultural Intelligence, Negotiation process Models, BATNA, Break-through negotiation, Multilateral trade agreements

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