33 Wirtschaft
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Coca Cultivation in Colombian Economy – Considering the 2007 US-Colombian Free Trade Agreement
(2024)
According to the overarching theme "Should something happen somewhere else that we don't want to have here?", this research paper deals with the extended question "How does the 2007 free trade agreement between Colombia and the USA affect the situation in Colombia?". Focusing on the aspect of coca cultivation this paper is framed by the question of projecting the situation in Colombia onto the situation in Germany. Universal human rights are the unifying force between Colombia in Latin America and Germany in Central Europe. Through the United Nations Declaration, these rights have universal validity regardless of national or ethnic affiliation. These rights apply to all countries of the world, including Colombia. The situation of the population regarding the economic and ethical components is illuminated on the basis of coca cultivation. Starting with the topic of coca cultivation, the challenges and interests by groups of people involved are described. The Colombian economy is then examined in order to classify the importance of this topic. The topic of the "free market" is a very relevant one, particularly regarding the economic component and can be supported by free trade agreements. This means that the domestic economy is not only restricted to its own sales market without regulation but is also largely extended to other partner countries. In terms of market liberalization, this would also be relevant for coca distribution. Thus, opening to other markets at the direct level is an export opportunity, but also at the indirect level. Exports can also be expanded via third countries. However, national governments are also responsible for this process. Therefore, this paper also explains the role of Colombian politics in coca cultivation, as it has a significant role in the cultivation and trade of the coca plant as well as in external economic relations. Furthermore, the paper attempts to construct a possible solution to improve the living situation of the people in Colombia. The factors of the economy, politics, foreign policy and the relationships between the individual actors are considered in order to arrive at a solution that is as balanced as possible, taking into account the norms of human rights.
Major financial institutions operate in different regions of the world facing different regulatory landscapes for Supply Chain risks. In this environment, the optimization issue arises how to best comply with the different regulations and reaching cost efficiency at the same time. In this research, the international regulatory landscape for Supply Chain risks of Financial Institutions is introduced and compared internationally. It is understood as an integral part of Supply Chain Risk Management of Financial Institutions, yet the latter is analysed as the research background. Additionally, expert interviews are conducted in order to link the regulation analysis to the current challenges that Financial Institutions face. Finally, recommendations are developed on how banks can be cost efficient, while remaining regulatory compliant, facing increased international regulation in the area of Supply Chain Risk Management. The outcome of the underlying research shows that banking regulation in the area of Supply Chain risks is an important lever in the banking sector to secure customers and financial markets. However, the regulatory landscape is heterogeneous and not consistent on an international scale. Regulation in Asia is highly diverse across different countries due to different states of economic development. The US applies a rather pragmatical approach towards supply chain risk regulation applying different standards of standard setting institutions. Lastly, the EU is very restrictive and strives to unify regulation across member states. Banks should follow a consistent management approach keeping in mind international locations and the strictest regulatory environment they are operating in, to improve cost efficiency yet being regulatory compliant. Also, collaboration with and amongst regulators and other banks internationally is recommended for improved cost efficiency.