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Purchasing With Italy Essay

632 words - 3 pages

Purchasing From Italy Italy "a prosperous, discerning, and highly competitive market..." is a strong global player. United States companies involved in engineering, textiles, transportation, and chemicals, needing a strong alternative for sourcing, should consider what Italy has to offer (Tradepartners UK).Business: (Tradepartners UK) · Worlds seventh largest economy · Member of GATT/WTO · Part of the European Union · Member of the G8 group of industrialized countries · Strong economic growth with a expected real GDP growth of 2.4% to 2.7% · Unemployment figures are down from 11% to 9.9%. (Unemployment ...view middle of the document...

4 Import Origins (% of a whole) -European Union 60.6 -Germany 19.2 -France 12.6 -Netherlands 6.3 -United Kingdom 6.1 -United States 5.0 Source: OECD Series A EIU World Economic Outlook; British Embassy monthly economic report February 2000;EIU country report Italy 1st qtr 2000; ISTAT Monetary Payments and Conversion When doing business with an Italian company, one of the most important considerations should be the way in which a monetary transaction will take place. The agreed upon method should be negotiated during the contractual phase of the process and the outcome depends solely on the relationship between the two parties. Methods of Payment · Open Account · Documentary Collection (Cash Against Documents) · Letters of Credit · Rapporti Interbancari Diretti (interbank payment system whereby funds are collected via a pre-authorized debit on the current account of the debtor.) Transportation Roads: The highway system in the northern portion of the country is fair, and most of the highways are subject to tolls.Rails: Used primarily for passengers,...

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