The World Trade Organization (WTO) defines business lines as the specific types of goods and services that a company engages in as part of its business activities. These business lines are often used to categorize and classify businesses for the purpose of trade negotiations and agreements.
Business lines can include a wide range of products or services, such as manufacturing goods, providing professional services, or operating a retail business. In the context of international trade, the classification of a company’s business lines can have significant implications for tariffs, quotas, and other trade barriers.
For example, a company that produces and exports automobiles would fall under the business line of “automotive manufacturing”. A company that provides legal services would fall under the business line of “professional services”. By defining these business lines, the WTO and other trade organizations can develop policies and regulations that promote fair and open trade between countries.
Overall, the definition and classification of business lines is an important aspect of international trade, as it helps to ensure that companies are accurately represented and that trade negotiations are fair and equitable for all parties involved.
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