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Corporate social responsibility is gaining importance in international trade from "summary" of Modern Law of International Trade by Ajendra Srivastava
The concept of corporate social responsibility (CSR) has been gaining traction in the realm of international trade. Companies are increasingly expected to go beyond simply maximizing profits and consider the social and environmental impacts of their operations. This shift in mindset is driven by a growing recognition of the interconnectedness of the global economy and the need for businesses to act responsibly. CSR in international trade encompasses a range of issues, including labor rights, environmental sustainability, and ethical business practices. Companies are being held accountable not only by consumers and civil society organizations but also by governments and international bodies. Failure to adhere to CSR principles can result in reputational damage, legal repercussions, and even exclusion from certain markets. One of the key drivers behind the rise of CSR in international trade is the increasing awareness among consumers about the social and environmental implications of their purchasing decisions. Consumers today are more informed and conscientious, and they are placing greater importance on supporting companies that demonstrate a commitment to CSR. As a result, businesses are under pressure to adopt responsible practices throughout their supply chains. Another factor driving the importance of CSR in international trade is the rise of global supply chains. Companies are no longer confined to operating within a single country; instead, they source materials and labor from around the world. This interconnectedness means that the actions of a company in one part of the world can have far-reaching consequences elsewhere. As a result, companies are being called upon to ensure that their operations do not contribute to social or environmental harm.- The concept of corporate social responsibility is gaining importance in international trade due to a shifting global landscape that demands greater accountability from businesses. Companies that fail to prioritize CSR run the risk of alienating consumers, facing legal challenges, and damaging their reputation. As the world becomes increasingly interconnected, the need for businesses to act responsibly and ethically will only continue to grow.
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