After a last minute compromise, the round was concluded in December 1993. It took effect January 1, 1994. The chief negotiators were U.S. Trade Representative Carla Hills, Canadian Foreign Trade Minister Michael Wilson, and Mexican Commerce and Industrial Development Secretary Jaime Jose Serra Puche. If international business is the process of conducting business across national boundaries, then multinational corporations are the principal participants in this activity. Most multinational corporations are based in developed countries.
Multinational corporations are companies that operate in more than one country.
The latter name was used in the 1960s to designate a company with a strong national identification. The home market was the company's primary focus. Foreign operations were usually wholly owned subsidiaries controlled by home country nationals. By the 1980s, international corporations had evolved into more globally oriented companies. While still maintaining a domestic identity and a central office in a particular country, multinational corporations now aim to maximize profits on a worldwide basis.