Final answer:
An international strategy can be beneficial as it allows a business to leverage international agreements against domestic protectionist pressures, gain from reduced trade barriers, and cater to a broader consumer base. However, it also comes with risks such as increased competition, potential job loss, environmental concerns, and national security risks.
Step-by-step explanation:
Pursuing an international strategy is often advisable for several reasons. First, international agreements can act as political leverage against domestic pressures, potentially averting more stringent protectionist measures. This allows for a more open trade environment, benefiting economies overall. Considering the notable reductions in tariffs, quotas, and other barriers to trade, there is an increased global awareness of available products and services, which can be an incentive for businesses to compete on an international level.
However, it's important to recognize that international competition can lead to reduced profits, job losses, or even force businesses to shut down. On the flip side, consumers stand to gain from a variety of better and less costly products, while businesses that are competitive internationally can attain higher profits and offer more jobs, contributing to a net positive impact on the nation's economy. Yet challenges remain, such as environmental concerns over lax pollution standards in certain countries and the potential of becoming overly reliant on imported goods, which can pose national security risks. Governments are therefore faced with the tough decision of whether to restrict imports to protect domestic interests or engage more deeply in international trade.