ABC Enterprises, a Canadian plastics manufacturer, entered into a partnership with an Asian company to produce and market plastic parts in Asia. The Canadian company will provide technological and marketing expertise and the Asian company will provide knowledge of the local market and political connections. This type of an agreement is known as

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A joint venture is a business arrangement where two or more parties agree to pool their resources for the purpose of accomplishing a specific task, such as entering a new market. In this case, ABC Enterprises and the Asian company are combining their expertise and resources to produce and market plastic parts in Asia.

ABC Enterprises, a Canadian Plastics Manufacturer, Entered into a Partnership