Business Etiquette is a set of social, professional and cultural sensibilities that a person is expected to possess in order to be considered a well-informed business-person with proper business acumen. Business Etiquette focuses primarily on being polite in your interactions with people and paying them respect while dealing with them, the way you would expect them to.
This politeness and respect is not limited to meetings held in person only. In fact, these levels of mutual respect and the polite way of addressing people and dealing with them is extended to business emails, telephonic conversations and business letters too.
Business Etiquette serves as an important tool to bridge gaps and develop a fast network of business-people who have a positive impression of your inter-personal skills and cultural sensitivity.
However, it should be kept in mind that Business Etiquette varies from place to place. A set of etiquettes that may be held in high regard in one country might not necessarily be observed closely in another country, and in fact, could be viewed as strange or rude at times.