Explore the dynamic world of trade, a cornerstone of the global economy. This section delves into international commerce, covering exports, imports, pivotal...
International trade involves the exchange of goods, services, and capital across national borders. It allows countries to specialize in producing what they do best and import what they cannot produce efficiently.
It fosters economic growth by increasing market access, promoting competition, enhancing efficiency, and providing consumers with a wider variety of goods and services, often at lower prices.
Tariffs are taxes imposed on imported goods and services. They can increase the price of imports, making domestic products more competitive, but may also lead to higher consumer costs and retaliatory measures from other countries.
A trade agreement is a pact between two or more countries concerning the terms of trade between them. They aim to reduce barriers like tariffs and quotas, facilitating smoother international commerce.