Question

8) When international trade takes place between two countries, it is called trade.

Bilateral,
Multilateral,
favourable,
Unfavourable.​

Answer 1

Answer:

International trade is the exchange of goods and services between countries. Trading globally gives consumers and countries the opportunity to be exposed to goods and services not available in their own countries, or which would be more expensive domestically.

Answer 2

When international trade takes place between two countries, it is called Bilateral Trade.

• Trade between two countries that promotes investment and trade is referred to as bilateral trade.
• To promote trade and investment, the two nations will decrease or do away with tariffs, import quotas, export restrictions, and other trade barriers.
• Bilateral trade agreements primarily benefit a country by increasing the market for its products through coordinated negotiations between two nations.
• Regulations, labor standards, and environmental safeguards are standardized by bilateral trade agreements.
• Bilateral trade agreements may force the closure of smaller businesses that cannot compete with giant international enterprises.
• Additionally, bilateral trade agreements may force the closure of smaller businesses that cannot compete with giant international enterprises.