Question

“advancement of international trade of a country is an index to its economic prosperity ”. Elaborate with an example

Answer 1

International trade has undergone a sea change in the last fifteen years. India has trading relations with all major trading block all over the world. Share in the export commodities has been increasing over last few years. Bulk imports as a group have registered a growth accounting for 39.09% of total imports. Exchange of goods have been out dated by the exchange of information. Hence advancement of international trade of a country is an index to its economic prosperity and is considered as the economic barometer for a country.



1 If a country is present in global market, it can import goods and raw materials. Since all raw materials are not always there, this exchange helps in continuing production.

2 There are increased job opportunities once a country is in the international market, MNCs will set up and provide job opportunities.

3 Foreign investment helps accelerate development.

Answer 2

Answer:

Advancement of International Trade:

i. Trade between two countries through sea, air or land route helps in the development of

country.

ii. No country can survive without International trade.

iii. Export and Import are the component of Trade.

iv. Commodities in export- agriculture and allied products, areas and minerals, gems and

jewellery etc.

v. The commodities imported to India include Petroleum and its products, precious stores,

chemicals etc.

Explanation: