Advancement of international trade of a country is an index to its economic prosperty .Elaborate with examples
Answers
This statement is true because
(i) as the resources are limited no country can survive without International trade.
(ii) goods or resources possessed by one country are required by other and vice-versa. These differences create conditions for international trade.
(iii) foreign trade has helped India to improve its productivity of manufactured goods. International trade contributes to India’s economic growth, raising income level of people.
(iv) in the recent years, exchange of commodities and goods have been superseded by the exchange of information and knowledge.
(v) India has emerged as a software giant at the international level and it is earning large foreign exchange through the export of information technology.
Thus, it can be concluded that advancement of international trade of a country is an index of its economic property.
Following are some of the ways describing how;
(i) International trade helps a country t be acknowledged internationally.
(ii) It enhances international contacts and relations which can helps in trade and other business opportunities.
(iii) Foreign help enhances country's economic structure.
(iv) More employment opportunities are opened.
(v) More chances of establishing the country through the profit earned through it.
(vi) Infrastructure of the country is positively effected.