Discuss important issues in world trade. Describe briefly the strategy adopted by india to integrate with world trade.
Answers
Important issues in world trade are as follows;
1. Sweatshops -This refers to work place which is very poor and has bad working conditions.
2. Global market- this is an international marketing community
3. Trade tariffs- this is an measure of economy where a country's imports exceeds exports.
4. Embargoes - ban on trade or any other commercial activity.
5. Tariffs- tax or duty to be paid on a particular import
India adopted Foreign Trade Policy in order to integrate with world trade
With globalization and reach of internet in every corner, the scenario of world trade has completely shifted.
The main issues of world trade today are to get good quality products at cheaper prices, and China is ahead of every other country in this regard.
India is also trying hard to meet the challenges and planning its global trade policies accordingly.