Question

"Foreign trade is an important component of globalization" Explain any 3 points

Answer 1

Foreign trade has an important share in GDP in different countries. ... Also, globalization refers to the interdependence between countries arising from the integration of different aspects of the economy, such as trade. International tradecan stimulate economic growth of countries that are now so interconnected.

Answer 2

International trade has an important share in GDP in different countries. Various companies from different countries are looking for new growth opportunities beyond their home country borders. Due to international trade, important sectors of the economies can be stimulated, such as transport and ICT sectors. Thus, international trade can be important for business, due to profits growth prospects, reduced dependence on known markets, business expansion, etc. The increase of international trade over the years has been a result of the globalization process. Thus, both consumers and companies can now choose from a wider range of products and services. Also, globalization refers to the interdependence between countries arising from the integration of different aspects of the economy, such as trade. International trade can stimulate economic growth of countries that are now so interconnected. Currently, globalization cannot be ignored by businesses, due to the opportunities offered by foreign markets.