what is international trade and explain reforms of trade
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International trade :
International trade is the exchange of goods and services between countries. This type of trade gives rise to a world economy, in which prices, or supply and demand, affect and are affected by global events.
MAJOR TRADE REFORMS :
1. Introduction Trade reforms have had a positive effect on total factor O productivity growth by a Paul Romer type 'endogenous growth' mechanisms where TFPG is positively impacted by an increasing variety of capital goods. Trade reforms of the 1980s and 1990s allowed firms access O to capital and intermediate goods from abroad.
2. The current trade policy reforms seem to have been guided mainly by the concerns over globalization of the Indian economy, improving competitiveness of its industry, and adverse balance of payments situation. Main features of trade policies (trade reforms) since 1991 are as follows: 1. Freer Imports and Exports: Substantial simplification and liberalization has been carried out in the reform period. The tariff line wise import policy was first announced on March 31, 1996 and at that time itself 6,161 tariff lines were made free.
International trade is the exchange of goods and services between countries. This type of trade gives rise to a world economy, in which prices, or supply and demand, affect and are affected by global events.
MAJOR TRADE REFORMS :
1. Introduction Trade reforms have had a positive effect on total factor O productivity growth by a Paul Romer type 'endogenous growth' mechanisms where TFPG is positively impacted by an increasing variety of capital goods. Trade reforms of the 1980s and 1990s allowed firms access O to capital and intermediate goods from abroad.
2. The current trade policy reforms seem to have been guided mainly by the concerns over globalization of the Indian economy, improving competitiveness of its industry, and adverse balance of payments situation. Main features of trade policies (trade reforms) since 1991 are as follows: 1. Freer Imports and Exports: Substantial simplification and liberalization has been carried out in the reform period. The tariff line wise import policy was first announced on March 31, 1996 and at that time itself 6,161 tariff lines were made free.
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Exchange of goods and services between countries
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