Case for Free Trade
The act of opening up economies for trading is known as free trade or trade liberalisation. This is done by bringing down trade barriers like tariffs. Trade liberalisation allows goods and services from everywhere to compete with domestic products and services.
Globalisation along with free trade can adversely affect the economies of developing countries by not giving equal playing field by imposing conditions which are unfavourable. With the development of transport and communication systems, goods and services can travel faster and farther than ever before. But free trade should not only let rich countries enter the markets, but allow the developed countries to keep their own markets protected from foreign products.
Countries also need to be cautious about dumped goods; as along with free trade dumped goods of cheaper prices can harm the domestic producers.
Which one of the following is called 'free trade'?
Show Hint
- Trade liberalisation
- Trade restriction
- Trade value
- Trade quantity
The Correct Option is A
Solution and Explanation
The most adverse effect of 'free trade' is observed with which one of the following?
Show Hint
- Developed countries
- Developing countries
- Both under-developed and developed countries
- Both developed and developing countries
The Correct Option is B
Solution and Explanation
Which one of the following is the impact of the development of transport and communication on trade?
Show Hint
- Goods and services travel faster
- Goods and services move farther
- Goods and services travel faster and move farther
- Better connectivity only in a region concerned
The Correct Option is C
Solution and Explanation
Top Questions on International Trade
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Case for Free Trade
The act of opening up economies for trading is known as free trade or trade liberalization. This is done by bringing down trade barriers like tariffs. Trade liberalization allows goods and services from everywhere to compete with domestic products and services.
Globalisation along with free trade can adversely affect the economies of developing countries by not giving equal playing field by imposing conditions which are unfavorable. With the development of transport and communication systems goods and services can travel faster and farther than ever before. But free trade should not only let rich countries enter the markets, but allow the developed countries to keep their own markets protected from foreign products.
Countries also need to be cautious about dumped goods; as along with free trade dumped goods of cheaper prices can harm the domestic producers.
Explain the meaning of ‘trade liberalisation’.
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