The exchange of goods and services between two or more than two countries are known as international trade. In technical sense of expression, the export and import of goods and services between countries can be described as international trade. Importance of international trade: The significance of international trade can be described as follows: i. Increase in GNP: The international trade encourages the trading partners to produce more and more goods and services for export and import in each country. Such a situation helps to increase GNP of trading countries. ii. Increase in income employment generation activities: Due to international trade, the trading partners produce various exportable goods in the country. The production of exportable activities in the domestic economy. iii. Encouragement to division of labor: The foreign trade motivates trading countries to specialize the production of those goods and serv...
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