International trade refers to the exchange of goods and services between nations. It plays a critical role in the global economy, enabling nations to specialize in the production of goods and services they are best suited to and to import those they are not. International trade allows for increased efficiency, lower costs, and higher living standards. However, it can also have negative effects on some nations' economies, particularly those that are less developed. It is important for nations to negotiate trade agreements and to implement policies that balance the benefits and costs of international tra
2. FEATURES
• International trade is the exchange of capital, goods, and
services across international borders or territories because
there is a need or want of goods or services. (see: World
economy) In most countries, such trade represents a significant
share of gross domestic product (GDP).
