Category: International Trade
International Free Trade Zone
Free Trade Zone, popularly known as FTZ, is an area where goods may be traded without any barriers imposed by customs authorities like quotas and tariffs. Free Trade Zone (FTZ) is a special designated area within a country where normal trade barriers like quotas, tariffs are removed and the bureaucratic necessities are narrowed in order to attract new business and foreign investments.
International trade deficit, Balance of trade deficit
Trade deficit is a situation when in an economy the imports are more than the exports. In such as case the economy is highly dependent on the import of goods. There are various factors for the trade deficit, such as the country’s inability to produce goods and services, as per the needs of the country, failure of agricultural produce due to natural calamities, etc.
Trade In Australia
Free market economy is what governs most of the trade in Australia. So, prices of goods are determined by the forces of demand and supply. There is minimal intervention from the government in regulating the trade market. Despite the dominance of the service sector, which accounted for about 70% of the country’s GDP in 2005, the role of trade in Australia cannot be undermined.
Regional Trade Blocks at a Glance
The concept of trade blocks is crucial in the context of international trade. Trade blocks are free trade zones designed to encourage trade activities across nations. The formation of trade blocks involves a number of agreements on tariff, trade and tax. The activities of trade blocks have huge importance in the economic and political scenarios of the contemporary world. Over the years trading blocks have played a major role in regulating the trend and pattern of international trade.
