Category: Economics

Benefits of International Trade


International trade has flourished over the years due to the many benefits it has offered to different countries across the globe. International trade is the exchange of services, goods, and capital among various countries and regions, without much hindrance. The international trade accounts for a good part of a country’s gross domestic product. It is also one of important sources of revenue for a developing country.

Trade In UK


UK trade consists of the movement of goods and services within the European Union (EU), of which it is a member, and to non-EU countries. International trade in the UK is assisted by UK Trade & Investment (UKTI). This government organization focuses on enhancing the competitiveness of UK companies through overseas trade and investments. It also aims at continuing to attract high-quality foreign direct investment (FDI).

 

Trade In USA


Trade in USA positioned the country as the world’s largest economy, where businesses are free to make market decisions. Trading in international markets is part of its ‘capitalist economy’ outlook.

Trade in the US is regulated by the Office of the United States Trade Representative. This body recommends trade policies to the US President. It conducts trade negotiations at both bilateral and multilateral levels.

 

Organization of The Petroleum Exporting Countries (OPEC)


 

The Organization Of The Petroleum Exporting Countries (OPEC) was founded in the year 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

OPEC is an intergovernmental organization. The sole aim of the organization is to maintain stability in the oil prices through efficient, economic and regular supply of petroleum.

Key Functions of OPEC:

  • Coordination of oil production policies

  • Price and market stabilisation

  • Maintaining stability in oil production

Trade Organisations


Trade organizations are associations that countries establish to liberalize trade among member countries through voluntary participation. Treaties like the NAFTA aim to liberalize trade between member countries smoothly. Trade organizations are established for specific purposes. The aim is to help its members enjoy various economic benefits.

List of Trade Organizations

Major trade organizations are:

North American Free Trade Association (NAFTA)


Too many trading forums and treaties are talked and debated about but we hardly remember their actual accomplishments. The North American Free Trade Agreement or NAFTA, which came into force on January 1, 1994, is not just another treaty that aims to facilitate trade between its member nations. It is one of the world’s most powerful and successful treaties comprising the United States, Canada and Mexico.