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Global trade refers to the exchange of goods, services, and capital across international borders. It plays a crucial role in the economic development of nations and the global economy as a whole. Here are some key aspects of global trade:
Trade Agreements and Organizations:
World Trade Organization (WTO): An international body that sets global trade rules and resolves disputes between member countries.
Tariffs and Non-Tariff Barriers:
Tariffs: Taxes imposed on imported goods to protect domestic industries or generate revenue.
Non-Tariff Barriers: Regulations, standards, and quotas that restrict imports without using direct taxes. These can include health and safety regulations, environmental standards, and import quotas.
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