Impact Of Trade Relations On International Trade - 1485 Words

Most countries are dependant on international trade and the government plays a big role in this through forming their trade policy (Miller, 2010). In the past smaller countries have relied on trading with bigger nations, but in the mid-1960’s a lot of countries looked to pursue independence in their foreign policy. Even though we live in this new technological and global age, forming trade relations is vital to our economy. Every country has different trade policies which determine how trade occurs between themselves and other countries. The government has various roles in its policy and even though there is a lot of debate over what this should be exactly, the highest amount of benefits occur when they strive for free and open trade. The success of our countries economy in terms of both growth and development depends on the government’s commitment to its minimal role of encouraging international trade through forming closer economic relations. Trade Policy simply determines the rules and regulations by which goods and services are exchanged across countries borders. Regulations such as trade barriers include, but are not limited to; tariffs and quotas. A tariff increases the price of imported goods for consumers through the imposition of a tax. The government receives revenue from the tax while local producers benefit as they do not have to compete with low-priced foreign goods. A quota restricts the number of exports/imports a country can trade, which gives the localShow MoreRelatedInternational Relations Between Russia And India1556 Words   |  7 PagesManchester Manchester Business School BMAN70302 Research Methods RESEARCH PROPOSAL INTERNATIONAL RELATIONS BETWEEN RUSSIA AND INDIA AND ITS IMPACT ON THE IMPORT OF COAL Student Id – 9812013 Supervisor – Dr Laura Haar INTRODUCTION India and Russia shares a strong strategic, military, economic and diplomatic relationships post-cold war and even after the disintegration of the USSR. Initially this international relationship was based on 5 major elements: Politics, Defence, Civil, Nuclear energyRead MoreInternational Relations And American Foreign Policy1320 Words   |  6 PagesInternational Relations and American Foreign Policy are both strong qualities that help define America as a nation. Not only that, but a strong nation that has the reputation to not be trifled with. 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