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International Trade and Agreement

International trade refers to the exchange of goods and services between countries through imports and exports. A country's imports consist of goods bought from foreign trading partners, while its exports are products sold to other nations. International trade agreements regulate negotiations between nations on import and export rules and tariffs. The General Agreement on Tariffs and Trade is a major international agreement that established standards for international commerce. An example of the Philippines' international trade includes importing rice from Vietnam, a major rice producer and exporter, and exporting fruits and nuts, one of its top export products.

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Domeng Ferrer
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615 views1 page

International Trade and Agreement

International trade refers to the exchange of goods and services between countries through imports and exports. A country's imports consist of goods bought from foreign trading partners, while its exports are products sold to other nations. International trade agreements regulate negotiations between nations on import and export rules and tariffs. The General Agreement on Tariffs and Trade is a major international agreement that established standards for international commerce. An example of the Philippines' international trade includes importing rice from Vietnam, a major rice producer and exporter, and exporting fruits and nuts, one of its top export products.

Uploaded by

Domeng Ferrer
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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What is International Trade and Agreement? Give an example.

Trade is an act of buying, selling, or exchanging of goods and services between parties in an
exchange for money. It can be done within the country (domestic trade) or can have the involvement of
other countries (foreign trade or international trade). So, when we say international trade it is an
exchange of goods and services from one country to another. International trade refers to the import and
export of a country. Through export, the country sells its products to other partner countries while the
import, the country buys the goods from foreign trading partners. International trade is a complex form of
buying and selling of goods because it might be a lot of processes to trail before buying it in the local
store. International trade began when economists used the mercantilism process. Mercantilism aimed to
maximize a profit, a country should be prioritizing export and minimize imports to gain more profit. They
want to use their comparative advantage as a result of economic development. International trade
agreement regulates all the negotiation of all nations. Import and export is included on the said
agreement. The most important international agreement is what we called GATT, General Agreement on
Tariffs and Trade. A tariff is the tax pay when the country is importing or exporting a product.

Example:
Import product of the Philippines

 Rice from Vietnam - Vietnam is one of the world's richest agricultural regions and is the second-
largest (after Thailand) exporter worldwide and the world's seventh-largest consumer of rice.

Export Product of the Philippines

 Fruits and Nuts – it is one of the top 10 exported products of the Philippines.

S.C.F - Author

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