Trade is the act of exchanging goods and services through barter or sale. International trade is the extension of commercial exchange outside a country’s borders to the international arena; it is as old as the system of nation States, and by analogy extends back in history to collectivities such as tribes, city-states, or other political units. The term ‘world trading system’ refers to the various contemporary arrangements of trading relations between countries, and particularly the system of multilateral rules initiated at midtwentieth century following two great...
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