The Need of International Trade:
There is always a need for because the countries have different capabilities and they
specialize in producing different things. To compensate for what they don‟t produce, then
have to involve trade with other countries. For ex: not all the countries have oil resources, the
rest of the countries import oil from the oil producers. Most of the oil producers on the other
hand import finished goods because, they don‟t produce enough. So in the modern world no
country is completely self-sufficient. Thus International Trade is very important for all the
countries in the world.
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