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International markets (Payment methods to export and import goods (letter…
International markets
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Advantages of free trade
Increased exports: Lower tariffs on exports will enable a higher quantity of exports boosting jobs and economic growth.
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Surplus on raw materials: Qatar, Japan
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International trade takes place within the framework of agreements worked out by countries in the WTO. The World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. Also there are trading blocks like EU (single market), NAFTA (the US, Canada, Mexico). Asia: ASEAN, Mercosur. Part of the wider picture of globalisation