Question

Discuss some reasons why reductions in world trade barriers are driving the world toward a global economy?

Answer 1

Reduction in world trad ebarriers have led nations to sign multiple plurilateral agreements and free trade agreements which has fostered globalisation and bilateral relationships. It has thus helped firms to get global and expand and become interdependent. It has boosted competitive advantage of nations and enlarge global trade to get best quality at best proces for higher consumption preferences and thus led to global economy with higher foreign interdependence and reliance for global consumption.

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