Economics
Answer
Achieving fair trade requires collaboration and cooperation among countries and international organizations.
- The trade agreements, policies, and regulations should be transparent and accessible to all parties involved.
- The rules regarding liberalisation of trade should be equally followed by developed as well as developing countries.
- Encouraging environmentally sustainable production methods and fair labour practices through trade agreements can ensure that trade will benefit local communities and protects the environment.
Related Questions
Tax on imports is one type of trade barrier. The government could also place a limit on the number of goods that can be imported. This is known as quotas. Can you explain, using the example of Chinese toys, how quotas can be used as trade barriers? Do you think this should be used? Discuss.
Fill in the blanks.
WTO was started at the initiative of …………… countries. The aim of the WTO is to …………… . WTO establishes rules regarding …………… for all countries, and sees that …………… In practice, trade between countries is not …………… . Developing countries like India have …………… , whereas developed countries, in many cases, have continued to provide protection to their producers.
In the above example, we saw that the US government gives massive sums of money to farmers for production. At times, governments also give support to promote production of certain types of goods, such as those which are environmentally friendly. Discuss whether these are fair or not.
How has competition benefited people in India?