Q. 24.0( 5 Votes )
What is the basic function of foreign trade?
Answer :
Foreign trade or international trade is the exchange of goods and services between countries. It is an important component of the economy. The basic function of international trade is the integration of markets in different countries. It will give a lot of opportunities and openings for the domestic producers and consumers to reach out beyond the domestic market. Producers can sell their commodities to buyers from around the world. Consumers also have the choice to select commodities produced beyond the domestic markets. The prices tend to be equal in both the markets gradually. Thus, foreign trade widens the markets for both produces and consumers and helps in connecting the markets worldwide.
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