Facilitation of Economic Development through International Trade, with special reference to Developing Nations

  • Manvi Singh and Dr Ratnesh Kumar Srivastava
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  • Manvi Singh

    Student at Law College Dehradun, Uttaranchal University, Dehradun, Uttarakhand, India

  • Dr Ratnesh Kumar Srivastava

    Assistant Professor at Law College Dehradun , Uttaranchal university, Dehradun, Uttarakhand, India

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International Trade provides a large variety of goods and services across the globe. The benefit of International Trade includes jobs, economic opportunities, economic cooperation and harmony among nations. In this article, I have focused upon how international trade can work more efficiently in facilitating better benefits for all the nations. The conduct of International Trade depends upon many factors such as Port Efficiency, Customs, Regulations, infrastructure used for facilitating trade, Tariffs and even costs for Import and Export. In this article I have addressed how such factors can be improvised to render better results. International Organizations play a major role in addressing solutions for the issues prevailing and even aiding the nations through grants and loans so that the other nations can also liberalize trade; thereby the role played by Regional Trade Organizations cannot be undermined as they also provide more benefit by working in close cooperation, rendering more economic support, better relations and a smooth flow of trade. This article also addresses how international trade facilitates economic development of the nations, since trade brings many opportunities and most importantly economic cooperation, hence, the nations actively participating in global trade benefit more economically. This article provides a correlation between international trade and economic development of developing countries, and how such has resulted in better GDPs and more exports by the developing nations. The developing nations have more opportunities in the vast area of international trade, boosting their economy, providing more income and improving their employment rates.




International Journal of Law Management and Humanities, Volume 7, Issue 3, Page 1752 - 1765

DOI: https://doij.org/10.10000/IJLMH.117650

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