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How can international trade agreements lead to economic growth? by creating jobs in the export industries by opening up new markets for domestic goods by facilitating cultural exchanges between nations by reducing expenditures on domestic production

Justin Parker

in Business

1 answer

1 answer

Justin Parker on November 29, 2018

All of the above are true.1 & 2) the Creation of new jobs in the export industries and the opening of new markets for national products. The trade agreements of the economy of a country to new markets, allowing domestic firms to export goods that were previously inaccessible markets.3) to Facilitate cultural exchanges among nations: The culture of a society includes the collective knowledge and customs of these societies. Trade agreements not only facilitates the exchange of goods, but often also the exchange of labor in the form of immigration, and with this cross-cultural exchange comes from the exposure to new ways of doing things. This exchange of new ideas can contribute to economic growth.4)By the reduction of Expenses in the national production: despite the fact that this might not be beneficial for the domestic labor market, the relocation of production abroad (also known as outsourcing) can make a country's economy more efficient, generating economic growth.

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