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Question
Mention three ways in which International Trade can reduce global inequalities and thereby help the developing nations.
Answer in Brief
Solution
The following are some positive ways that trade can improve a lot of countries:
- By introducing people to the global market and making a wide range of goods available, states can exchange knowledge about modern technology, promote international cooperation, and raise living standards.
- By adopting a fair trade strategy, Fair trade aims to increase equity in international trade through trading partnerships, accountability, and respect.
- By incorporating the SDGs into global trade. Adopting the Sustainable Development Goals (SDGs) at the start can help prevent many environmental issues that negatively affect natural and human life quality.
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International Trade
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