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Chapter 20: Q. 32 (page 490)

Name several of the international treaties where countries negotiate with each other over trade policy.

Short Answer

Expert verified

EU, Asia Pacific Economic Cooperation, etc.

Step by step solution

01

Step1. Introduction

Trade policy refers to how open an economy is kept to imports and exports through policies and laws. It is hence a set of rules and regulations which partner trading countries need to abide by while exchanging goods and services.

02

Step2. Explanation

Trade treaties and unions are formed between countries to promote international trade and hence use limited available resources judiciously.


Following are few examples of such trade treaties under enforcement:

1. European Union,

2. Asia Pacific Economic Cooperation,

3. North America Free Trade Agreement, etc.

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