international trade

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Related to international trade: World Trade Organization

international trade

the sale or exchange of goods and services between countries. According to the law of comparative advantage, proposed by the 19th-century political economist Ricardo, a country will ideally produce only those goods and services in the production of which it possesses such advantage that it can produce these more cheaply than other producers. In theory at least, therefore, the international division of labour that results should benefit all nations. However, the extent to which each country benefits depends on the favourableness or otherwise of the TERMS OF TRADE which operate for the commodities and services which it imports and exports. Thus, in recent years many developing nations have experienced adverse and often worsening terms of trade, especially as a result of declining relative prices for food and agricultural raw materials in situations where, in the short run at least, they are unable to shift their output to other areas of production. See DEPENDENCY THEORY, UNEQUAL EXCHANGE, IMPERIALISM.

International Trade


the aggregate of the foreign trade of the different countries of the world. International trade arose with the birth of the world market (16th to 18th centuries) and the international division of labor. The development of international trade is closely bound up with the establishment of the capitalist method of production.

References in periodicals archive ?
In an effort to continue moving toward global standards in international trade, FITT has also announced its collaboration with the Institute of Export & International Trade (IOExIT) UK to cross-accredit both organizations' international trade credentials.
Interprovincial cooperation has evolved incrementally through the development of common regulatory objectives, with relatively minor variations between provinces, and the gradual development of a system of mutual recognition and reliance comparable to the "national treatment" rules of international trade law.
Sapovadia explore changes that have and should be made to labor markets due to international trade, while Joel Trachtman deepens our understanding of institutional aspects of international trade by viewing the World Trade Organization through various lenses.
Nicely served for several years as co-chair of the ABA International Law Section's International Trade Committee, and currently sits on the Court of International Trade's Advisory Committee on Rules.
Aranoff previously served as senior international trade counsel on the Democratic staff of the U.
Hank Levine, Deputy Assistant Secretary for Asia and the Pacific, International Trade Administration, Department of Commerce.
Leather Imports, (215) 228-6778, in Philadelphia, realized the potential of international trade while working as a sports agent in Cyprus, off the coast of Greece.
The International Trade Center and MCO are currently in the process of filing for approval of this use with the Mt.
We found the ideal opportunity to extend the capabilities of our International Trade solutions into Asia with IPACS and its award-winning technology.
Southern California's international trade sector, a powerful economic engine, should produce another record year in 2006 but it will likely be a rough ride, according to a report released today.
Peter brings a wide range of experience within the government and working with industry on international trade policy and export controls issues.
The sector, which includes workers from a wide variety of businesses, supplanted international trade as the region's top exporter in 2003, said the report from the Los Angeles County Economic Development Corp.

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