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Research Article | Open Access
Volume 14 2022 | None
THE EFFECTS OF TARIFFS AND TRADE AGREEMENTS ON INTERNATIONAL COMMERCE
Bhanu Pratap Singh
Pages: 2994-2998
Abstract
The second half of the twentieth century saw a surge in international commerce of both products and services. Global commerce volume increased by a factor of 22 between 1950 and 2000. It's common knowledge that commerce contributes to economic growth, so it stands to reason that policies that make it easier for countries to trade internationally will also boost GDP. Economists generally agree that free trade has the potential to increase welfare. Not everyone benefits from commerce, and some groups may even suffer as a result. The growth of global value chains has allowed for the dissemination of information, the acceleration of specialization, and the more efficient use of both people and material resources. Therefore, it is important for impact assessments to include an examination of how future planned or proposed legislative changes would affect existing global value chains (GVC).
Keywords
Tariffs, Trade, Agreement, International, Commerce
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