Global trade has been a topic of debate for a long time. Many support that it is essential for the development of the economy, while opponents ascertain that it is responsible for destroying the local business. In this essay, I will discuss both views and state why international trade is crucial for development.
Those who are against global trade claim that unrestricted movement of goods and services causes damage to local communities. This is because employment will decrease significantly due to fewer people involved in the manufacture and production of products, leading to mass unemployment and loss of livelihood. For instance, 40% of people lose their jobs in India due to its increased export of coal from Nepal
However, a nation needs to have better trade relations with other countries to have prosperous economical growth, If more products are exported from outside the nation it will lead to a better quality of products used by people which will improve international relations. There have been many instances where international trade rescued the falling GDP of a country; Furthermore, it will reduce the political tensions leading to fewer production of weapons, and this money can be invested in better causes. For example, China's GDP has skyrocketed since the contract of coal trade from Nepal
To conclude, despite some drawbacks related to loss of workforce international trade is essential for the growth of economical value.
Global
trade
has been a topic of debate for a long time.
Many
support that it is essential for the development of the economy, while opponents ascertain that it is responsible for destroying the local business. In this essay, I will discuss both views and state why
international
trade
is crucial for development.
Those who are against global
trade
claim that unrestricted movement of
goods
and services causes damage to local communities. This is
because
employment will decrease
significantly
due to fewer
people
involved in the manufacture and production of products, leading to mass unemployment and loss of livelihood.
For instance
, 40% of
people
lose their jobs in India due to its increased export of coal from
Nepal
However
, a nation needs to have better
trade
relations with other countries to have prosperous
economical
growth, If more products
are exported
from outside the nation it will lead to a better quality of products
used
by
people
which will
improve
international
relations. There have been
many
instances where
international
trade
rescued the falling GDP of a country;
Furthermore
, it will
reduce
the political tensions leading to fewer production of weapons, and this money can
be invested
in better causes.
For example
, China's GDP has skyrocketed since the contract of coal
trade
from
Nepal
To conclude
, despite
some
drawbacks related to loss of workforce
international
trade
is essential for the growth of economical value.