What are some of the benefits of world trade agreements? Check all that apply. They encourage rapid economic growth in developin
g nations. They allow prosperous nations to control developing nations’ economies. They can lead to rising standards of living. They lead to immediate benefits for the workers of the nations involved. They can support the increased need for education and public services.
-They encourage rapid economic growth in developing nations
-They can lead to rising standards of living.
-They can support the increased need for education and public services
are the correct answers.
Explanation:
Trade agreements are signed to regulate trade between two or more countries, these agreements cover import, export and various categories of goods. US has signed 320 trade agreements with different nations. International trade agreements are signed for free trade among nations to improve economic welfare. Free trade can be defines as the absence of tariffs and other impediments to international trade, it allows countries to specialise in goods cheap and efficient production of goods. The specialisation allows countries to achieve higher real incomes. Removing of trade barriers in free trade affects the workers of domestic countries as they face intense foreign competition. Trade liberalisation raises the standard of living and income in developing countries . China, Chile and Japan benefited form it .
