Question

How do trade agreements of international organizations affect trade? by incentivizing the development of trade policies by eliminating tariffs and taxes on imports and exports by encouraging countries to provide open access to trade by helping smaller countries compete in the world market

Answer 1

Any contractual arrangement between governments addressing their trading interactions is referred to as a trade agreement. Trade treaties can be bilateral or multilateral, that is, among two or more states.

Why are trade agreements important?

Countries engage in international trade because there are financial benefits to be had. These benefits include expanded product diversity, cheaper pricing, superior quality, enhanced technological spread, and increased consumption by the country as a whole. Increased trade openness has been associated with higher GDP growth.

Thus Option C is correct about the trade agreement.

For more information about the Trade agreement refer to the link:

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