Types of International Trade
International trade can be divided into two types:
(a) Bilateral trade: This type of trade involves two countries trading with each other. They agree to trade specific goods or commodities between them. For example, Country A might agree to trade raw materials in exchange for other specified items from Country B, or vice versa.
(b) Multi-lateral trade: Multi-lateral trade involves trading with many countries. A country engaged in multi-lateral trade can trade with several other countries simultaneously. The country may grant the status of “Most Favored Nation” (MFN) to some of its trading partners.
Chapter 8 International Trade| Class 12 Geography Notes
Class 12 Geography Notes: International Trade is an important topic in CBSE Class 12 Geography. These notes are created by subject experts to help students understand the topic easily. These notes cover important concepts like the significance of international trade, different types of trade, and concerns related to it.
With these notes, students can prepare well for their exams and improve their understanding of the subject.
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