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Essay Details:
Essay text:
For some economies, international trade is an extremely significant contributor to GDP, as they have goods and services which they can sell to rest of the world (exports). There can be an improvement in economic welfare if countries specialise in the products in which they have a comparative advantage, due to an abundance of certain resources for example, and then they trade with other nations. Trade also allows countries such as the United Kingdom to import goods that we can either not produce or are cheaper elsewhere.
Barriers to trade can be categorised into tariff barriers and non-tariff barriers...
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