Foreign trade is not playing an important role for economic devel… - Vidyadip

Question

Foreign trade is not playing an important role for economic development.

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Answer

No, I do not agree with this statement.

It helps to earn foreign exchange which can be used for productive purpose.
It leads to an increase in a total investment in an economy.
It helps to control the changes in the price level.
It helps to maximum allocation and utlisation of resources at international level.
Due to availability of imported goods, it helps to improve standard of living of the people in the country.
During the natural calamities, foreign trade enables a country to import food grains and medicines from other countries to help the affected people.
It promotes world peace by bringing countries closer.

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