Trends In International Trade

Question 1

What effect did Brexit have on UK-EU trade?

Answer 1

Increased tariffs on goods

Question 2

What is globalisation?

Answer 2

The continued integration of global economies that promotes cross-border trade, investment, and cultural exchange.

Question 3

What challenges does globalisation face?

Answer 3

Nationalism and protectionism.

Question 4

How has information and communications technology affected global trade?

Answer 4

Advances in technology enhance global connectivity, making it easier to conduct international trade and manage global supply chains.

Question 5

What are trading blocs?

Answer 5

Regional trade agreements and economic blocs that facilitate trade among member countries, while potentially creating barriers to non-members.

Question 6

Can you name two examples of trading blocs?

Answer 6

The European Union (EU) and the United States-Mexico-Canada Agreement (USMCA).

Question 7

What are new markets in international trade?

Answer 7

Emerging and developing markets offering new opportunities for trade and investment as these economies grow and integrate into the global system.

Question 8

What is competition from low-wage economies?

Answer 8

Increased competition from countries with lower labour costs, affecting manufacturing, outsourcing, and global trade dynamics. An example is China.