IMPACT OF TRADE EMBARGO AND TRADE SANCTIONS ON IN-TERNATIONAL RELATIONS, INTERNATIONAL ECONOMY, TRADE AND BUSINESS LAWS
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Abstract
According to Wasserman and Haltman, “International trade consists of transaction be-tween residents of different countries”.
According to Anatol Marad, “International trade is a trade between nations”.
According to Eugeworth, “International trade means trade between nations”.
Exchange of goods, capital and services across the boundaries of the state is called foreign trade or international trade .International trade has been around since centuries and is progressing at a rise of economic, social and political importance with Industrialization, advanced transportation, globalization, multinational corporations, outsourcing and technology advancement.
Every Nations need goods and services to satisfy the day to day purposes and as no country has unlimited resources and cannot produce all goods and services here’s when international trade comes into play. Usually no nation is self-sufficient and produces all kinds of goods and services. The state has to buy resources from other countries which cannot be produced or are less than the quantity demanded. Similarly, the state sells good and resources which are in surplus quantities to other countries.
International trade is the most significant determinants of economic rise of any state world-wide. The trade consist of inward flow of resources in need (import) and outward flow of re-sources in surplus (export), which results into outflow and inflow of foreign currency .It is also called EXIM Trade.
Several Acts have been placed for providing, regulating and creating necessary environment for its rise. International trade of India is governed by the Foreign Trade (Development & Regulation) Act, 1992 and the rules and orders issued there under Payments for import and export transactions are governed by Foreign Exchange Management Act, 1999. Customs Act, 1962 which governs the physical movement of goods and services by various transportation methods.
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