Exchange of capital, goods and services across the nations can be understood as international trade. It’s an important factor for promoting globalization. Without this trade, nations are to be produced with the necessary goods within their country. The agreement between nations in order to accept goods and services from other countries can be called as a treaty. This can be bilateral or multilateral that is between two countries or more. Two types of treaties are preferential and free trade agreement. PTA (preferential) treaty is multilateral or bilateral. Asia Pacific trade agreement is multilateral while India-Afghanistan is bilateral. ASEAN is a multilateral FTA (free). The World Trade Organization (WTO) deals with more than 60 agreements of trade between countries. Consider the Canada USA Trade Agreement according to which Canada exports wheat, cattle and processed potatoes to USA and USA exports corn to Canada. Interesting facts about treaties can be understood from the PowerPoint presentation.

Aparika Sharma

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