Answer to Question #232386 in Management for Sukoluhle

Question

3305

Question 1 Describe concept of international trade

Question 2 Describe South African current international trade situation

Question 3 Write short notes on the role of trade policy indicating how current South African trade policy

Question 4 Describe the Fundamental concepts of trade policy

Question 5 Describe application of volume restrictions on trade

Question 6 Describe the key role players in international trade

Answer 1

Question 1

International trade is the exchange of goods and services between countries. Trading globally helps consumers and countries the opportunity to acquire goods and services not available in their own countries.

Question 2

South African current international trade has been affected negatively by the COVID-19 pandemic because most of the countries have shut down their economy making it hard to export or import goods. Besides, even before COVID-19, South Africa had found itself in a recession and facing increasing levels of unemployment, which again has in-stabilized international trade.

Question 3

Trade policy enables a nation to import particular products at the time of a natural calamity to prevent scarcity when demand is high by proving better quality and quantity of goods. It also to raise the standard of living and making commodities available at an affordable cost. In addition to this, South Africa trade policy has gazetted African free-trade deal regulations, including a list of products that can be imported and exported duty-free in future years. The aim here is to boost the local market and hence economic growth.

Question 4

The fundamental concepts of trade policy is to define goals, standards, rules and regulations that has to do with trade relations between countries with the aim of boosting the nation's international trade.

Question 5

Volume restriction on trade is applied on international trade so as to limit the volume of imports and exports. An example is the increase of taxes by the government on imported goods and services to make them less attractive to domestic consumers.

Question 6

Those who import and export goods and services are the key role players in international trade because without them no trading activities can take place.