International Trade Essay

Published: 2020-02-18 06:10:49
288 words
2 pages
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essay essay

Category: International trade

Type of paper: Essay

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International trade is a complex process that involves both physical and abstract components. Its physical aspects include the goods that are traded such as textiles, raw materials for automobiles and manpower or human resources to name a few.

Some of its abstract components include the trading policies of governments from every nation and the trading agreements between the trading parties. Issues surrounding international trade vary in terms of complexity and nature, usually involving not only the direct physical and abstract components of international trade but also other areas of concern such as geography of trading locations and the insurance of the traded goods.

Since international trade involves two or more traders situated in different countries, there is the issue of trading policies. Governments usually create trading policies that international traders should adhere to. Otherwise, trade compromises will be arranged. Like typical trading activities, there is also the issue of trade agreements between the trading parties specifying what kind and what amount of goods are to be traded for a specified duration.

Prior to the actual trade, trading parties from across the world first arranges the payment and financial transaction details that are compatible with the existing laws of the receiving country. Each trading party will also have to ensure sufficient manpower to handle the actual transportation of the goods which, in effect, entails the secured transfer of goods from the supplier to the receiving client.

The geography between the trading countries also gives rise to several issues such as determining and agreeing which route to take and what transportation equipments should be used. The security of the trading parties especially the receiving client is another issue in international trade as smuggling of prohibited products remains a big concern.

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