Social Science: Globalisation and the Indian Economy - Foreign Trade and Integration of Markets

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“Foreign trade integrates the markets in different countries”. Support the statement with arguments

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Solution

Foreign trade has been integrating markets of different countries, as it allows the producers to cross international boundaries for cheap raw materials. The manufactured goods and services can now be sold in various markets of different countries. With many MNCs in the market, the consumer now has a wide range of products coming from different nations to choose from. Foreign trade therefore, interlinks various markets across the countries. For example, Cargill Foods India an American MNC refines a wide range of edible oils which are marketed locally and imported edible vegetable oils for the food industry. They serve customers with the brands such as Leonardo range of olive oils, Nature fresh, Gemini, Sweekar, Rath, Sunflower Vansapati etc. They are the single largest edible oil producer in India.

Concept: Foreign Trade and Integration of Markets
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2014-2015 (March) All India Set 2

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