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


What is meant by trade barrier?



Trade barrier means a restriction on foreign trade and investment set by the government to protect its domestic industries from foreign competition. Tax on imports is an example of a trade barrier.

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


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

"Advancement of international trade of a country is an index to its prosperity." Support the statement with suitable examples

Which one of the following has been the major source of foreign exchange for IT industry?

(A) Bharat Heavy Electricals Limited 

(B) Oil India Limited

(C) Steel Authority of India Limited

(D) Business Process Outsourcing

What was the reason for putting barriers to foreign trade and foreign investment by the Indian government? Why did it wish to remove these barriers?

How has liberalisation of trade and investment policies helped the globalisation process?

Explain any five facilities available in the special economic zones developed by the Central and State Governments to attract foreign investment.

Answer the following question.
How has foreign trade been integrating markets of different countries? Explain with examples.

Analyze the contribution of foreign investment in globalization.

Integration of markets means:

Cheaper imports, inadequate investment in infrastructure lead to:

Foreign trade results in connecting the markets or integration of markets:

Foreign Trade creates an opportunity for the producers to:

Evaluate the impacts of opening foreign trade on the global economy by identifying the appropriate statements among the following options:

  1. The choice of goods in the markets increase.
  2. Producers from two countries closely compete against each other despite the distance between their locations.
  3. Foreign trade thus results in connecting the markets or integration of markets in different countries.
  4. The quality of the product is always good.

“Foreign trade results in connecting the markets in different countries.” Support the statement in the context of globalisation.


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