Question

1. The development of International Trade is the result of numerous efforts by governments to remove cross-border restrictions. Discuss these important historical events that increased trade activity globally.

1. Fall of the Berlin Wall
2. Single European Act
3. NAFTA
4. GATT
5. The European Union

Answer 1

Answer)

1. Fall of berlin wall-November 9th,1989 is one of the most significant days in history of the world.After World war II Germany split into two countries East and West Germany,in 1961 construction of Berlin wall which was fortified seperating families began,in 1989 a lot of politicial changes happened which led to fall of this berlin wall eventually leading to unification of Germany,this means the trade restrictions were over,the country unified its resources and global barriers started to come down and world ushered in era of globalization.
2. Single European act-Single European act which came into force on July1st,1987,was an act to create free trade amongst European countries by creating a single market,the idea was that Europe can leverage its position by removing these trade barriers.
3. NAFTA-So before NAFTA or North American Free Trade Agreement,a treaty between Canada and US existed which removed trade barriers amongst US and Canada,NAFTA included Mexico as well,it came into effect on January 1,1994 and by standards of GDP became one of the largest trade agreements.
4. GATT-GATT or General agreement on tariffs signed on 30 October,1947,was an agreement signed by 23 countries initially eliminating major tariifs and barriers,later on it was expanded to include more nations,it was later succeeded by world trade organization.
5. The European Union-It is a union of nations of 27 nations located in Europe,it makes laws related to economic decisions and barriers,it has created single market for its nations,its removal of internal barriers has made it a mjaor force in the world.

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