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Which of the following is an example of bilateral trade?
- a)The United States trading with multiple countries
- b)India and Japan signing an agreement to exchange specific goods
- c)The European Union's trade with ASEAN nations
- d)The establishment of the World Trade Organization (WTO)
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Which of the following is an example of bilateral trade?a)The United S...
Understanding Bilateral Trade
Bilateral trade refers to the exchange of goods and services between two countries. It typically involves a specific agreement that outlines the terms of trade, including what goods are exchanged and any tariffs or quotas that may apply.
Why Option B is Correct
- Specific Agreement: Option B mentions India and Japan signing an agreement to exchange specific goods. This illustrates a direct trade relationship between the two nations, characteristic of bilateral trade.
- Two Parties Involved: In this scenario, only India and Japan are involved, reinforcing the bilateral nature. They negotiate terms that cater specifically to their mutual interests.
Comparison with Other Options
- Option A: The United States trading with multiple countries represents multilateral trade, as it involves multiple parties rather than a two-country agreement.
- Option C: The European Union's trade with ASEAN nations also denotes multilateral trade, involving a group of countries rather than just two.
- Option D: The establishment of the World Trade Organization (WTO) focuses on creating rules for international trade among numerous countries, making it another example of multilateral engagement.
Conclusion
Thus, option B is the correct example of bilateral trade because it highlights a focused exchange between two specific countries, India and Japan, under a formal agreement. This direct interaction encapsulates the essence of bilateral trade effectively.
Bilateral trade refers to the exchange of goods and services between two countries. It typically involves a specific agreement that outlines the terms of trade, including what goods are exchanged and any tariffs or quotas that may apply.
Why Option B is Correct
- Specific Agreement: Option B mentions India and Japan signing an agreement to exchange specific goods. This illustrates a direct trade relationship between the two nations, characteristic of bilateral trade.
- Two Parties Involved: In this scenario, only India and Japan are involved, reinforcing the bilateral nature. They negotiate terms that cater specifically to their mutual interests.
Comparison with Other Options
- Option A: The United States trading with multiple countries represents multilateral trade, as it involves multiple parties rather than a two-country agreement.
- Option C: The European Union's trade with ASEAN nations also denotes multilateral trade, involving a group of countries rather than just two.
- Option D: The establishment of the World Trade Organization (WTO) focuses on creating rules for international trade among numerous countries, making it another example of multilateral engagement.
Conclusion
Thus, option B is the correct example of bilateral trade because it highlights a focused exchange between two specific countries, India and Japan, under a formal agreement. This direct interaction encapsulates the essence of bilateral trade effectively.
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Which of the following is an example of bilateral trade?a)The United S...
Bilateral trade occurs when two countries enter into an agreement to trade specific commodities with each other. It differs from multilateral trade, where multiple countries engage in trade with one another under agreements or trade organizations.
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Which of the following is an example of bilateral trade?a)The United States trading with multiple countriesb)India and Japan signing an agreement to exchange specific goodsc)The European Unions trade with ASEAN nationsd)The establishment of the World Trade Organization (WTO)Correct answer is option 'B'. Can you explain this answer? for Humanities/Arts 2025 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about Which of the following is an example of bilateral trade?a)The United States trading with multiple countriesb)India and Japan signing an agreement to exchange specific goodsc)The European Unions trade with ASEAN nationsd)The establishment of the World Trade Organization (WTO)Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is an example of bilateral trade?a)The United States trading with multiple countriesb)India and Japan signing an agreement to exchange specific goodsc)The European Unions trade with ASEAN nationsd)The establishment of the World Trade Organization (WTO)Correct answer is option 'B'. Can you explain this answer?.
Which of the following is an example of bilateral trade?a)The United States trading with multiple countriesb)India and Japan signing an agreement to exchange specific goodsc)The European Unions trade with ASEAN nationsd)The establishment of the World Trade Organization (WTO)Correct answer is option 'B'. Can you explain this answer? for Humanities/Arts 2025 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about Which of the following is an example of bilateral trade?a)The United States trading with multiple countriesb)India and Japan signing an agreement to exchange specific goodsc)The European Unions trade with ASEAN nationsd)The establishment of the World Trade Organization (WTO)Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is an example of bilateral trade?a)The United States trading with multiple countriesb)India and Japan signing an agreement to exchange specific goodsc)The European Unions trade with ASEAN nationsd)The establishment of the World Trade Organization (WTO)Correct answer is option 'B'. Can you explain this answer?.
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