Write a note on the changing nature of the international trade in the last fifteen years.
Answer:
Over the past 15 years, international trade has undergone significant transformations due to globalization, technological advancements, and policy changes.
Explanation:
- Rise of Digital Trade: E-commerce platforms like Amazon, Alibaba, and Flipkart have revolutionized global trade.
- Shift in Manufacturing Hubs: Countries like China, India, and Vietnam have emerged as major manufacturing and export centers.
- Trade Agreements & Barriers: Free trade agreements (FTAs) have boosted trade, while some nations have imposed tariffs (e.g., US-China trade war).
- Sustainability & Green Trade: Increasing focus on eco-friendly products and reducing carbon footprints in global supply chains.
- Impact of COVID-19: The pandemic disrupted supply chains but accelerated digital transactions and automation in trade.
International trade is now more digital, interconnected, and sustainability-focused, shaping the global economy. 🌍📦💻