Volume of Trade in Pre-Reforms and Post-Reforms Periods of India

Abstract

“Trade has the benefits which no country can deny. It is the lifeline of the people living across different boundaries. In the absence of trade, the happiness of the world would be at least reduced to half if not vanish”. The role played by foreign trade in the development of the economies of different nations can never be overstated. Foreign trade has been rightly called upon as the engine of economic growth by many prominent economists of international repute. In the absence of international trade, nations would find it not only difficult to utilise their economic resources to the optimum level, but also will not be able to fulfil all the demands of consumption of the people in their economies. Present paper endeavours to present the utility of international trade in the development of any economy and volume of foreign trade in pre-reforms and post-reforms periods.

Keywords: Pre-Reforms, Post-Reforms, Foreign Trade, GATT, WTO, MFA - Multilateral Financial Agreements

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