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Foreign trade can contribute manifold to the growth. With reference to the role of foreign trade in economic development, which of the following statements is correct? I. It enhances the welfare of domestic workers. II. It helps to reduce poverty completely in all developing countries.

Foreign trade can contribute manifold to the growth. With reference to the role of foreign trade in economic development, which of the following statements is correct? I. It enhances the welfare of domestic workers. II. It helps to reduce poverty completely in all developing countries. Correct Answer Only I

The exchange of capital, products, and services across international borders or territory is known as foreign trade. It accounts up a major portion of gross domestic product in most nations (GDP).

Important Points

  • Foreign trade brings to home currencies and exports too.
  • A positive balance of payment is beneficial for the economy in general and the domestic work force.

Additional Information

  •  Even though Foreign Trade is useful for economy as a whole it does not help reduce poverty completely in all developing countries.

​Hence, we can say Foreign Trade is beneficial for domestic workers.

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