Bilateral Trade Agreement Assignment (DOC)
12 Pages3242 Words129 Views
Added on 2020-10-05
Bilateral Trade Agreement Assignment (DOC)
Added on 2020-10-05
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KOLM13BSS - CW 1ASSESSMENT
Table of ContentsINTRODUCTION ..........................................................................................................................3Background ...............................................................................................................................3Research Questions ....................................................................................................................3Research methods .......................................................................................................................3ACADEMIC LITERATURE .........................................................................................................3Trade and Development UK and India ......................................................................................3RECOMMENDATION ..................................................................................................................9CONCLUSION ...............................................................................................................................9REFERENCES .............................................................................................................................11
INTRODUCTION Background Trade refers to a practice of buying and selling goods and services from one country toanother. It assists in economic development of the country as its result into import and export forthe countries. In this study, UK and India will be undertaken as one is developed country andother is developing country. It will provide understanding about the trade relationship betweenUK and India and their impact on the economic development of the countries. Trade affects thedevelopment of country. There are various benefits of International trade which help theeconomic growth of the country. Moreover, the assignment will provide recommendation forimproving the trade and development for maintaining the economic relation between thecountries. Research Questions What are trade relationship between UK and India?How the trade relation of these countries have their impact on economic development?How the economic development of country is affected while conducting internationaltrade?Research methods The research methods are the ways on the basis of which the study is conducted. It willinclude the Qualitative research in which it will provide the views and opinion of the variousauthors regarding the study. Moreover, the data collection methods will include secondary datain which will collect the information regarding the topic from the books, journals, Internetsources etc. to have better understanding about the trade and development.ACADEMIC LITERATURE Trade and Development UK and India According to the views of Graham, Hjorth and Lehdonvirta (2017), The Economicrelationship between UK and India are growing which assist in the economic development of thecountries that assist in reducing unemployment and poverty within the nations. There are manybilateral trade agreement between these two countries which assist in the growth anddevelopment of the economy. From year 2000, there have been increase in trade of goods andservices between India and UK. The Export of goods and services from UK are increasing toIndia. Moreover, In 2016, Export to India was accounted for 1.0% of the UK export market. On
the Critical Note Paul and Mas (2016) stated that, Indian Exports to the UK were accounted for£9.6 billion in 2016 which is 1.6% of UK imports. Moreover, It shows that UK exportsaccounted for 15.6 billion in 2016 whereas Indian exports to UK accounted for 9.6 billion whichstate that UK exports are more than that of India which is beneficial for the economicdevelopment of UK. In the Views of Bhardwaj (2017), The Goods exported from UK to India consisted ofPearls, precious stones, metals, coins etc. Moreover, there have been increase in the technologyand engineering focused sectors which consist of boilers, nuclear reactors etc. The most growingsectors which are increasing their exports to India consist of pharmaceutical and Beverages. Thisexports of goods have assisted in the growth of the beverage industry which is beneficial for theeconomic development of UK. India Imports more Pharmaceuticals products which has grownstrongly and UK is the global leader in these sectors which means there are future chances ofincreasing the UK and India trade relation due to this sector. However on the critical noteHettige and Gerharz (2015), stated that, There is increase in the exports of India to UK forIllustration 1: UK Export to India ( Source : UK EXPORTS TO INDIA, 2016)
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