Inter-industry trade and Intra-industry trade

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Introduction: The year 1995 saw the emergence of WTO. The committee on the trade and environment was established based on the decision which was taken in the Uruguay round. One of the major aims of the team was to identify the connection between international environment of trade and relationships to promote development. The purpose of the meeting of committee people was the extension of the general agreement on Tariff and Trade (GATT) 1991.
International trade is the trade that takes place in the world between neighbouring countries and also between the other countries. (Australian Institute of International Affairs. (2018). )There are the developed nations and the developing nations which participate in the trade. It has been observed that the nations progress better when they trade among themselves and increase the output of the overall trade. Even though international trade is beneficial to the involved parties, there is an ample amount of political disturbance in the trade which hampers the growth of the trade. The expansion of trade and commerce which took place after the World War II is responsible for the growth in the global...