International Trade and Economic Development

Abstract

Economic development is a longer and continuous process. It depends upon various aspects. Some countries have developed very fast. Some other countries developing at a slower pace. Western countries have developed with their efforts. However Eastern countries and major Asian countries are looking toward the West for investment and technical advancement. Governments and organizations of developing countries strive hard to speed up economic development. But expected support could not be getting by developing countries. If they get technical know-how and capital are old dated and insufficient. Apart from technological development foreign trade plays a vital role in economic development. The foreign trade acts as an engine for growth for developed countries. It fails to act for developing countries. For this, several reasons are responsible. Some of them are, backwardness in technology, low-level investment, low level of competitiveness, and weak bargaining capacity, etc.,