Unit 2795: International Trade Fundamentals and Practices

1. Introduction to International Trade

• Definition of International Trade
• Importance in the Global Economy
• Key Terms: Exports, Imports, Balance of Trade
• Benefits of International Trade
  • Economic growth
  • Access to resources and technology
  • Consumer benefits
• Challenges of International Trade
  • Political and economic risks
  • Cultural and legal differences
  • Currency fluctuations

2. Theories of International Trade

• Absolute Advantage Theory
  • Concept and examples
  • Implications for trade
• Comparative Advantage Theory
  • Principle and case studies
  • Opportunity cost and specialization
• Factor Proportions (Heckscher-Ohlin) Theory
  • Factor endowments
  • Impact on trade patterns
• Other Relevant Theories (brief overview)
  • Product Life Cycle Theory
  • New Trade Theory
• Influence of Theories on Trade Policies

3. Trade Barriers and Agreements

• Trade Barriers
  • Tariffs: types and effects
  • Quotas: import and export limits
  • Non-Tariff Barriers: standards, licensing, subsidies
• Impact of Trade Barriers on Economies
• Trade Agreements
  • Free Trade Agreements (FTAs)
  • Regional Trade Agreements (RTAs)
  • Multilateral Agreements
• Role of Trade Agreements in Promoting or Hindering Trade

4. Trade Organizations and Institutions

• World Trade Organization (WTO)
  • History and objectives
  • Functions and dispute resolution
• International Monetary Fund (IMF)
  • Role in global financial stability
  • Lending and surveillance functions
• World Bank
  • Development financing
  • Support for trade infrastructure
• Other Relevant Organizations
  • United Nations Conference on Trade and Development (UNCTAD)
  • Regional Development Banks

5. Trade Policies and Regulations

• Trade Liberalization
  • Concepts and benefits
  • Examples of liberalization policies
• Protectionism
  • Reasons and instruments
  • Effects on domestic industries
• Trade Remedies
  • Anti-dumping measures
  • Countervailing duties
  • Safeguards
• Impact of Trade Policies on National Economies

6. Globalization and International Trade

• Definition and Dimensions of Globalization
• Globalization's Influence on Trade Growth
• International Supply Chains
  • Structure and management
  • Effects on production and distribution
• Economic Integration of Countries
• Challenges of Globalization in Trade
  • Economic inequality
  • Regulatory issues
  • Political backlash
• Opportunities Presented by Globalization

7. Sustainable Trade Practices

• Importance of Sustainability in Trade
• Environmental Considerations
  • Carbon footprint of trade
  • Resource management
• Labor Standards and Ethical Trading
  • Fair labor practices
  • Child labor and human rights
• Concept of Fair Trade
  • Principles and certification
• Role of Sustainability in Future Trade Policies