What benefits are derived when regional countries come together in a mutual agreement to expand their trade (trade unions)?
Expert Answer
The benefits are:
It helps the countries to encourage the specialization basis their competitive advantage
It helps to reduce the price of goods which are otherwise produced domestically at higher cost. Example: China supplies low cost electronic goods to Bangladesh which otherwise are very costly if locally produced
It helps in economic growth of nation as it increases the output and revenue and help in economies of scale
The countries which are mutual agreement are protected from competition from non-members
It increases the
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