Trade agreements made by a country with more than two nations to exchange goods and services are called:
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → Multilateral trade agreements
Multilateral means “with many”. An agreement a country makes with more than two nations to exchange goods and services is a multilateral trade agreement.
A bilateral agreement is between two countries only. Export promotion is a set of measures to raise exports. The export-import policy is the government’s policy on exports and imports.
NCERT (2026-27): Glossary: “Multilateral Trade Agreements – Trade agreements made by a country with more than two nations to exchange goods and services.” Glossary: “Bilateral Trade Agreements – The agreements relating to exchange of commodities or services between two countries.” Glossary: “Export Promotion – A set of measures (including fiscal and commercial support measures and steps aimed at removal of trade barriers) taken by a government to promote the export of goods with a view to achieve higher economic growth and accumulation of foreign exchange earnings.” Glossary: “Export-Import Policy – The economic policies of the government relating to its exports and imports.” |