Arrange the history of international trade from past to present :
(A) Trade restricted to local markets
(B) Slave Trade
(C) Silk route for long distance trading
(D) Establishment of World Trade Organisation
Choose the correct answer from the options given below :
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → (A), (C), (B), (D)
(A) Trade restricted to local markets — first. In ancient times, carrying goods over long distances was risky, so trade stayed in local markets.
(C) Silk route for long distance trading — second. The Silk Route, joining Rome to China, is an early example of long distance trade.
(B) Slave Trade — third. It grew with European colonialism from the fifteenth century onwards.
(D) Establishment of World Trade Organisation — last. GATT became the WTO on 1st January 1995.
NCERT (2026-27): “HISTORY OF INTERNATIONAL TRADE In ancient times, transporting goods over long distances was risky, hence trade was restricted to local markets. People then spent most of their resources on basic necessities – food and clothes.” “The Silk Route is an early example of long distance trade connecting Rome to China – along the 6,000 km route.” “Fifteenth century onwards, the European colonialism began and along with trade of exotic commodities, a new form of trade emerged which was called slave trade.” “World Trade Organisation In 1948, to liberalise the world from high customs tariffs and various other types of restrictions, General Agreement for Tariffs and Trade (GATT) was formed by some countries. In 1994, it was decided by the member countries to set up a permanent institution for looking after the promotion of free and fair trade amongst nation and the GATT was transformed into the World Trade Organisation from 1st January 1995.” |