In May 2009, Secreatry of State Hilary Clinton gvea mjor speech covering all th

Question

In May 2009, Secreatry of State Hilary Clinton gvea mjor speech covering all th issues in U.S._Indian reltion. On economic and trade relations she noted tha indian mintan significant brriers to U.S. trade. The unitd States alo mantains barirs against Idian imports such as textiles. Mrs. Clinton, Presidet Obama, and Anand sharma, The indian minister o commerce and inustry,say they want to dismantle these trade barriers. Q:: Explain who in the United States would gain and who might lose from dismantling trde barriers between the United States and India PLEASE FULL ANSWR DETAILED THAK YOU

Explanation / Answer

For many countries, unilateral reforms are the only effective way to reduce domestic trade barriers. However, multilateral and bilateral approaches—dismantling trade barriers in concert with other countries—have two advantages over unilateral approaches. First, the economic gains from international trade are reinforced and enhanced when many countries or regions agree to a mutual reduction in trade barriers. By broadening markets, concerted liberalization of trade increases competition and specialization among countries, thus giving a bigger boost to efficiency and consumer incomes. USA might lose

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