What are the main principles of international trade?

International trade law governs relations between countries in terms of trading goods and services. The main principles of international trade include free trade, free movement of capital, and the removal of barriers to trade. Free trade is the idea that countries should be able to buy and sell from each other with no restrictions, free from tariffs and subsidies. Free movement of capital refers to the ability of any country to invest in any other country and remit its profits and investments in any currency. The removal of barriers to trade refers to the reduction or removal of restrictions such as tariffs, quotas, and other trade barriers that restrict the ability of countries to import and export goods. International trade also follows various other principles, such as equal treatment of all countries, the promotion of competition, and the avoidance of unfair trading practices. Equal treatment refers to the idea that all countries should be treated equally regardless of the size of their economies or their geopolitical status. Promotion of competition means that countries should engage in international trade in a manner that encourages competition between players in the market. Finally, avoidance of unfair trading practices refers to policies that should be used to prevent countries from engaging in actions that are trade distorting, such as dumping and subsidizing.

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What are the main principles of international trade?

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