CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY:
The concept of International Trade has been of immense importance in the existence
of the nations of the world because no nation is completely self-sufficient. In
addition, the needs and wants of people in all parts of the world are better served by
exchanging commodities and services1. Trade increases the standard of living in all
countries. For some countries, foreign markets take a third to a half of the total
output and the standard of living depends crucially on the international division of
labor
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