•What is economic globalization.
Economic globalization refers to the rising interconnectedness of world economies as a result of increased cross-border commerce in goods and services, international capital flows, and the widespread and fast development of technology.
- An example of economic globalization is –
Free trade agreements, such as the North American Free Trade Agreement and the Trans-Pacific Partnership are examples of economic globalization.
- A free trade agreement or treaty is an agreement according to international law to form a free-trade area between the cooperating states.
The free trade agreement reduces production costs in general. Free trade agreement allows businesses to sell items to customers at a lesser cost. The average cost of goods is a significant contributor to growing living standards. Consumers may also choose from a greater range of products.
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