International trade refers to the exchange of goods and services between countries. It involves importing goods from other nations and exporting domestic products to foreign markets. This type of trade allows countries to obtain products that may not be available locally or to access them at a lower cost, while also providing access to larger markets for their own goods and services. International trade can include a wide variety of exchanges, from raw materials to finished products, and is facilitated by various trade agreements, tariffs, and regulations that govern how such transactions are conducted across borders. The practice of international trade is crucial for economic growth and development, as it promotes competition, innovation, and collaboration among nations.
The U.S. opted out of endorsing a WTO statement condemning Russia's actions in Ukraine, marking a strategic diplomatic shift. Over forty WTO members, including key allies like the EU and…