Significance of International Trade (Part 1)

The significance of international trade has become increasingly important in the present global environment. International trade intensified policy coordination with developed economies, playing several times as a mediator in the most crucial moments of the negotiations, to ensure a truly multilateral trading system and to ensure that international trade develops in a more just and reasonable order (Hill, 2004).

Impact of Global Factors

According to the officials present or related to the financial institutions of the country such as the banking or other important regulatory department of the country said that a major factor that influenced and affected the international trade is inclusion in WTO agreement. One important factor is the reforms and economic changes that were encouraged and introduced by globalization. In the midst of adopting the model of globalization and the economic reforms UK was able to transit and shift its economic doctrine to a more capitalist approach. Hence the adoption of UK and realization that it can only survive by incorporating modern changes in its system quickly boosted the economic engine of the country.

There was a unanimous agreement on the fact that the country needs to expand its reach and explore every possible frontier and avenue through which it can provide people its own products and services. It is pre-dominantly because of UK’s strong position on a global economic and financial scale that has further encouraged and motivated regulatory bodies to form regulations in its favor. Also, apart from all this WTO commitments as a reforming force to oppose the rising political influences and undermining of economic control and accountability has also been a major force and the way UK has been combating all these forces within its economic system is highly appreciating and encouraged repeatedly by organizations like WTO.

Impact of EU Policies

The return of the Conservatives to power in 2010 augur much larger problems with the European Union, as the party - MPs and activists - became critical vis-à-vis the European under four successive leaders, William Hague (1997 -2001), Iain Duncan Smith (2001-2003), Michael Howard (2003-2005) and David Cameron. Not content to definitively reject entry into the monetary union, the party had opposed the draft Constitutional Treaty, demanded a referendum on the treaty and had criticized the government's progress on European defense. Despite modernizing its image in other areas, Cameron, once elected in 2005, had confirmed this orientation by asking Conservative MEPs to withdraw from the European People's Party center-right to create a new group in the European Parliament sovereignty. He also promised his troops renegotiation of certain Community policies, repatriation of these at national level, and a law requiring any British government to hold a referendum in case of transfer of new powers to Brussels.
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