The exchange of goods among people, states and countries is referred to as trade.
Importance of international trade are :
(i) International trade of a country is factor to its economic prosperity.
(ii) It is considered as the economic barometer for a country.
(iii) As the resources are space bound, no country can survive without international trade.
(iv) Countries have trade relations with the major trading blocks.
(v) Exchange of commodities and goods have been superseded by the exchange of information and knowledge.
(vi) India has been observing 24 December as the National Consumers' Day. It was on this day, that the Indian Parliament erected the Consumer Protection Act in 1986.