(i) Foreign trade provides an opportunity for both producers and buyers to reach beyond the markets of their own country.
(ii) Goods travel from one country to another. There is a huge competition among producers of one country and producers of other country.
(iii) Competition among buyers also prevails because they have more choice of goods, over domestically produced goods.
(iv) With the opening of trade, goods travel from one market to another and varieties of goods on the markets rises. Price of similar goods in two markets tend to become equal.
(v) For e.g., During Diwali season, buyers in India have the option of choosing between Indian and Chinese lights and bulbs, Chinese lights manufacturers provide an opportunity to expand their business as these lights are cheap and available in larger quantities easily.
OR
Impact of Globalization in our daily life :
(i) Transportation technology has made much faster delivery of goods across long distances possible and that too at lower rates.
(ii) The invention of computers, internet, mobile phones and fax has made contacting each other around the world quite easy.
(iii) New jobs have been created in industries where MNCs have invested.
(iv) The prices of various products have come down due to competition among the producers and manufacturers.
(v) People are getting more employment because some Indian companies have become multinational themselves due to globalisation.