There are a number of ways in which Nations can participate in International trade, they include:
- DIRECT EXPORTING
This form of international trade involves soliciting orders from foreign countries for goods and services that are made in a country and then shipped abroad. For example, without International trade, the market for the Nigerian crude oil, columbite, cocoa, rubber, etc. would have been limited to domestic economy. Export of goods and services act as foreign exchange earners to the domestic economy.
- FOREIGN LICENSING/FRANCHISING
This is another important form of trade that exists between two or more countries. It involves a country soliciting another country to produce and sell her product to them in a fee and after due procedural arrangement have been made which binds the elements of such countries contract. This is generally used for goods with established