Answer:
Two types of international trade are: (i) Bilateral trade: This type of trade is done by two countries with each other. They enter into agreement to trade specified commodites amongst them. (ii) Multi-lateral trade: This type of trade is conducted with many countries. The same country can trade with a number of other countries. The country may also grant the status of the ?most favoured nation? (MFN) on some of the trading partners. Negative impact of globalization: (i) Local producers are not able to compete with the foreign market products because they provide some kind of products at cheaper rates. (ii) Uncertainty of employment has increased cultural invasion. (iii) Countries also need to be cautious about dumped goods, as long with free trade dumped goods of cheaper price can harm the domestic producers.
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