ABSTRACT
This chapter addresses international aviation agreements, industry alliances, and the fallacies behind anti-trade arguments. Economic prosperity of all countries, regardless of size, depends heavily on trade with other countries. In short, international trade remains the main engine of world economic growth. Globalization has occurred in almost every nation and has led to the development of many regional trade agreements. The World Trade Organization (WTO) is an international organization dealing with the rules of trade between nations. International trade allows countries to take advantage of other countries' resources through the theory of comparative advantage. It has been successfully argued and empirically demonstrated that the overall production of the world increases through trade and partnership. Infant industries are usually offered some limited and temporary protection by their governments through tariffs, quotas, and duty taxes from international trade competitors. Trade barriers are attempts by the government to regulate or restrict international trade. International trade requires foreign currency in order to complete the transactions.
