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1. Which are the advantages and disadvantages of a country to have commercial relations with other countries?

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The solution discusses what are the advantages and disadvantages of a country to have commercial relations with other countries.

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The primary advantage of having commercial relations with other countries or in other words, opening up the economy of the country for foreign trade is that one can not only export products and services in which the country has comparative or competitive advantage and earn valuable foreign exchange with the exports, but can also import best products or services from ...

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