No country produces all types of goods in sufficient quantity at desirable cost of production. Therefore, every country is required to import some goods from other countries to speed up industrialisation, meeting consumer demand, for over-coming impact of negative natural events for improving living standard of people. Government has to regulate import trade to ensure proper use fo foreign exchange, to protect the interest of local industries etc. Identify the values involved behind the purpose of imports.
The values involved in the practice of importing from other countries are as follows :
- Economic development of the country.
- Maximisation of public welfare.
- Providing wider choice of goods to consumers…
- Promoting healthy business competition.
- Improving standard of living of the people.