Trade diversion is an economic term related to international economics in which trade is diverted from a more efficient exporter towards a less efficient one by the formation of a free trade agreement or a customs union.
Read more about Trade Diversion: Occurrence, Term, Downside, Example
Famous quotes containing the words trade and/or diversion:
“... it must be obvious that in the agitation preceding the enactment of [protective] laws the zeal of the reformers would be second to the zeal of the highly paid night-workers who are anxious to hold their trade against an invasion of skilled women. To this sort of interference with her working life the modern woman can have but one attitude: I am not a child.”
—Crystal Eastman (1881–1928)
“Without [diversion] we would be in a state of weariness, and this weariness would spur us on to seek a more solid means of escaping from it. But diversion amuses us, and leads us unconsciously to death.”
—Blaise Pascal (1623–1662)