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:
“The girl must early be impressed with the idea that she is to be “a hand, not a mouth”; a worker, and not a drone, in the great hive of human activity. Like the boy, she must be taught to look forward to a life of self-dependence, and early prepare herself for some trade or profession.”
—Elizabeth Cady Stanton (1815–1902)
“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)