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:
“I might be driven to sell your love for peace,
Or trade the memory of this night for food.
It well may be. I do not think I would.”
—Edna St. Vincent Millay (1892–1950)
“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)