Trading has been one of the oldest professions adopted by the individuals for earning their livelihood. This trading involved exchanging of goods from one person to another. In earlier times, the concept of money and currencies was not introduced so the traders used to exchange or trade in their goods. This concept was known as Barter system but soon it was realized by the traders that barter system was just not the ideal system for continuing trade and causes a lot of inconvenience for the traders hence the concept became outdated once the money/currencies were introduced and were later on adopted for trading. Till today, currencies introduced by various countries are now used for facilitating trade and carrying out trading transactions. This implies that individuals are not just bound with barter system or exchange of goods to make business deals & carry transactions (Schott, 2004).
Since trade started to gain pace with the introduction of money/currencies, governments of different countries started to collaborate more and more with each other to make sure trading between countries should be maximized and goods must be traded from country to country to provide more variety to the buyers and meet the market demand of certain commodities. Although some of the countries impose taxes on trading of goods but other countries consider the idea of establishing free trade so that tax free trading is carried out which benefits the trading nations without tangling into tax complications (Meyn, 2006).
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