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:
“Whatever trade one is in, one will find some fault with it.”
—Chinese proverb.
“If our condition were truly happy, we would not need diversion from thinking of it in order to make ourselves happy.”
—Blaise Pascal (1623–1662)