Table of ContentsAdvantages of Economic RelationsLimitations: Afghanistan, Bangladesh and Ethiopia are just a few examples. Economic relations can be defined as the economic interaction between various countries and their effect on the global economy. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essayThe impacts of government restrictions on production, consumption and income distribution play a major role in one country's economic relations with anotherExample: India, despite being under British colony for over 200 years has helped maintain good economic relations with the United Kingdom. There are significant changes in economic relations between India and the British since the colonial period. In 2002, the United Kingdom was India's second largest trading partner. Currently, the UK ranks fifth among India's trading partners. India's major exports to the UK are tea, metal products, leather goods, etc. In the era of globalization, to create a better economic environment and reduce trade barriers the WTO has worked with many countries and given birth to many new policies and programs to improve economic relations among different nations of the world . Benefits of Economic Relations Economic relations provide access to goods that would not otherwise be available. Economic relations help to reduce the fluctuation of the company's salesOne of the most immediate benefits of economic relations is the reduction of costs for the consumer. Increased price competition helps businesses become more efficient. Economic relations allow nations to specialize their economies in areas where their resources are best allocated. Limitations: Countries that sell primary products and buy manufactured goods in return are losers. Foreign trade can completely deplete a country's natural resources such as coal and oil, which are irreplaceable. Imports of harmful drugs and luxury goods like opium into China are ruining the health of the nation. Countries transmit it to others. Business rivalry can lead to wars and friction. What are the TRIADS, BRICS and LDCs: The triads refer to the three countries, the United States, the EU and JAPAN, which dominate the global economy. being the dominant country in the world economy, the international company sells its products first to the United States, then to Europe and later to Japan. other parts of the world would then receive the product after it has been sold in these major global markets. Let us take an example to understand the concept of BRICS. For example, suppose a person works as a mechanic for a living. Suppose she goes to another region. city ​​looking for work. There he found a company called “ram mechanics ltd” which is quite famous in this city. He has difficulty finding a job because most of the work is done by this company. As time goes by, he finds few people like him, who have been deprived of work because of this big business. The few mechanics say that about 5 of them have found a solution to this problem. They joined hands to cooperate and inform others about the work available in this field. This eventually evolved into a team learning about available work opportunities. They found a way out of big business by forming alliances and improving the survival chances of.