International Journal of Advances in Social Sciences

Viplav Baranwal ¹, Rachi Singh ¹

Affiliations
1 Hidayatullah National Law University, Raipur, IN

Abstract

This case arose out of a challenge to an arbitral award rendered with regard to a dispute relating to supply of equipment for offshore oil exploration by the respondent. The case was heard by M.B Shah and Arun Kumar JJ. The judgment was written by Shah J.

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Rachi Singh ¹, Viplav Baranwal ¹

Affiliations
1 Hidayatullah National Law University, Raipur, IN

Abstract

A trading nation (also known as a trade dependent economy, or an export oriented economy) is a country where international trade makes up a large percentage of the total economy. Smaller nations (by population) tend to be more trade-dependent than larger ones. To some extent all countries rely on trade, but the importance of trade varies substantially between countries. Trading nations tend to favor free trade policies and economic integration, or at least seek market access for their products (they may also seek some form of protectionism for their own industries). The most desired markets to access are the largest ones both developed and developing countries may rely on trade.

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