Write a note on the changing nature of international trade in the last fifteen years.

Trade between countries is known as international trade. International trade has undergone a vast change in the last fifteen years. The exchange of goods and commodities has been superseded by the exchange of information and knowledge. For e.g., India has emerged as a software giant at the international level, and it is earning large foreign exchange through the export of information technology.

International trade also depends on the relationship between the countries and other external factors like duties and tariffs on the transportation of goods. In the last fifteen years, different trade blocks have emerged, which have changed how international trade was conducted previously.