Trade, and international trade in particular, is vital for all economies. Trade among nations is almost unavoidable given the global integration of economies. However, as the recent global recession has shown, trade relations can be detrimental to economies when there is either a slump in export prices or a sudden drop in export demand. In response, economies need to be more resilient so as to guard against the impact of volatility on the world market. This is true for both national economies and large, globally integrated regional economies such as that in the GCR.
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