University of International Business and Economics Answer to the comprehension questions: 1.What is international trade? --International trade is the exchange of goods and services across international borders. 2 How was international trade traditionally regulated and how is it now regulated? --Traditionally international trade was regulated through bilateral treaties between two nations.The regulation of international trade is done through the World Trade Organization at the global level,and through several other regional arrangements such as MERCOSUR in South America,NAFTA between the United States,Canada and Mexico,and the European Union between twenty-five independent states. 制舒价黄多大生 1951University of International Business and Economics Answer to the comprehension questions: 1. What is international trade? --International trade is the exchange of goods and services across international borders. 2. How was international trade traditionally regulated and how is it now regulated? --Traditionally international trade was regulated through bilateral treaties between two nations. The regulation of international trade is done through the World Trade Organization at the global level, and through several other regional arrangements such as MERCOSUR in South America, NAFTA between the United States, Canada and Mexico, and the European Union between twenty-five independent states