Economic ties refer to the connections and relationships between different countries or regions that involve the exchange of goods, services, investments, and financial transactions.
Related terms
Globalization: Globalization refers to the increasing interconnectivity and interdependence among countries economically, socially, politically, and culturally.
Trade Dependency: Trade dependency is when a country heavily relies on importing or exporting certain goods or services. It can make a nation vulnerable to external shocks or disruptions in trade.
Protectionism: Protectionism is an economic policy that aims to protect domestic industries from foreign competition through measures such as tariffs or import quotas.