Description
Exploring the Relationship Between International Trade and Technological Innovation: A Multi-Method Approach
Abstract
At present, in this digital world, the role of technology exhibits a greater position. It creates a specific way for innovation. All know that the demand for international trade in every country is very high. It aims to deliver a standard of living for people and promotes economic growth. The exchange of goods and services between countries including exchanging financial assets is known as international trade. Now, it also serves as one of the significant channels for knowledge transfer, skills, and innovations. Also, the whole study outlines the relationship between international trade and technological innovation. It also focused on the dynamics of global trade and the diffusion of new technologies.
The study uses a multi-method approach to explore possible insights on this topic. It achieves the qualitative information by analyzing the case studies and interviewing the industry leaders. Also, the research performs a quantitative analysis of data which is collected from the trading industry. Combining the results of qualitative and quantitative approaches examines the impact of trade openness, foreign direct investments, and technology transfer agreements. The three aspects act as influence factors on fostering innovation in developing and developed countries. With the help of the outcomes, the study also studies the benefits of leveraging international trade into technology-driven industries like pharmaceuticals and IT sectors.
The findings highlight that international trade and technological innovation have a greater relation to achieving country competitiveness and supply chain efficiency. It also outlines the factors that shape the direction of technological evolution among various industries and countries. However this may include trade policies, international competition, and global market access. It also explores the challenges in developing economics while trading technological innovations. Along with this, the paper offers a few recommendations for higher democracies and businesses to overcome the challenges. This aids in promoting technology exchange effectively and supports innovative growth.
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