International TradeFor this assignment, you will look at aspects of international trade. See below for specific details and grading criteria.I need to see the following:How is international trade regulated?What is involved in “trade agreements”?What is the current balance of trade for the United States?Has this balance been increasing or decreasing?Based on the current economic conditions, how do you think this balance will move in the near future, and why?grading criteriaThink of the importance of trade in your life. Look simply at what you’re wearing today.When you shop, do you look for the “Made in the USA” label? Perhaps you believe we mightbe better off as a nation economically if we produced more goods in the attempt to becomemore self-supportive. Perhaps you believe we should increase the amount of goods tradedinternationally. Opinions and speculation vary as much as the number of economists thatpredict economic climate. Having said this, as a nation, simply put, we trade. And with thatactivity come many rules and regulations to try and ensure our best interests are protected.Based on this; 1. How is international trade regulated? Log on to www.wto.org and click the “Trade Topics” tab tolearn about the scope of trade agreements and trade controversies. What is involved in “tradeagreements”? 2. Log on to www.bea.gov and view the “International” tab, then “Trade in Goods and Services.”What is the current balance of trade for the United States? Has this balance been increasing ordecreasing? Based on the current economic conditions, how do you thing this balance will move inthe near future, and why? Your final product will be a paper that: Addresses each of the five questions above in total. Is APA formatted. The body is to be 2 pages minimum.The requirements for your assignment are:1. Answer each question fully2. Define the overall subject of each question. 3. Cite at least three (3) resources from this week’s materials.