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Question

is a contractual arrangement in which one firm grant access to its trade secrets to another firm in a foreign country for a royalty.
  1. Licensing
  2. Franchising
  3. Joint venture
  4. External trade


Solution

The correct option is A Licensing
Licensing is a contractual arrangement in which one firm grant access to its patents, trade secrets or technology to another firm in a foreign country for a fee called royalty. The firm that grants such permission is called ‘licensor’, and the foreign firm which acquires the rights is called ‘licensee’. 

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