Promoting free trade can bring greater prosperity
Free trade refers to unconstrained movements of goods and services across national borders. Free trade is a part of the larger globalization trend--a process of liberalizing the economy and encouraging international intercourse.
Free trade brings benefits to both sellers and buyers. It allows specialization and, therefore, increases productivity as businesses, countries and regions concentrate on what they do best. Free trade also raises quality as producers have to compete not just within countries but internationally.
Promoting free trade is dear to the heart of every freedom-loving person.
Instructions
1. Educate the public about the benefits of open economies and what happens to isolated states (North Korea is a good case in point). Make special emphasis on educating young people, as they will be the ones who will shape the future of this planet.
2. Encourage countries to sign bilateral and multilateral free trade agreements (FTAs). Multilateral agreements should be of higher priority as they unify trade laws and create a bigger tariff-free and regulation-light market.
3. Set up trade financing arrangements that will help businesses finance their export operations. Involve the private sector, particularly commercial banks and credit unions, in trade financing whenever possible.
4. Lower tariffs and other trade barriers between countries. If immediate cuts in trade barriers are not politically feasible, politicians should commit themselves to their gradual reduction. World prosperity depends on creating opportunities for a better life for every person and every country. Free trade offers them such an opportunity.
