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Free Trade - A trade policy which does not restrict imports or exports with the removal of tariffs, quotas and more

Development - countries working their way up the ladder of economic performance, living standards, sustainability and equality

source: wikipedia

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Third World vs. Developing country- Why neither term is right | HS ...

highschool.latimes.com

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Please click here if you are not redirected within a few seconds. Images Third World vs. Developing country- Why neither term is right | HS ... highschool.latimes.com Images may be subject to copyright.

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How does Free Trade help to develop countries?

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How does Free Trade help to develop countries?

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- increased market access

- attracting foreign investment

- technology transfer

- lower prices for consumers

- improved competitiveness

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Title: Effect of tariffs - Economics Help

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- a British Economist who lived in the late 18th and early 19th centuries
- argued in his book "On the Principles of Political Economy and Taxation" (1817), that free trade was beneficial for both developed and developing countries
- believed free trade enabled nations to focus on producing items in which they had a comparative advantage, known as specialisation, or where they could do so at a lower opportunity cost relative to other countries
- more efficiency and reduced costs as a result of this specialisation would result in higher ouput and economic growth

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Joined in 1973 when GDP was $192 Billion

Free Trade is permitted between the countries that make up the European Union (EU), which is a customs union. The UK had a public vote in 2016 on whether to leave the EU, and the country formally exited the EU in 2020, when GDP was $2.7 trillion.

This graph highlights that the United Kingdom's exports to the EU decreased notably after Brexit, especially after the period of transition. This indicates that the UK's economy has suffered as a result of leaving the EU and the free trade it offers due to having less access to the EU market.

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Title: Trade after Brexit: the initial numbers - UK in a changing Europe

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- estimated to be 5.5% poorer now than it would've been had it stayed in the EU
- tax revenues would have been £40 billion higher than today
- now subject to customs and regulatory checks so there is delays at ports, affecting the transports of perishable goods such as fresh produce
- supply chain disruptions for businesses, leading to higher costs

source: institute.global

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- Mexico had a highly centralised economy prior to joining the free trade agreement, where a small number of large state-owned businesses dominated
- Due to high tariffs and other trade restrictions on sectors, the country was virtually closed to international trade, the economy suffered from a lack of diversification and was primarily dependent on oil exports

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Exports of goods and services as a % of GDP - Mexico

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Mexico: The significant changes in the economy post-NAFTA agreement

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Mexico: The significant changes in the economy post-NAFTA agreement

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- Came into affect on Jan 1, 1994
- Trade obstacles were gradually lifted once Mexico joined the free trade agreement and the nation saw a major increase in foreign investment and economic growth
- there was a boom in exports, and manufacturing emerged as a significant economic sector
- Mexican companies had to develop their manufacturing methods in order to be competitive in the international market, which increased their level of competition
- between 1994 and 1995 exports of goods and services as a % of GDP increased from 13.4% to 24.1%

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- increased competition and more can help raise living standards
- lower prices for goods and services gives people more disposable income after tax
- encourages sustainable production practices as they have to adhere to international standards and regulations as well as bringing in sustainable industries e.g. renewable energy and sustainable agriculture
- reduced poverty, absolute and relative, as the access to larger markets creates new jobs and this leads to a more equal distribution of wealth and income in the country, adherence to anti-discrimination measures, investment into education and training for everyone resulting in a higher HDI which is a measure for development