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Economic Advantages of Free Trade - Essay Example

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This essay seeks to critically discuss the benefits of free trade to a particular country. The essay explains the meaning of free trade and then focuses, on how this concept can foster economic development in member states. Free trade can be viewed as beneficial to economic development of a country…
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Economic Advantages of Free Trade
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Economic Advantages of Free Trade

Download file to see previous pages... This essay presents a brief informative theoretic overview of the positive economic effects, that free trade agreements exert on economic performance of a country.
When country trades with another state, it either exports products to that country or it imports, procures products and services from that particular nation. When a country exports different goods and commodities to other member states, it can be seen that it stands better chances of generating revenue from that particular activity. Exports boost the wealth of the nation and imports also contribute to the welfare of the country. When a country sells certain goods to other countries, it generates revenue in the form of foreign currency and this money can be channelled into the economy and it can help it to develop. Precious commodities such as gold and other minerals are exported to other countries and they bring a lot of forex to the host country. Other industries such as textile also export different goods to other countries and these exports help to generate revenue for the host country. The money is used for other developmental purposes and it helps the host nation to improve its economy.
With a thriving export market in a country, it can be seen that employment is also likely to be created as a result of the growing demand of the products that are locally produced and sold to other countries. This means that more money is injected in the economy and it can also be used for developing other social amenities such as health, education as well as infrastructure.
The roads in a particular country are likely to be developed and buildings are also likely to be constructed as a result of free trade between member states that will help each other to gain the desired objectives in as far as economic growth and development are concerned. The other advantage of free trade among member states is that they can easily ...Download file to see next pagesRead More
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