Wall St Journal - Essay Example

Wall St Journal With increased level of globalization, the need for the adoption along with the execution of effective trade policies belonging to 21st century has augmented by a significant level. This might be owing to the reason that the trends of 20th century relating to the introduction along with the exploitation of effectual trade policies have created a barrier in the economic growth process. The article i.e. “Its Time for a 21st-Century Trade Policy” highlights the requirement of introducing as well as executing effectual trade policies in order to enhance overall financial position.

The significance of the major concern linked with the requirement of a 21st century trade policy is of great importance in today’s business world as it might bring new changes particularly in trade liberalization. It is worth mentioning in this similar context that the new alterations especially in the aspect of trade liberalization would lower trade barrier throughout the globe facilitating dynamic global trade (Razeen, “Its Time for a 21st-Century Trade Policy”). According to the article, it has been apparently observed that the World Trade Organization (WTO) and free-trade agreements (FTAs) are broadly considered as trade negotiations belonging to 20th century and thus requires 21st century trade policies for the purpose of raising the level of global trade with the gaining momentum of globalization along with internationalization.

The article mainly focused upon realizing the need for a 21st century trade policy representing that the tariff barriers would be reduced by a considerable level as it is regarded to be one of the major obstructions towards trade. The article concerning “Its Time for a 21st-Century Trade Policy” revealed that the modern world require adopting as well as executing 21st century related trade policies in order to mitigate or address different financial issues. In this similar concern, one of the economic issues can be identified as sustaining the growth performance of exports.

It has been viewed that the growth of exports were not much satisfactory in the early years due to the factor of augmented tariff barriers. Thus, according to the article, the world requires to introduce as well as to implement effective trade policies belonging to 21st century for the purpose of mitigating the aforementioned economic issue by a greater level through lessening tariff barriers by a certain degree (Razeen,” Its Time for a 21st-Century Trade Policy”).The change of 20th century trade policies to 21st century can be regarded as major topic of concern in this modern financial landscape as the policies tends to bring changes which would not only help the countries to sustain the growth performance of their respective exports as well as imports but will also aid in developing the overall economic condition by a considerable level.

In accordance with the article, the trade policies belonging to 21st century posses the features of lowering tariff barriers which is considered to be the major concern obstructing trade and encompassing measures like liberalizing restrictions particularly upon both exports along with imports. These vital facets of the trade policies of 21st century would ultimately support the worldwide business trade towards mitigating the economic issues like inefficiency of investments, unproductive employment prospects and most significantly sustaining the growth performance of exports as well as imports at large (Razeen,” Its Time for a 21st-Century Trade Policy”).

Work Cited Razeen, Sally. Its Time for a 21st-Century Trade Policy. The Wall Street Journal, 2013. Web. 30 May 2013. .