1. Introduction
During the recent decades the world economy has seen rapid growth which was mainly due to the increasing international trade. The rising international trade results from the technological development but also from the reduction of trade barriers, or liberalization. Indeed, liberalization is a very powerful tool to promote economic growth and development and what is also very important to reduce poverty. The evidence on this is clear. No country in the recent decades managed it to increase the standards of living for its people without being open to the rest of the world. So, outward-oriented countries grow much faster than countries that are inward-oriented. There is also one finding that the benefits of trade liberalization can exceed the costs by more than a factor of 10.
The U.S. Treasury Secretary John Snow told the members of the Development Committee, a forum of the World Band and the IMF, that removing trade barriers under the Doha Round negotiations......
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Approximate Word Count: 1751
Approximate Pages: 7 (260 words per double-spaced page) |