Editor's Picks
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Is Free Trade Dying?
Expansion of business to oveseas is ultimately arise due to self interest (such as recognisation to the business, increase in the profit level and penertation in virgin market, whatever the reason).
We had been discussing Free Trade under WTO (earlier GATT) still not finalised on the terms and condition for the same. its may be because developing countries are not agreeing on agriculture. So, all the time discussion failed to due to this reason. its eventually coming down to zero tariff rate in the coming years. But we still have non tariff barriers such Child labour, hygenic working conditions of workers at developing countries work places, Sanitary and phyto-sanitary conditions, general or product specific quotas, etc.
on other side, we have trade unions such as EU, NAFTA, LAFTA, SAFTA, now India had free trade agreement with Thailand and discussing and negotiating with EU and EFTA (its includes Switzerland,
if we get back to histroy and study some interesting thoughts about free trade then we may thinking that they were right. such as :
free trade should be between and among equals. A nation not matching another should not take to free trade because it might lose. the former should strive to develop its productive potential under tariff protection, match the level of the other nation, and engage in trade. This stipulation has some grain of truth in that it speaks of an unequal situation and seeks to rectify it in a time-bound manner. (the above thought of German economist Mr. Friedrich List in his work "the national work")
recently America's President shared the following during recession" any firm practising outsourcing will be treated with harsher measures of taxation. The
So, though we are referring India will become super power, super economy, but We need to handly some importtant Cirtical issue which will safegaurd our Business, as well as benefit to our Economy at large
