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EXPLAIN THE WAYS IN WHICH INTERNATIONAL TRADE PROMOTES ECONOMIC GROWTH DISCUSS THE ARGUMENTS FOR TRADE LIBERALISATION AND AUSTRALIAS STANCE ON THIS TOPIC EXPLAIN THE PRINCIPLE OF COMPARATIVE ADVANTAGE AND ITS LIMITATIONS International trade promotes economic growth through higher levels of real income greater consumption and higher living standards It can expand a nations consumption possibilities by providing access to other countries production through imports In addition the exports of a country allow payment for the imports a country needs to enjoy a high standard of living International trade also permits specialization economies of scale increased productivity and higher real incomes For these reasons and many others there is a strong link between international trade and economic growth International trade benefits nations because Every country lacks some vital resource which they can only get through trade Differences in factor endowments climates and labour force which make one country more efficient at making some products then another country Specialization enables increasing efficiency via economies of scale and as a result larger world output History shows a strong link between international trade and economic growth For example during the years of 1950-1973 when world exports were increased by 8 the world GDP had increased by 51 per annum Industries benefit from exporting in terms of greater output and employment and consumers gain from imports in terms of a greater variety of goods at lower prices Trade liberalisation is the opposite of protection It is achieved through the removal or reduction of restrictions that limit the trade of goods and services The WTO World Trade Organisation and the GATT General Agreement on Tariffs and Trade both deal with the promotion and liberation of world trade by helping lower trade barriers Doing this reduces costs for all industries in the economy making them efficient and competitive Australians are now beginning to understand the burden that high protection imposes on the Australian economy Protection
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