What are the advantages of free international
trade?
v Free trade helps one country to specialize in
the production of those commodities in which they have comparative advantage.
This will increase the world output and reduce the cost of production.
So free trade maximizes output.
v International trade based on comparative
advantage will reduce the average cost per unit. This develops the whole economy.
v Free
trade leads to international
specialization and division of labor. Because of this maximum utilization of resources are possible.
v Free trade helps the consumers to buy a variety
of commodities from abroad at the minimum possible price. This raises the choice of the consumers and their
standard of living.
v Free
trade gives wide extent of
market for goods. Competition between
firms to capture market reduces
the price of commodities and raises the quality of product.
v Under free trade each country specialize in
the production of a few commodities this prevent monopoly
v I t promote friendship and co- operation among countries
v It enable to stabilize the price of goods and
services.
v It create a large number of job opportunities
in various areas like marketing, banking,
insurance, transportation, communication etc.
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