Trade Liberalization Holds Promise for Developing Nations, but Uneven Gains Require Policy Interventions
Trade liberalization can benefit countries' economic growth, but it's not a surefire solution. Different countries have unique ways of opening up to trade based on their needs. While trade reforms were expected to help the less skilled, there are still challenges in distributing the benefits. To sustain world trade, a fair balance must be struck between rich and poor countries. In essence, opening up to trade can help growth, but it needs to be done carefully and account for possible downsides, especially for poorer nations.