1. Free trade creates opportunities for growth. Free trade agreements in North America have helped the U.S. economy grow at an average of 0.5% per year than it would otherwise have been. If countries can freely move products across borders, each nation can use the production, trade and industry capabilities of any other economy in the agreement. This means that there are fewer costs for each transaction, lower prices and healthy competition in the market. Under the GED project, we believe that regional trade agreements may have a positive impact on countries outside the agreement`s jurisdiction. Based on the Transatlantic Trade and Investment Partnership (TTIP) as a case study, we have developed „5 Steps to Inclusive TTIP for All!“, in which we explain how to use TTIP as a model for spreading the benefits beyond the borders of the signatories to an agreement. The general pros and cons of free trade show that the global economy can gain strength if several countries can work together to create mutual benefits. That is why trade wars can be such a devastating problem. Domestic consumption can only bring one company to this point. Free trade is also supported because it can eliminate the harmful effects of protection, such as high prices, the growth of monopolies, etc. It is also immune to abuses such as „corruption and corruption“ and the creation of special interests that often occur under a protectionist system.
Free trade agreements are treaties that regulate the tariffs, taxes and tariffs that countries collect for their imports and exports. The most well-known regional trade agreement in the United States is the North American Free Trade Agreement. Despite all the advantages of a free trade area, there are also some drawbacks, including 3. It reduces taxes paid by consumers and businesses. Integrating tax protection and investment into free trade agreements makes it possible to protect the interests of local entrepreneurs more effectively. If these safeguards disappear, the result tends to favour the consumer, as there may be increased competition from global agencies in terms of consumption. The pros and cons of free trade show us that any nation that opts for an agreement must take proactive steps to protect its resources and human beings from exploitation without resorting to protectionism. First of all, I would like to develop the opportunities and benefits, but also the challenges and problems of global free trade, as they are perceived in our time. I will address the issue of profits and losses for both developed and developing countries. First, I would like to address the economic consequences and then address political and environmental issues and the link between recent terrorist attacks and free trade. I then ask the question of how free trade is practiced today.
Finally, I would like to summarize my results and conclude by answering the question of whether or not free trade would be worth greater expansion in the future.