This report stresses that countries have learned to use free trade to improve their economies or foreign relations with their neighbors . In spite of research efforts to understand, the concept of free trade, definitive findings on the subject are still limited. Compared to related areas such as business management, diplomacy, and foreign relations, free trade has received less research recognition and attention and deserves better. This topic is an attempt to do justice to the concept of free trade by providing more critical, comprehensive and relevant perspectives on the subject. Students, managers, business owners, leaders and teachers need to develop a better and deeper understanding of free trade, and this international development is best helped by free trade. Based on the literature review and the examination of collected data, all indications are that there is a positive correlation between international development and free trade. In addition, the research shows that when all conditions are constant, the relationship between international development and free trade is directly proportional. Various observations and have been made, and there is considerable proof that free trade has a positive impact on international development. Another inference is that free trade is a multidisciplinary and multifaceted concept that is easy to misconstrue because of its wide scope. It is important for researchers to use critical skills when analyzing the concept of free trade on its own, without relating it to other variables.
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This essay talks that free trade is an important aspect of business and international business in particular. Over the years, studies have shown that free trade can have serious positive or negative impacts on different aspects depending on how it is treated. …
The exchanging process includes purchasing and selling of products or services that are conducted among various trading partners across different countries. According to the modern definition, the international trade refers to an increasing competition along with more spirited pricing within the international market.
However, there is a difference between free and fair, corporations finding ways to best exploit the lack of regulation in order to achieve the highest level of profit from the exploitation of resources.
According to the paper the criticisms leveled against free trade as it exists today is its affect on workers and consumers. Some believe that under this system, workers become helpless pawns of their capitalist masters, compelled to sell their labor power at sub-optimal costs. The only theoretical alternative they have to evading this exploitation is to become destitute, which is a far greater misery.
However, the said goods have to be legal goods. Free Trade Zones, abbreviated to FTZ are also known as Foreign-trade zones or exporting Processing zones in some quarters. These zones are usually situated in areas with several advantages to trade like good infrastructure, availability of labor, since they involve a lot of manual laborers and availability of quick and reliable transport.
Duties, tariffs, quotas, excises, subsidies, customs and other such concepts do not exist there and foreign investors have great deal of freedom to start up their business in these areas, often accompanied by tax breaks, less paperwork and few restrictions (Noack, 2007).
Free trade zones were originally created targeting foreign investors so as to promote foreign trade. They are areas where certain special laws do apply with respect to income repatriation, taxation, ownership, recruitment of labor, and value addition. Over the years, free trade zones have become the preferred areas by foreign investors since they offer a cost effective combination of factors of production (Dubai Media City, 2009).
It is projected that there are currently well over 1000 Free Zones in use, in about 120 nations (UAE Government, 2008). The rationale for this noteworthy enlargement is that Free Trade Zones have been an unusual system for nurturing industrialization that is export-led worldwide.
The players may be a section of buyers of sellers, industries, or economies. In its scope, fair trade seeks to ensure equal opportunities for different stakeholders (Root 94). Free trade therefore aims at