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Economic Dilemma

In: Business and Management

Submitted By Alclericuzio
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I strongly believe that the elimination of trade barriers has affected the EU output in a positive way because:
It should be noted that the elimination of borders and other trade restrictions hampering the free flow of trade within the EU member countries have allowed smooth free trade taking place from one country to another, very similar to obstacle less trade that revolves around United State of America member states. Elimination of trade barriers makes it easier for the concerned countries to easily move products and services from one country to another, not only that, it also facilitates the transfer of technical know-how, knowledge sharing, and technological innovation from well-developed countries to developing countries. The results of all these are development and improved life’s overall wellbeing of citizens, as well as peaceful co-existence between member countries.

Secondly, It helps member countries to specialize in the production and exportation of specific goods and services based on the natural resources available in that particular country, hence, these natural resources can be converted to finished goods with ease with the aid of available manpower, these finished goods can then be exported to the countries that need them, a real means of generating income and creation of employment. According to Tregarthen; “such specialization enabled such countries to achieve higher real incomes because they had a comparative advantage for these products.” (Tregarthen, 2009) There are some countries that run a sole economy, that is, they so much depend on particular natural resources as a sole means of generating income, typical example of such a country is Nigeria; crude oil dependent country. I wonder what will happen to such countries if such trade restrictions are not removed. Hence, the positive effect goes forth and back, it results in high output...

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