Article Type

Article

Description

Economic theory and empirical evidence have clearly established the links between trade, productivity and economic growth. Countries that have large internal markets have also benefitted from integrating into the world economy and opening up their economies. World trade in 2009 amounted to $12 trillion. The size of Pakistan’s domestic market is only $180 billion. Even a 0.5 percent share in the global export market implies that our exports could rise to $60 billion. Imagine the jobs that will be created directly or indirectly as a result of expansion in the production of exportable items. On the other side, imports bring into the country the transfer of technology embedded in imported goods and services and raise the country’s production possibility frontier. Thus, it follows that increased trade is in the larger economic interest of the country.

Publication Source

The News

Publication Date

3-24-2011

Pages

1-17

Notes

Published in "The News", March 24 and 25, 2011.

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