Benefits

  • Increased competition
  • Greater efficiency. Higher costing firms goes out of business.
  • Lower prices for consumers
  • Greater choice for consumers
  • Acquiring needed resources.
  • Source of foreign exchange
  • Access to larger markets: Canada trading with the US allows to be selling to 440 Million instead of 40 Million. Leads to more efficient market.
  • Specialization, leading to comparative advantage.
  • Trade as an engine for growth.