GLOBAL TRADING SYSTEM

Global Trading System

Global Trading System

Introduction

Globalization has opened up economies to each other and has proved to be beneficial for the developing countries which have improved their economies by exporting to developed economies like EU and US. There are critics from the people of developed nations that the globalization has adversely affected the economies and have attributed to the global financial turmoil. Many people also think that globalization will damage the local production facilities many of which have already gone out of business. EU Trade commissioner gave the speech in which he realistically highlighted the positive effects globalization has brought to the developing countries and in the elevation of poverty. The trade commissioner also shed light on the negative effect of the globalization and stressed the need for the governments to devise policies to benefit from globalization and not to think that they are better off without them. We will be reviewing the speech and will highlight the key advantages and disadvantages mentioned by the trade commissioner. We will relate the speech to our cement industry and will compare the benefits and losses it has faced due to globalization.

Discussion

Summary of Speech by EU Trade Commissioner

Politics often resists tackling structural alteration. The openness boom, the change in the global market at the ending of the previous century that is pushing Asia back to worldwide importance, is as important as the conclusion of the Cold War in revamping the political and economic we live in. The statement critics typically use is 'tectonic' or 'seismic' - and for high-quality reason, because it is a change at a basic level.

It is clear that such a change cannot get a place with no intensely touching our lives of people living in Europe. The Trade Commissioner's argument was for reinforcing this issue, and to provide more focused insight for its effect on EU. It has joined the affluence of more than billions of others to the openness of our own markets and our affluence to the openness of their markets - and it has increased both. The clearest result of the openness boom has been an unparalleled move away of global poverty and an enormous zenith of human potential. A generation of new political challenges is brought with it, the most essential of which is to protect its advantages while reducing its costs. If the growth challenge was to humanize free enterprise in the twentieth century, to humanize the openness boom is its work in this century.

This great transformation is deceptive in one significant sense. The uncomplicated point is that globalization was generated by political alternatives and whereas it has an enormous quantity of drive, it could yet be undone by politics, particularly the nervous governments of the developed world. We must make an encouraging politics of globalization, and an advancement strategy that provides that politics of openness.

The EU Trade commissioner provided some guidelines for US and UK governments to adopt the culture of openness and reconsider their ways of dealing ...