UK living standards and industrial competitiveness depend on trade. The UK is the world's eighth largest exporter of goods and the second largest exporter of services, with exports equivalent to around 25 per cent of gross domestic product (GDP). The UK also has the highest ratio of inward and outward investment to GDP of any leading economy.

As an open economy, the UK benefits from a liberalised world trade system, which enables countries, firms and individuals to exploit their relative strengths, abilities, resources and expertise. UK policy aims to further increase opportunities for international trade, as this will:

lead to lower prices and wider consumer choice

give industry better access to competitive sources of components and materials

stimulate competition and innovation by promoting the spread of ideas and new technology

create economic growth in both developed and less developed economies, along with the resources to promote higher standards of employment and environmental protection

help maintain global political stability

Trade also provides benefits for developing countries, especially those with open economies, as they will experience faster growth rates. However, gains do not come solely through improved access for exports from developing companies - competitive domestic markets also improve economic growth.

 

 

 

( liyy )24 May,2011

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