Between 19, for example, global trade in goods grew at an annual rate of 7.6% on average. These trade agreements, combined with tremendous advances in transport and communications technology, led to unprecedented rates of growth in international trade. For the first time, economic relations and international trade were governed by a multilateral system of rules, including the General Agreement on Tariffs and Trade (GATT) and the Bretton Woods institutions.
The restoration of more open trade following World War II involved major multilateral and preferential trade agreements aimed at lowering tariff and nontariff barriers to trade. 2 Given that SMEs account for the majority of firms and the vast majority of employment worldwide, encouraging government policies aimed at facilitating the participation of SMEs in trade is essential. The World Trade Report 2016 focused on leveling the trading field for SMEs and concluded that, along with fixed entry costs, cumbersome border procedures and standards are major hurdles for SMEs. While the significance of small and medium-size enterprises (SMEs) in the overall economy is widely recognized, until recently SMEs were largely absent from trade debates. Logistics and freight expenses, customs administrative fees and border costs have become more important for small traders. 1 Other factors, namely trade-related transaction costs, have taken precedence. While tariffs are still among the policy instruments most widely-used to promote or restrict trade, their relative importance has declined. Access to international markets plays an important role in an economy’s development.
0 kommentar(er)
