KEY TAKEAWAYS
  • The global trade market is dominated by a few large players protected by competition by steep barrier to entry for new firms, despite accounting for a smaller portion of national GDP.
  • New inroads in the policy world have begun to open the global trade door for micro, small and medium sized enterprises (MSMEs).

While economist Adam Smith pioneered the concept of “absolute advantage” in 1776 and David Ricardo expanded the field of economics to include comparative advantage in 1817, international trade has influenced economic growth and reduced global poverty for centuries. Trade, which is the sum of imports and exports of goods and services, accounts for over half of global GDP, according to the World Bank and its impacts are measurably higher when taking into account wealth creation and poverty reduction.

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