In this study the authors argue that the benefits from opening trade are broad and deep. Trade liberalization has generated higher living standards through greater productivity, increased competition, more choice for consumers and better prices in the marketplace. At the same time, it is clear that some parts of the world have suffered from the impact of import competition. This requires a policy response — but that response should also recognise that trade is just one factor contributing to economic change and labour market disruption, alongside other drivers such as technology and innovation.
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