What are the downsides of free trade?

The drawbacks associated with Free Trade Agreements (FTAs) are multifaceted, with two primary concerns standing out. Firstly, the establishment of FTAs without a robust policy framework can inadvertently lead to a decline in economic well-being, rather than fostering its growth. This underscores the importance of careful consideration and planning in designing these agreements.

The second notable disadvantage of FTAs relates to their limited effectiveness in promoting trade liberalization in sectors where external parties hold significant influence. These agreements often fail to address the complex web of interests and regulations that can hinder free trade in such sectors, making them inadequate tools for achieving widespread liberalization.

The limitations of FTAs highlight the need for a more nuanced approach to international trade negotiations. Rather than relying solely on FTAs, policymakers should explore alternative strategies that can address the concerns raised by these agreements' shortcomings.

One such alternative is the development of robust regulatory frameworks that can ensure fair competition and promote trade liberalization across all sectors. By addressing the concerns of external parties and implementing comprehensive policies, governments can create an environment conducive to economic growth and welfare.

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