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Issues and Prospects Honorary President, International Ocean Institute, Malta Former Assistant Secretary-General of the United Nations Awni Behnam Introduction International trade overcomes the restrictions of home markets as it develops an outlet for surplus production above national requirements. There is no doubt that trade is a vital engine of economic growth. By broadening markets, international trade increases the degree of specialization possible and enhances the overall productivity within a country. Exports can be the leading sector in the process because as exports grow they support an increasingly robust sector of intermediate suppliers within the exporting country. This creates growth by stimulating technological change and investment through spillover effects into other sectors. In fact, growth rates of developing countries correlate more with their export performance than with any other single economic indicator. Trade does not occur in a vacuum. It was the freedom of the seas doctrine that advocated that shipping routes on the high seas are free and open to all nations. The cost of transport impacts on whether goods move at all and/or the size and direction of that movement. The cost and efficiency of the transport mode determines the competiveness of goods shipped and the income
Ocean Yearbook Online – Brill
Published: Jan 1, 2015
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