Specializing in international trade

Description

Specializing in international trade involves focusing a country’s or organization’s resources on producing goods or services where they hold a comparative advantage, thereby increasing efficiency and competitiveness in global markets. This strategy aims to remedy trade imbalances, reduce production costs, and foster economic growth by enabling access to broader markets, advanced technologies, and investment opportunities, while mitigating barriers such as tariffs, regulatory differences, and logistical challenges through targeted policy and capacity-building measures.