How open to Openness are you?

Openness in trade refers to the countries that permit or have trade with other countries or economies. The trading activities can be export and import, foreign direct investment, borrowing and lending etc. A country must be open to trade because it will have more greater market opportunities, which will lead to greater competition in the business with other countries. There are no such goods and services that a single country can produce therefore specific country have to trade with others and have comparative advantage by selling or trading with other countries. Each country has to trade with other country and this will create globalization.

Openness can create economic development by improving quality of goods in cheaper price also it helps to spread innovation and technological advancement around the globe. If a specific country is lacking technology advancement then they can distinguish by participating in trade with other countries, which is advanced in technology. Being open in trade will also lead to more employment opportunities for the people and increase their standard of living, which automatically increase economic growth of the country.