(MENAFN– The Peninsula)
The Peninsula
The Peninsula
Doha, Qatar: Since the end of World War II, advanced economies have pursued trade liberalization, seeing open markets and lower tariffs as essential pillars of peace, prosperity, and global economic integration. The General Agreement on Tariffs and Trade (GATT), and later the World Trade Organization (WTO), institutionalized this agenda, helping to reduce global average tariffs from double digits to low single digits.
This movement gained further momentum in the 1980s and 1990s, with the rise of“free market” supply-side economics thinking, the fall of the Iron Curtain, and a new wave of globalization.
The world saw the rapid expansion of…