” For more than half a century, open trade has helped make Australia more prosperous, dynamic and resilient. Yet around the world, support for openness is fraying. Tariffs are creeping back. Multilateral institutions are struggling to maintain the rules that once made the global system predictable,” writes the Hon Dr Andrew Leigh MP, economist and the Australian Government’s Assistant Minister for Productivity, Competition, Charities & Treasury.
“At moments like this, it is worth reminding ourselves why Australia has done well by keeping our doors open, and why tariffs are not the answer. The argument for open trade begins with a simple but powerful idea: comparative advantage. Few of us try to do everything ourselves. We do not grow our own wheat, weave our own clothes or forge our own tools. Instead, we specialise in what we do best and trade for the rest.
“Nations are no different.
“When each country focuses on what it is relatively good at, everyone ends up better off.”
