Economic experts tell us that countries that have integrated into the world economy have advanced economically, while inward looking countries have faired poorly. In many respects, globalization has been a force for economic prosperity and has led to the advancement of social agendas. In the Information Age, national borders and sovereignties are becoming less relevant. Therefore, policy cooperation among governments is essential and a new framework in which to conduct international trade is required. Furthermore, the case for open trade is compelling because it rests on common sense.
Protectionism tends to lead to inefficiency and job losses in the long run.
The WTO's agreements include individual countries' commitments to reduce customs tariffs and other trade barriers, and to open services markets. The Uruguay Round cuts some tariffs to zero. The zero rates apply for instance to information technology products. The Uruguay Round also disallows import quotas and export subsidies in agricultural trade. However, the increase in global trade did not reduce but in fact in some respects broadened the gap between the rich and the poor.