We have already seen the profound effects in the deeper global integration of the world economy over the past two decades. Today capital is mobile - globally. Globalisation is encouraging all of us to do what we do best. It is driving specialisation of production which has increased the importance of trade as part of economic growth. From 1984 to 1994, worldwide trade in manufactures grew by nearly 90 per cent while output of manufactures grew by less than 25 per cent.
Open markets introduce sellers from one part of the world to buyers in another.
Open markets attract and stimulate trade and investment. Open markets encourage more efficient allocation of resources and give recognition to the merits of comparative advantage. They are the best means of maximising the growth that is ultimately the most effective way of producing new jobs and improved living standards. New forms of communications technology, emerging by the month, are ensuring that no corner of the world will be untouched by globalisation. The notion of purely domestic markets is becoming obsolete with the spread of use of the internet.