PRODUCE IMPORTS LOCALLY to reduce Trade Deficits Globally
Growing demands for Imported Items are growing Trade Deficits globally. Trade Deficits are indeed, slow poisons to the economies.
At Country Level, Regional Level and Continent Level, so many efforts, in shape of Counter Trade, Mixed Monetary-Counter Trade, Free Trade, Bilateral Trade, Trilateral Trade, Multilateral Trade and etc., have been made to achieve Trade Balances.
Now, just to participate in this mission for the Global Peace, Progress and Prosperity, I have derived a concept “PRODUCE IMPORTS LOCALLY…….” from the good characteristic of different types of Trades.
The starting phrase “PRODUCE IMPORTS LOCALLY” seems illogical, as Imports cannot be produced locally but these are imported from other regions. BUT, it is possible that these imported items can be produced locally with same Brand & Quality.
Such Trade Agreements should be made between countries wherein, against any Exports or Not, other countries should be invited to establish their World-Class / Famous Companies in your country so that these demanding products could be produced locally, in your country and heavy foreign reserves could be saved that are usually spent on these Imports. In this way, that World Renowned companies will also get a boost in your country and will also give an improvement to your country’s economy by delivering Low-Cost Goods with a lot of Employment Opportunities.
Now the question is; how and why other countries or their companies will come in your country. Yes, definitely, you will have to provide some substantial benefits, in shape of Free Space and Free Tariffs etc., to attract those countries / companies. These two advantages will definitely appeal them to establish their businesses in your country.
According to my limited thoughts, this idea can reduce Trade Deficits to a greater extent and it can bring an Industrial Revolution on the whole Globe. I sincerely hope that all concerned of the World, will further research on it and will implement it, globally for the Global Success.
BE UNITED TODAY FOR A STRONG GLOBAL ECONOMY TOMORROW……