According To David Ricardo's Theory Of Comparative Advantage
I. Introduction What would this island be without foreign trading? Some people might consider it as a place that been separated from the rest of the world, while others might think it is just a strategy created by the government in order to gain profits. However, international trading had been so popular centuries ago since the age of discovery. People trade with regions worldwide to sell things they have the most comparative advantage and exchange products they don’t actually produce. According to David Ricardo’s Theory of Comparative Advantage, he believed that countries manufacturing products have a lower opportunity cost and trading with others that have different in comparative advantage will create a win-win situation to both nations. (Steven M., n.d. ¶ 5) Base on this reason, we can easily notice the importance of international trading. In 2014, Taiwan’s total trade amount was $580 billion US. Dollars, in which total export and import volume equals to $310 billion US. Dollars and 270 billion US. Dollars each. Through these numbers that analyze by the Bureau of Foreign Trade, we could tell that foreign trade led us to a greater position where we are rich, honorable and great. Furthermore, we can also esteem our reputation and be notice around the world through trading. II. Economic Cooperation Framework Agreement People’s Republic of China known as mainland China is our main exporting country, the amount of trading reach to $96 billion US. Dollars which come in
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