A Review of the Strength of Trade Polices in Emerging Economies towards their Goals of Sustainable Economic Development

Abstract

Purpose: The study aims to offer a review of trade policies and Export Processing Zones (EPZs) policies and their outcomes in developing economies. The EPZs are presented as a trade policy tool by using which the developing economies trying to pursue export-led growth policy can also achieve the goals of sustainable economic development.
 Design/Methodology/Approach: The study has followed qualitative research design using literature review logical and qualitative text analysis to critically summarize the trade theories, policies and growth theories specially the EPZs based trade policy in developing countries.
 Finding: The study has revealed that the developing countries are enhancing their economic growth and expanding their economic sectors through international trade. The mercantilist trade policies under infant industry argument or others have not been much successful in spurring long term growth. EPZs are identified as a strategic trade policy tool by which developing countries can achieve economic growth and sustainable development goals (SDGs).
 Implications/Originality/Value: It is concluded that the infant-industry idea has not helped developing countries regarding economic growth and development. The findings presented herein are useful for political leaders and economic managers in developing countries aspiring to achieve economic growth and SDGs.