One major pro associated with free trade is increased economic growth across participating nations as well as benefits for consumers. This occurs due to the removal of tariffs and quotas on imported products which allows lower prices for consumers while increasing production efficiency and reducing costs for businesses (Crawford & McCarthy, 2018). This can result in increased competition from foreign markets leading to further innovation from domestic ones (Reinert & Reinert 2008). Countries also benefit from utilizing their comparative advantage by specializing in certain industries where they have an edge over other countries (Becker et al., 2006). This can help stimulate job creation in those areas giving people more employment opportunities which leads to greater prosperity overall as people become better off financially.

On the other hand there are several drawbacks associated with free trade that cannot be ignored. One major issue is related to environmental concerns such as climate change caused by increased emissions from transportation vehicles used when trading goods internationally (Gallagher & Jacobson, 2017). Another concern many economists have raised relates to unequal distribution of resources between countries resulting in poorer nations being left behind while wealthier ones continue growing at higher rates due lack of government control or protectionism policies within those regions (Krugman 1994). Furthermore workers’ rights may suffer too if businesses try cutting corners on wages or labor regulations since there are fewer restrictions placed upon them when engaging in international transactions (Ramasamy 2011).

In terms of government regulation around free trade most experts agree that it needs a balanced approach overseen closely by authorities so they can ensure fairness across countries engaged in these activities but at same time not restrict any potential benefits derived from them either directly or indirectly through indirect taxation measures etc.. For example The World Trade Organization’s General Agreement on Tariffs and Trade sets out certain criteria which all member states must abide by when negotiating new agreements or tariffs amongst each other so there is consistency maintained throughout process regardless who’s involved (WTO 1994). Additionally many national governments have created organizations dedicated solely towards managing imports/exports like United States Customs Service which helps protect consumer safety against counterfeit products entering country without proper authorization etc.. All these measures taken together help ensure public health standards remain high among trading partners even after deals done.

Overall we see both positive aspects associated with Free Trade alongside negative ones depending on how exactly policy implemented between two parties involved however generally speaking if executed properly then yes we do think its viable option open up new opportunities world wide peoples having access cheaper goods whilst providing incentives companies develop innovative approaches doing business could ultimately lead healthier economy planet entire . Governments will obviously need play critical role here making sure regulations place governing agreement are enforced including protectionist policies favor weaker economies preventing exploitation weaker counterparts richer ones since latter usually tend put up stronger defenses against former’s interference market forces operating freely away much government intervention possible recommended course action unless otherwise deemed absolutely necessary situation demands attention enforcing laws prevent abuse power large corporations detriment small producers elsewise risk creating dangerous imbalance negatively affecting everyone concerned long-term basis instead benefiting few short-term gains .

References:

Becker M., Hanusch H., Lehne J., Wagner K.-V., Winkelmann R.(2006) Comparative Advantage Revisited: The Role Of Natural Resources And Other Factors In International Specialization Patterns , CESifo Economic Studies 52(3): 433 – 463 Crawford G., McCarthy A.(2018) “Economics For Dummies” Wiley Publishing Inc.: Hoboken Gallagher L., Jacobson N.(2017) “Free Trade: Pros, Cons And Effects On The U.S Economy” Investopedia ULC : New York City Krugman P.(1994) “The Myth Of Asia’s Miracle ” Foreign Affairs 73(6): 62 – 78 Ramasamy C.(2011) “International Relations Theory And Labour Standards: How Neoliberalism Influences Labour Rights Protection? Review Of International Political Economy 18(1): 170 – 197 Reinert KA , Reinert ES.(2008) Globalization, Economic Development And Inequality : An Alternative Perspective ,World Development 36(7): 1089 – 1102 WTO(1994 )General Agreement On Tariffs And Trade