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SUSTAINABLE ECONOMIC GROWTH THROUGH EXTERNAL TRADE

Valentina Vasile () and Elena Banica

Annals of Faculty of Economics, 2016, vol. 1, issue 2, 132-145

Abstract: A country’s economic growth is directly influenced by the external trade activity, which is considered by the majority of economists as one of the main engines of a country. How international trade can contributes to a sustainable development of a country depends broadly on the economic policies as well as on global and regional strategies to support the actions for this objective. The high level political meeting of United Nations Organization’s Member States in September 2015 has as aim the adoption of 2030 Agenda for Sustainable Development, which includes global economic, social and environmental goals. Any strategy or global policy influences, of course, in a direct way the international trade activities, by how these measures affect or determine relations between states to achieve the sustainable development objectives. Being involved in all sectors of economic and social life to achieve these noble goals, foreign trade is of course on the list of key areas as well as on the list of the domains being influenced by the global strategy adopted in the framework of the largest summit of its kind in the history of the United Nations. The aim of this paper is to provide an overview of external trade activity of Romania, taking into account the characteristics of companies involved in exports and imports of goods in Romania as well as to identify the key areas to be further developed for a sustainable development of national economy based on export activity. Romania's sustainable development can be achieved in the medium and long term by complementary and converging actions such as increased expenditure on research and development field, attracting as a priority the Greenfield investments, increasing productivity of national capital (human, natural, technological) or ensure the efficiency at microeconomic and macroeconomic level. Increasing the share of products and activities using a small amount of energy and material resources but which generate high added value is considered to be the main way to increase resource productivity. From this point of view, the most efficient area of the economy is the service sector. Service development is a tool to increase efficiency and competitiveness in all other economic and social sectors. Contribution of research and development services, transport and communications, informatics, improving workforce training, financial intermediation lies in highlighting the potential for upgrading and improved resource efficiency.

Keywords: External trade; Exports; Imports; Technologies; Sustainable development (search for similar items in EconPapers)
JEL-codes: F10 F14 F63 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (1)

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