Globalisation has benefited our domestic economies. Globalisation is
not new, but the pace of integration of national economies and markets has
increased substantially in recent years. The free movement of capital and
labour, the shift of manufacturing bases from high-cost to low-cost locations,
the gradual removal of trade barriers, technological and telecommunication
developments, and the ever-increasing importance of managing risks and
of developing, protecting and exploiting intellectual property, have had an
important impact on the way cross-border activities take place. Globalisation
has boosted trade and increased foreign direct investments in many countries.
Hence it supports growth, creates jobs, fosters innovation, and has lifted
millions out of poverty.