Free Trade Day

Free Trade Day is a holiday observed annually on May 8th, designed not only to teach people more about free trade and its impact on their lives but also to promote free trade around the world.

Globalization has changed the workforce’s face, and as the years go by, it will become increasingly important. Free trade allows countries to specialize in services and goods in which they are competitive and to trade with other countries for goods and services they do not produce themselves.

This leads to increased productivity and efficiency and is good for all workers. It is for these reasons that industries, countries, and even individuals observe this holiday.

The History of Free Trade Day

During the 16th century, the concept of free trade was discussed among experts, but it would not be until the 18th and 19th centuries that the concept began to really take hold.

This is when classical economists such as David Ricardo and Adam Smith argued that trade between countries would serve the mutual interests of both, as each country would be able to specialize in the production of services and goods in which they had a comparative advantage and to leverage that advantage to trade for other goods and services they could not produce for themselves.

During the 19th century, the British government began to implement free trade policies, and other countries started to do the same. This trend would be interrupted when World War I and World War II led many countries to adopt protectionist trade policies.

After the conclusion of World War II, the Allies worked to rebuild the global economy and promote free trade. After all, if the economies of Europe and Asia were rebuilt, these would provide new markets for the Allies to sell to.

Unfortunately, while the history of free trade can be easily traced, the history of Free Trade Day is not as easy to uncover. We do know that it began sometime during the end of the 20th century as an economic policy concept, but we do not know when it officially became a holiday or who first suggested it.

Observing Free Trade Day

During this holiday, people can take the time to learn more about free trade and listen to what experts have to say on the subject. It is also a day that can be used by businesses, organizations, and governments to advance their concepts of free trade and to use it to their advantage. On social media, the hashtag #FreeTradeDay can be used to spread the word about Free Trade Day and encourage more people to observe it.

When is it?
This year (2024)
May 8 Wednesday
Next year (2025)
May 8 Thursday
Last year (2023)
May 8 Monday
Awareness & Cause