Trade Policy and Comparative Advantage in UK

The assignment discusses trade in the UK in relation to Ricardian theory of comparative advantage. It highlights the country's service sector as a comparative advantage, with significant exports in financial services, business services, travel and transport, royalties and license, insurance, and others. The major trade partners are identified as the United States, Germany, China, Netherlands, France, and Ireland. The UK has a liberal trade policy with standard tariff rates, and the external sector plays a crucial role in its economy, contributing to GDP.