If barriers to trade are removed, capital goods flow more freely across countries; this benefits all parties because they all can use their resources more efficiently. The removal of trade barriers could close the income gap between rich and poor countries by 50 percent, according to research conducted by economist B. Ravikumar and his colleagues. The video is 4 ½ minutes long.
To learn more:
Read the working paper at https://research.stlouisfed.org/wp/more/2017-006.