India, Feb. 27 -- Despite a large number of eminent trade theorists backing free trade, many people across the globe, especially in developed countries, hold free trade detrimental to their interests, national and personal; they hold free trade beneficial to the extent it provides market access for their goods and services, but it becomes a villain when goods, services or investment enters domestic markets, challenges inefficiencies, infirmities and protected profit-making machineries.

Fundamental trade theories of absolute advantage, comparative advantage or factor endowment, promote free trade to achieve factor efficiencies, economic welfare, and growth. The considerable rise in production costs in high-income countries led to the shif...