This paper presents a survey of a great number of recent studies which investigate relation between trade (trade openness) and economic growth by means of regression analysis. On the basis of this research, it can be concluded that there are no firm connections between foreign trade and growth but prevailing majority of studies show positive and statistically revealed moderately significant impact of foreign trade (trade openness) on growth. For developing and transition countries (such as Serbia), a more consistent trade liberalization would produce higher and hopefully sustainable growth of GDP, with reliance on prudent fiscal and monetary policy, stable and undiscriminatory foreign exchange rate and a lower level of corruption.