Economics Balance Of Trade Questions
Trade liberalization refers to the removal or reduction of barriers and restrictions on international trade, such as tariffs, quotas, and other trade barriers. It aims to promote free trade and increase the flow of goods and services between countries. Trade liberalization is often pursued through trade agreements and negotiations, where countries agree to lower trade barriers and open up their markets to foreign competition. The concept is based on the belief that free trade can lead to economic growth, efficiency, and increased consumer welfare by allowing countries to specialize in the production of goods and services in which they have a comparative advantage.