Explain the concept of trade liberalization.

Explain the concept of trade liberalization.

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, with the goal of creating a more open and competitive global market. The concept is based on the belief that reducing trade barriers can lead to economic growth, increased efficiency, and improved living standards for countries involved in international trade.