Liberalization of Trade

Liberalization of trade refers to the process of reducing restrictions and barriers on international trade. This includes lowering tariffs (taxes on imports), eliminating quotas (limits on the amount of goods that can be imported), and easing regulations that hinder trade. The goal is to encourage free trade between countries, leading to increased competition, greater variety of products, lower prices for consumers, and economic growth. By making it easier for countries to buy and sell goods with each other, liberalization aims to foster a more interconnected global economy.