Trade Liberalization

Trade liberalization refers to the reduction of barriers, such as tariffs and quotas, that countries impose on imports and exports. By making it easier to trade, countries can improve access to goods and services, increase competition, and stimulate economic growth. This can create jobs, lower prices for consumers, and enhance innovation. For poorer countries, engaging in global trade can provide new opportunities for development and poverty reduction, as they can access larger markets and attract foreign investment, ultimately leading to better living standards and improved economic conditions for their populations.