Trade liberalization

Definition

Trade liberalization is the process of reducing barriers to trade between different countries, such as tariffs, quotas, and import bans, to encourage a freer flow of goods and services across borders. It aims at enhancing economic integration and cooperation among nations.

Related terms

Tariffs: Taxes imposed by a government on imported goods to protect domestic industries or raise revenue.

Quotas: Limits set by a country on the quantity of a product that can be imported or exported over a specified period, aimed at regulating market balance.

Economic Integration: A process whereby countries reduce trade barriers and coordinate their economic policies to increase mutual trade and economic efficiency