liberal trade policy

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A trade policy aimed at allowing a country's residents to take part in international trade with the minimum of interference. This involves the reduction of tariffs, the relaxation or removal of quantitative trade controls, and replacement of discretionary controls by rules, and of quantitative controls by tariffs. It also involves the replacement of multiple exchange rates by a uniform system of exchange rates, and the replacement of exchange controls by sufficient devaluation to allow a satisfactory balance of payments without controls.

Subjects: Economics.

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