trade liberalization

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The process of reducing or removing restrictions on international trade. This may include the reduction or removal of tariffs, abolition or enlargement of import quotas, abolition of multiple exchange rates, and removal of requirements for administrative permits for imports or allocations of foreign exchange, or at least simplification of the process of applying for them. The main argument for trade liberalization is that exposing a country's economy to international competition leads to greater efficiency.

Subjects: Economics.

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