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What is Trade liberalisation
Trade liberalisation is the removal of barriers to trade. This has mainly taken the form of restrictions created by national governments like quotas, tariffs and bureaucratic regulations designed to protect domestic producers from lower-priced international competition. The GATT trade rounds and World Trade Organization that was created in 1994 have tried to establish international free trade and liberalise markets in order to raise competition and improve economic efficiency.
Introducing the Foreign Trade Sector Most economies in the real world are open economies. They engage in trade with other economies. Goods and services are exported and import
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