trade liberalization
/ˈtreɪd ˌlɪbəˈrælɪˈzeɪʃən/ · trade lib·e·ra·li·za·tion
noun
- The process of reducing or eliminating tariffs, quotas, and other restrictions on international trade to promote freer exchange of goods and services. The government’s trade liberalization agenda led to a 30 % drop in import duties over five years.
- A set of policy measures aimed at opening domestic markets to foreign competition. Trade liberalization in the 1990s spurred rapid growth in many emerging economies.
Synonyms
market openingtrade openingderegulationfree tradetrade facilitationeconomic liberalizationtrade reformtariff reduction
Antonyms
Did you know? The term "trade liberalization" became a cornerstone of the World Trade Organization’s mission after its 1995 founding, marking a global shift toward reducing trade barriers.