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What does "Import Liberalization" refer to?

Increased tariffs on imports

Lifting of restriction quotas and tariffs

"Import Liberalization" refers to the process of reducing or eliminating restrictions on the importation of goods and services, which often includes lifting quotas and lowering or removing tariffs. This approach aims to promote free trade and improve market competition by allowing foreign products to enter a country's market more easily. Such changes can lead to a wider variety of goods for consumers, potential reductions in prices, and increased efficiency within domestic industries as they adapt to the higher competition.

When barriers like quotas and tariffs are lifted, it encourages international trade relations and can stimulate economic growth by allowing businesses and consumers access to a global market. Overall, import liberalization is about creating a more open trade environment that fosters economic activity and consumer choice.

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Decreased domestic production

Enhanced trade regulations

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