Liberal Trade Policy

Liberal Trade Policy

The policy in which a country reduces its tariffs and other trade barriers, often in conjunction with other countries. Liberal trade policies are intended to encourage international trade, which fuels economic growth. However, some economists and others believe liberal trade policies can be harmful because they are detrimental to domestic industries unable to compete with their foreign counterparts.
References in periodicals archive ?
Although it might not always be noticed, the wider benefits of a liberal trade policy have spread to British consumers and households by providing a wider choice of goods at a lower price.
Sartaj Aziz said, in 1960 Pakistan was the only country in the region to introduce liberal trade policy for enhancing trade and investment with the world.
This truly resilient view of the overall development of EU's economy often contradicted the liberal trade policy, especially after Maastrich inducing mixed results throughout the Union.
Denmark's active liberal trade policy in the European Union (EU), Organization for Economic Cooperation and Development, and World Trade Organization largely coincides with U.
have backed the Gulf airlines, saying that government action would signal an abandonment of the United States' liberal trade policy in favor of protectionism.
Membership in the WTO seems to have few privileges in the form of higher trade, but it comes with few responsibilities in terms of more liberal trade policy.
4) However, although the authors recommend liberal trade policy, they do not test the impact of trade policy (via globalisation) on growth.
Recently, we have seen an attitude shift towards a more liberal trade policy with Cuba.
The US's offer of $5bn over three years from 2004 and followed by a permanent increase of $5bn per annum thereafter is, however, contingent on recipients pursuing open-market and liberal trade policy, as well as rooting out corruption.
Building on its tradition of the Zollverein, a customs union of German states, the newly unified Germany steadily pursued a liberal trade policy.
Alienated steelworkers, left behind by liberal trade policy, began to repudiate the Democratic party and turn to Reagan for alternatives.
Over the last decade or so, neoliberal economic ideas and policies have been on the rise in Europe; however, evidence suggests that there may not be consensus around the idea of liberal trade policy in all member states.