Explain liberalisation of foreign trade
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Trade liberalization is the removal or reduction of restrictions or barriers on the free exchange of goods between nations. These barriers include tariffs, such as duties and surcharges, and nontariff, such as licensing rules and quotas.
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Liberalisation of foreign trade implies removal of trade restrictions or barriers set by the government. Trade barriers, on the other hand implies restrictions imposed by the government on trade. ... Government uses trade barriers to make decisions of the entry of goods and its quantity in the country.
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