Question

state the benefits of liberalisation of international trade.​

Answer 1

Explanation:

Today India is following LPG as development strategy that is Liberalisation privatisation and globalisation liberalisation benefits

It increases foreign trade, foreign exchange, increase in GDP, and India's competition market

While International trade increases revenue of country, disposal of sulplus good that you are not able to sell in your country and your business reputation will also increase by doing business in other countries

Answer 2

Answer:

Trade liberalisation allows countries to specialise in producing the goods and services where they have a comparative advantage (produce at lowest opportunity cost). This enables a net gain in economic welfare.

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