what do you understand by liberalisation of foreign trade
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trading in the world without any trade barrier
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Liberalisation of trade means freedom on two main restrictions on foriegn trade -
(a) customs duty - such duies are imposed so that the local producers are able to compete in the market on its own price while foriegn products have high prices. Such duites and taxes are removed.
(b) restriction on quantity - this restriction is to avoid cheap goods from flooding the market. such restrictions are aso removed.
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