Economics > CASE STUDY > Import and Export Liberalization (All)
Import and Export Liberalization
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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 nontarif ... f barriers, such as licensing rules and quotas. Economists often view the easing or eradication of these restrictions as steps to promote free trade. The push for trade liberalization in the Philippines was primarily due to the failed protectionism and import substitution strategy implemented in the past. Trade liberalization is expected to improve the allocation of resources and bring domestic prices closer to world price, which are in turn expected to deliver sustained economic growth and development. However, with the mixed experience of different countries that have undergone trade liberalization, a recurring question is whether trade liberalization enhances productivity and economic growth, help reduce income inequality and alleviate poverty in a developing country. [Show More]
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