Trade Liberalisation
The removal or reduction of trade barriers (tariffs, quotas, regulations) between countries to facilitate freer internat...
Real World
The World Trade Organization's agreements have progressively cut average global tariffs from over 20% post-WWII to under 3% today, enabling Apple to source components from dozens of countries and sell iPhones worldwide at competitive prices.
Exam Focus
When asked to 'evaluate' trade liberalisation, always weigh benefits to consumers against harm to domestic workers for both sides.
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