Foreign trade policy refers to take steps to regulate inflows and outflows of goods from and to foreign countries - Economics - Unit II- Liberalisation Privatisation and Globalisation An Appraisal

Question

Foreign trade policy refers to take steps to regulate inflows and
outflows of goods from and to foreign countries what values does
the govt add to the economy by liberalising imports ?

Ishmeet Kaur · Accepted Answer

Dear student,

Following values added to the economy by liberalising trade:

(1) Increases competitiveness spirit in the domestic industry
(2) Increase in the production quality and quantity: As due to
import liberalisation,new technologies are also introduced
(3) Economic growth rises
(4) Better foreign relation
(5) Improved quality of life: Improved production quality and
quantity results in improved quality of life

Regards

Foreign trade policy refers to take steps to regulate inflows and outflows of goods from and to foreign countries. what values does the govt add to the economy by liberalising imports.?