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.?

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Solution

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.

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