open trade
Unrestricted international exchange
Open trade is commerce between countries with minimal barriers—few or no tariffs, quotas, or restrictions.
The term contrasts with protectionism: The agreement promotes open trade between member nations.
Advocates argue open trade increases economic efficiency; critics contend it can disadvantage domestic workers and industries.
- free marketCommerce without state intervention
- supply and demandPrice-determining economic forces
- price competitionRivalry through lower costs
- level playing fieldEqual competitive conditions
- tariff reductionDecrease in import taxes
barriers to entry · labor mobility · international commerce · consumer choice · comparative advantage · bilateral treaty · most favored nation · customs union · global supply chain · multinational corporation · economic integration · transnationalism · income inequality · race to the bottom · rising tide · dumping · silk road · regulatory reform
open tradeprotectionism
Shielding local producers
trade barriers · trade restrictions · tariff walls · trade embargo · economic sanctions
open tradeeconomic nationalism
Favoring domestic over foreign commerce
autarky · mercantilism · isolationism · self-sufficiency · import substitution
open, trade, opens, opened, opening, openings, opener, openers, openly