Which concept involves relaxing protectionist measures among member countries?

Trade liberalization is the concept that involves reducing or eliminating protectionist measures among member countries to promote freer trade. This process typically includes lowering tariffs, removing quotas, and reducing other barriers to trade, which encourages more open and competitive markets. By facilitating easier access to markets among nations, trade liberalization aims to enhance economic efficiency, increase access to a wider range of goods and services, and foster economic growth.

In contrast, protectionism specifically refers to the strategic implementation of trade barriers to shield domestic industries from foreign competition, which is contrary to the idea of trade liberalization. Economic sanctions are measures imposed by one country against another to restrict trade, usually for political reasons, and market isolation refers to an economic state where a country or region maintains strict barriers to minimize trade with others. The fundamental goal of trade liberalization is to create a more collaborative economic environment that benefits both consumers and producers by expanding market opportunities and choices.