What does discretion mean for liberalization

liberalization

1. Term: Exemption of foreign trade from quantitative restrictions (quotas and other non-tariff trade barriers). The concept of liberalization was introduced by the OECD, whose members agreed on a liberalization program on August 18, 1950, laid down in the so-called liberalization code, which prescribed the gradual dismantling of all intra-European quantity restrictions. With the liberalization of foreign trade in the broader sense, the liberalization of trade from all is occasionally also achieved Trade barriers and thus understood the restoration of free trade.

2. execution Liberalization between the OECD countries was made possible and supported by the simultaneous multilateralization of payment transactions (IMF). The liberalization regulations only apply to private trade between states, but state trade that cannot be liberalized has been significantly restricted. Furthermore, the liberalization of the trade in goods was supplemented by an analogous exemption of the trade in services (liberalization of “invisible imports”) (1955). Safeguard clauses enabled countries to resort to new restrictions in the event of balance of payments difficulties (de-liberalization under certain conditions). However, they were used less and less. The World Trade Organization (engl. World Trade Organization (WTO)) is concerned about the liberalization of the trade in goods (GATT) and the trade in services (GATS). In addition, trade-related protection of intellectual property rights is granted within the framework of the WTO.