The correct answer is Option 1: Liberalisation
The act of opening up economies for trading is known as free trade or trade liberalisation.
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Liberalisation means removing restrictions on trade and allowing goods and services to move freely across borders.
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It focuses on opening up the economy by reducing tariffs, duties, quotas, and government controls on trade.
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Privatisation means transferring ownership from the government to private hands — it is not about trade opening.
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Globalisation is a broader term — A broader process where economies, cultures, and societies become interconnected (includes liberalisation, but is not just about opening trade).
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