ABSTRACT
Many developing economies have undergone trade liberalisation in the context of the structural adjustment programme of the IMF and the World Bank during the last couple of decades. The motivation is straightforward: if a regulated closed-like economy is to benefit from growth opportunities offered by the increasingly globalising world, then the economy should open up and implement trade liberalisation and structural adjustments. These actions are also considered necessary for obtaining membership in the World Trade Organization (WTO). In general, early voluntary actions on unilateral liberalisation are considered to be preferable over postponed and often compulsory actions that involve protracted and complicated bilateral and multilateral negotiations.
