What is unilateral liberalization?

Answer 1

The country applying Unilateral Trade Liberalization will abolish protectionist tariffs on imports. Therefor reducing the imported goods prices, providing a relative gain in value of the exports in the trade balance.

In theory this relative gain is higher than the revenue from the initial protectionist tariffs for low or medium income countries.

However the volume of imports might go up to reach the same amount as the initial imports in value (because prices are lower, we import more).

Canceling any effect on the trade balance (as well losing the initial revenues from import tariffs), the benefits will then be that the purchasing power is higher (for the same amount of money a consumer will be able to buy more in the unilateral liberalizing country).