Final answer:
Developing countries lower trade barriers to improve their economies, achieve a balance of necessities and luxury goods, and qualify for low-interest loans from the IMF.
Explanation:
Developing countries lower their trade barriers for several reasons:
- To improve their own economies: By engaging in international trade, developing countries can access new markets, technology, and resources that can boost their economic growth.
- To achieve a balance of necessities and luxury goods: Lowering trade barriers can allow developing countries to import necessary goods at lower costs while also accessing luxury items that may not be locally available.
- To qualify for low-interest loans from the IMF: International financial institutions like the IMF often encourage countries to lower trade barriers as part of economic conditions for receiving financial assistance.
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