Newly industrialized countries (NICs) are characterized by markets free from restrictive trade practices and the presence of significant free market reforms.

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Newly industrialized countries (NICs) have shown rapid industrialization of targeted industries and have per capita incomes that exceed other developing countries. They have moved away from restrictive trade practices and instituted significant free market reforms; as a result, they attract both trade and foreign direct investment.

Newly Industrialized Countries (NICs) Are Characterized by Markets Free from Restrictive