Trade Policy Homework Answers

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Trade Policy Assignment Answers

Trade Policy Assignments Simplified with Expert Help

Trade policies are the standards, rules, regulations, agreements and laws for the exchange of goods and services involved in international trade. The policies are applicable for trade relation among countries. They are specific for every country, and formulated by the public officials of the countries.Β  Their objective is boosting the international trade among nations. Students often struggle with trade policy assignment answers. We can certainly help with that!

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Kinds of trade policies

There are various kinds of trade policies, based on the scope and also the number of involved parties. Some common types you can mention in your trade policy homework answers include:

  • National trade policy:

All the countries formulate their own national trade policy for safeguarding its trade interests and the interest of its citizens. This type of trade policy is in accordance with the national foreign policy

  • International trade policy:

This type of policies is defined by international economic organizations like WTO (World Trade Organization), IMF (International Monetary Fund) and OECD (Organization of Economic Cooperation and Development. The best interest of developing as well as developed nations are upheld by such policies

  • Bilateral trade policy:

Two countries form such kind of trade policy of regulating business relations and trade between them. Bilateral trade policies are formulated considering national trade policy of the concerned countries along with their trade agreement negotiations

Trade policy components

You might want to know what constitutes a trade policy as you might have to explain that in your trade policy homework answers. Usually, a trade policy would focus on:

  • Tariffs: All the nations have a right of imposing taxes on exported and imported goods. It is common for nations to impose heavy tariffs for protecting their domestic industries.
  • Safety: It is a determinant that assures import of just high-quality products. Inspection regulations can be imposed for ensuring that the imported good meets the quality and safety standards
  • Trade barriers: These are restrictions that are imposed on trade with a particular country or of a specific product. Quotas, subsidies, tariffs, duties and embargoes are common types of trade barriers.

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