Government rules that attempt to promote domestic industry by raising the cost to consumers of purchasing imported goods.
A Certificate of Origin is a crucial document required in international trade, stating the country from which a parcel of goods originated and often determining the applicable import duty.
The concept of comparative advantage explains the efficiency of individuals or groups in particular economic activities compared to others, encouraging specialization and trade for maximum benefit.
An authoritative agency dedicated to regulating the import and export of goods, ensuring compliance with laws, and collecting duties and taxes on imports.
A fixed charge is the portion of an expense that remains constant, regardless of the amount of a commodity or service used or consumed.
The General Agreement on Tariffs and Trade (GATT) was a multilateral treaty created to reduce tariffs and other trade barriers, aimed at promoting international trade and economic cooperation. It was later replaced by the World Trade Organization (WTO) in 1995.
The General Agreement on Tariffs and Trade (GATT) was a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.
The General Agreement on Tariffs and Trade (GATT) was a trade treaty aiming to promote international trade by reducing or eliminating trade barriers such as tariffs and quotas. Active from 1948 until 1995, it was replaced by the World Trade Organization (WTO).
Most Favored Nation (MFN) is a trade status granted by one nation to another, ensuring the lowest possible tariffs and the fewest trade barriers. This status fosters equal treatment in international trade, promoting economic cooperation and growth.
Protectionism encompasses economic policies designed to restrict imports of goods that compete with domestic producers. It aims to shield domestic industries from foreign competition, thereby enabling local businesses to thrive.
Repressive taxes, often called sin taxes, are designed to discourage certain activities rather than generate revenue. High tariffs and taxes on commodities such as tobacco and alcohol are examples of repressive taxes intended to reduce the consumption of these products by raising their prices.
A tariff war is an international trade conflict where nations impose counterbalancing tariff rates in retaliation to each other's tariff policies, aiming to gain trade advantages but often resulting in adverse economic consequences.
A trade agreement is typically a legally binding pact between or among governments designed to foster, regulate, and sometimes restrict various aspects of commerce between the member countries.
Trade barriers are governmental or operational activities or restrictions that make the importation of certain goods into a country difficult or impossible. Examples include tariffs, regulations, and inspections.
A Trade War is a conflict involving two or more countries aimed at improving their own import/export positions by imposing tariffs or other trade barriers against each other.
Trading blocs are agreements between multiple countries that aim to make trade easier and more beneficial for member nations while typically imposing trade barriers on non-members.
A mechanism instituted to protect domestic markets from unfair competition by imposing trade restrictions when the price of an imported commodity drops below a specified threshold.
The World Trade Organization (WTO) is an intergovernmental organization that regulates international trade, ensuring that trade flows as smoothly, predictably, and freely as possible.
