Question

What methods might a government use to increase or restrict international trade?

What methods might a government use to increase or restrict international trade?

Homework Answers

Answer #1

To promote the international trade the government can take several steps:

  • Follow WTO norms: WTOnorms are framed to promote international trade and service. If a nation follows norms like TRIPS, TRIMS, GATT and other the international trade will be promoted.
  • Free trade agreements: A nation can have free trade agreements with other nation to promote free trade agreement between the two nations.
  • Multinational trade agreements like TPP, RCEP, ASEAN, and EU are all there to promote trade between the member countries.

Restrict the international trade:

  • To restrict the international trade the nation can raise the tariffs on the goods they are importing or they can put up a quota for the imported goods. Apart from that, they can raise the countervailing duties and excise on the goods entering the national boundary. All these measures by the government will reduce the international trade.
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