CURRENT AFFAIRS

Detailed explanation-1: -Launched in 2014 and computed by the Organisation for Economic Cooperation and Development (OECD). The database is based on regulations currently in force. Uses and significance: It helps to identify which policy measures restrict trade.

Detailed explanation-2: -The World Bank has developed services trade restrictiveness indices for 103 countries.

Detailed explanation-3: -Trade barriers include tariffs (taxes) on imports (and occasionally exports) and non-tariff barriers to trade such as import quotas, subsidies to domestic industry, embargoes on trade with particular countries (usually for geopolitical reasons), and licenses to import goods into the economy.

Detailed explanation-4: -There are four types of trade barriers that can be implemented by countries. They are Voluntary Export Restraints, Regulatory Barriers, Anti-Dumping Duties, and Subsidies.