ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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tariff
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quota
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embargo
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None of the above
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Detailed explanation-1: -The People’s Republic of China is again Germany’s main trading partner. According to preliminary results, goods worth 297.9 billion euros were traded between Germany and the People’s Republic of China in 2022 (exports and imports).
Detailed explanation-2: -Sri Lanka requires import licenses for more than 400 items at the six-digit level of the Harmonized Tariff Schedule, mostly for health, environment, and national security reasons. Importers must pay a fee to receive an import license.
Detailed explanation-3: -Many countries restrict imports in order to shield domestic markets from foreign competition. Such behavior is known as protectionism. Countries do this mainly to satisfy political demands at home. There are many types of trade barriers.