ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Embargoes are considered strong diplomatic measures imposed in an effort, by the imposing country, to elicit a given national-interest result from the country on which it is imposed.

Detailed explanation-2: -An embargo is a government restriction placed on the import or export of goods, services, currency, and other values to any other country or state.

Detailed explanation-3: -embargo, legal prohibition by a government or group of governments restricting the departure of vessels or movement of goods from some or all locations to one or more countries.

Detailed explanation-4: -Free trade agreements don’t just reduce and eliminate tariffs, they also help address behind-the-border barriers that would otherwise impede the flow of goods and services; encourage investment; and improve the rules affecting such issues as intellectual property, e-commerce and government procurement.