ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -A trade barrier is a kind of measure which are introduced by the government or public authorities in order to make imported goods and services are less competitive than locally produced goods and services.

Detailed explanation-3: -Tariffs are taxes that governments place on imported goods of a specific type. Quotas are import limits that prevent more than a set amount of a specific good from being imported into a country. An embargo is a ban on the trade of a particular good, category of good, or with a specific country.

Detailed explanation-4: -An embargo is a trade restriction, typically adopted by a government, a group of countries or an international organization as an economic sanction. Embargoes can bar all trade, or may apply only to some of it, for example to arms imports.