ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Standards
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Subsidy
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Quota
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Tariffs
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Detailed explanation-1: -What are TBTs? The term “technical barriers to trade” (TBT) refers to mandatory technical regulations and voluntary standards that define specific characteristics that a product should have, such as its size, shape, design, labelling / marking / packaging, functionality or performance.
Detailed explanation-2: -WTO Agreement on Technical Barriers to Trade (TBT) defines Technical Regulation as a document which lays down product characteristics or their related processes and production methods, including the applicable administrative provisions, with which compliance is mandatory.
Detailed explanation-3: -The main types of trade barriers used by countries seeking a protectionist policy or as a form of retaliatory trade barriers are subsidies, standardization, tariffs, quotas, and licenses.
Detailed explanation-4: -There are three main types of barriers to international trade: tariffs, quotas, and other non-tariff barriers.