Question:

Distinguish between:
Tariff and Non-tariff Barriers
Bilateral and Multilateral Trade

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Always support definitions with examples or government initiatives to strengthen economic answers.
Updated On: Jun 27, 2025
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Solution and Explanation

1. Tariff and Non-tariff Barriers

  • Tariff Barriers: These refer to taxes or duties imposed on imported goods. They raise the cost of imports and make domestic goods more competitive.
  • Non-tariff Barriers: These are restrictions other than taxes, such as quotas, licenses, standards, and regulations that limit imports and protect domestic industries.

2. Bilateral and Multilateral Trade

  • Bilateral Trade: Trade agreement or exchange of goods and services between two countries.
  • Multilateral Trade: Trade among more than two countries, often under international agreements like WTO.
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