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Chapter 21: Q. 32 (page 522)

Name several of the international treaties where countries negotiate with each other over trade policy.

Short Answer

Expert verified

EU, Asia Pacific Economic Cooperation, etc.

Step by step solution

01

Step1. Introduction

Trade policy refers to how open an economy is kept to imports and exports through policies and laws. It is hence a set of rules and regulations which partner trading countries need to abide by while exchanging goods and services.

02

Step2. Explanation 

Trade treaties and unions are formed between countries to promote international trade and hence use limited available resources judiciously.


Following are few examples of such trade treaties under enforcement:

1. European Union,

2. Asia Pacific Economic Cooperation,

3. North America Free Trade Agreement, etc.

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Most popular questions from this chapter

In principle, the benefits of international trade to a

country exceed the costs, no matter whether the country is importing or exporting. In practice, it is not always possible to compensate the losers in a country, for example, workers who lose their jobs due to foreign imports. In your opinion, does that mean that trade should be inhibited to prevent losses?

Why is the national security argument not convincing?

What is the general trend of trade barriers over recent decades: higher, lower, or about the same?

Name and define three policy tools for enacting

protectionism.

You have just been put in charge of trade policy for Malawi. Coffee is a recent crop that is growing well and the Malawian export market is developing. As such, Malawi coffee is an infant industry. Malawi coffee producers come to you and ask for tariff protection from cheap Tanzanian coffee. What sorts of policies will you enact? Explain.
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