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PROTECTION OF TRADE: QUOTA AND willful EXPORT RESTRAINTS INTRODUCTION In gap of being members of the General delve on Tariffs and backup (GATT)/ argona Trade Organization (WTO), European nations cede always use a number of protectionist methods, trusting on tariffs and non-tariff barriers to distribute. Overview of GATT and WTO: * The General Agreement on Tariffs and Trade (GATT) was established in 1947. It was created as a tentative system to eliminate spate discrimination particularly through and through the excreta of quantitative restrictions on trade (quotas), the diminution of tariffs and the elimination of trade discrimination. These were obtained through eight-spot multilateral negotiations that began in geneva 1947. (Nichola 1998, p. 419). The most recent mavins be the Doha attack and Cancun Round. * The creation Trade Organization (WTO) was frame-up on initiative January 1995. This trunk is in charge of managing the unfermented global trade rules and reflects a common desire to melt in an dispassionate and to a greater extent open multilateral job system for the hit and benefit of all countries. (Piggott & Cook, 2006 p.79) 1. What is protectionism? Protectionism is outlined as policy of defend domestic industries against contrary arguing by agency of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors.

(Encyclopaedia Britannica) Types of protection: * Tariffs - import taxes. * Quotas - mensurable limits on the take end of imports allowed. * Voluntary merchandise ascendancy Arrangements where two countries make an suitment to limit the volume of their exports to one another over an agree period of time. * Production subsidies- grant from government to reduce cost. * exportation subsidies - a payment to pass on domestic production by lowering their costs. 2. NON-TARIFF BARRIER TO TRADE These be any barriers to trade that argon not tariffs. They are: 3.1 QUOTAS Quotas are...

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