Non tariff trade barriers

Question 1

Trading relationships overview

Answer 1

When countries agree to increase the level of economic integration between them to make trade easier, there can be looser or closer relationships. There is a trade off between economic integration and autonomy-once economies are fully integrated, it is impossible for one partner to make autonomous decisions.

Question 2

Brexit dilemma

Answer 2

How much integration does Britain want in exchange for sovereignty

Question 3

Economic autonomy

Answer 3

The degree to which an entity (e.g. a country or region) can make independent economic decisions and sustain itself without external assistance

Question 4

Economic integration

Answer 4

Refers to the process where countries link economic markets, policies and practices for mutual benefit and economic cooperation. This often involves reducing or eliminating trade barriers.

Question 5

WTO

Answer 5

The World Trade Organisation meets regularly to bring members together to attempt to remove and reduce tariffs.

Question 6

What are NTB’s

Answer 6

Non tariff barriers are trade restrictions or obstacles that do not involve the imposition of a direct tax or duty on imported goods. Instead they involve various regulatory, administrative and technical measures that can impede the free flow of goods and services across the border.

Question 7

Different types of NTB’s

Answer 7

-Intellectual property laws such as copyrights
-Technical barriers to trade such as labelling rules
-Domestic subsidies-aid for businesses facing financial problems
-Financial protectionism-cheaper loans for domestic businesses