Phase IFoundation
Background
Overview
Understanding the tools and implications of trade policy is crucial for analyzing global economic trends, India's trade relations, and the challenges to free trade.
International trade policy encompasses the rules, regulations, and agreements governing the exchange of goods and services between countries. While tariffs are direct taxes on imports, non-tariff barriers (NTBs) are non-monetary restrictions that limit trade, often disguised as health, safety, environmental, or labor standards, or as measures against 'dumping' or 'subsidies'.