Institutional arrangements for resolving shippers problem explain
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Explanation:
An institutional arrangement refers to an agreement to regulate the trade activities of shipowners like hikein freight rates and monopolistic practices to protect the interests of shippers individual traders and economy at large Government regulates the activities of both US and foreign shipper through provisions of .
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In order to maintain a harmonious relationship between the shipowners and the shippers it is necessary to maintain a amicable relationship between the two and help to regulate the trade activities.
Explanation:
- An institutional arrangement refers to an agreement to regulate the trade activities of shipowners and protect the shippers in regards to increase in freight rates and other monopolistic practices.
- The institutional arrangement is needed to protect the interests of shippers. The Shipper can approach the commission with grievances regarding freight or any discriminatory practices.
- The Government plays an important role in regulating the activities of the foreign shipping lines in the country's import and export trade through the institutional arrangements .
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