Question

What is meant by trade barrier? State it's significance.​

Answer 1

A barrier to trade is a government imposed restraint on the flow of international goods or services. The most common barrier to trade is a tariff—a tax on imports. Tariffs raise the price of imported goods relative to domestic goods (goods produced at home

Answer 2

Explanation:

A government imposed restriction on the free international exchange of goods or services.

Trade barriers are generally classified as

import policies reflected in tariffs and other import charges, quotas, import licensing, customs practices,

standards, testing, labeling, and various types of certification

direct procurement by government,

subsidies for local exporters,

lack of copyright protection,

restrictions on franchising, licensing, technology transfer,

restrictions on foreign direct investment, etc.

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