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The Pros and Cons of Import Restrictions Coursework

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Updated: Jun 12th, 2022

The unprecedented growth that has been witnessed globally over the last half century has been the direct result of national and more so, international trade. However, there has arisen the need to impose trade barriers such import restrictions, tariffs and non-tariff trade barriers, which must transcend products and address matters at a national level. When import restrictions are imposed on a country, struggling companies are cushioned from international competition. However, the consumers, producers and trade partners of the said countries will be negatively affected because there will be an obstruction of internal structural reforms and curb on innovation because of reduced competition.

Trade barriers have cost implications on all countries and this created the opportunity for fair trade. Moreover, by removing trade restrictions imposed on developing nation’s boasts trade and exposes these nations’ relatively free international trade and moves these nations closer to the achievement of Millennium Development Goals. Consequently, these nations would attain relative stability and strengthen their financial markets. Eventually, this would create favorable conditions for long-term capital flow and steady trade. This can only be achieved if protectionist rules and safeguard measure are put in place (The Doha agenda, 2001).

However, if trade restrictions frictions are to be effectively sidestepped, the WTO regulations must be strictly adhered to, which regulates a four-year limit for safeguard measures by states. The WTO further states that the“ restricting application of such measures to those products viewed as likely to regain their competitiveness or where domestic industry adjustment is likely to occur through some other mechanism during the period of safeguard application” (Research Institute of Economy, Trade and Industry, 2001).

In conclusion, trade barriers are more harmful than not to both the beneficiary of protectionism and otherwise.

References

Research Institute of Economy, Trade and Industry. Turing trade friction between Japan and China into a win-win game. 2001. Web.

The Doha Agenda. Trade Issues. 2001. Web.

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1. IvyPanda. "The Pros and Cons of Import Restrictions." June 12, 2022. https://ivypanda.com/essays/the-pros-and-cons-of-import-restrictions/.


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IvyPanda. "The Pros and Cons of Import Restrictions." June 12, 2022. https://ivypanda.com/essays/the-pros-and-cons-of-import-restrictions/.

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IvyPanda. 2022. "The Pros and Cons of Import Restrictions." June 12, 2022. https://ivypanda.com/essays/the-pros-and-cons-of-import-restrictions/.

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IvyPanda. (2022) 'The Pros and Cons of Import Restrictions'. 12 June.

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