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Tariff and Non-Tariff Barriers

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Discuss Tariff and nontariff barriers:

1. Define the topic

2. Describe the roles of international financial institutions, and how it is used in global financing operations, and its importance in managing risks.

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The solution discusses global financing and exchange rate mechanisms.

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Global Financing and Exchange Rate Mechanisms
Within certain conditions, the hypothesis that trade restrictions can actually promote growth and more so for developing countries has been found to have considerable evidence. This is according to the study as published within the Journal of Development Economics (No. 72/2003) (Raghavan, 2003). Although not used as much today, tariff and non-tariff barriers have been subject to certain disciplines within the World Trade Organization (WTO). According to the Agreement on Import Licensing Procedures, import licensing needs be simple, predictable and transparent. The same agreement goes further to illustrate how global nations need to let the WTO know each time they introduce import licensing procedures or even as much modify any existing procedures (Understanding the WTO, n.d.).
A tariff can in general be defined as taxes levied on either imports or exports. Non-Tariff barriers to trade are barriers related to trade which prohibit or create restrictions to imports, but which in essence do not exist within the normal form of tariffs. These barriers are usually deemed important as they protect consumer health, or protect the misuse and depletion of natural resources. As such, examples that exist for non-tariff barriers to trade include but are not limited to anti-dumping measures as well as countervailing duties (Hanson, 2010). Although these are essentially called "non-tariff", once they get enacted, they carry the ...

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