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Trade Regulations & Industrial Policies: WTO

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Review the World Trade Report 2012 from the WTO on trade and public policies (the executive summary is available for review as well) at the WTO Research and Analysis webpage. As you go through this resource, think about what the significance of both tariff and non-tariff barriers to trade are in today's economy, and how they have affected international trading.

Address these specific issues (approximately 2 pages) , where you will also explain the importance of national and international trade policies, and the role and effect of the World Trade Organization (WTO) on such measures (for example, how does the WTO regulations balance legitimate national policy goals versus protectionism?). Use at least one country and one policy as an example in your paper to support your answers.

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The significance of tariff and non-tariff barriers to trade in today's economy is that these protect infant industries and developing economies. In today's economy the truth is that advanced economies use these barriers with developing countries. For example Section 232 of the Trade Expansion Act of 1962 in the United States, industry can petition for restriction of imports from third world countries on the grounds of national security. In today's economy the significance of tariff and non tariff barriers is that these are increasingly being used for protecting domestic employment, shielding consumers from harmful products, protecting national security, or retaliating against trading partners.

National trade policy is the government's policy controlling foreign trade. It is a policy that governs international relations. For example, South Korea places tariffs on imported beef from certain countries if it ...

Solution Summary

The response provides a structured explanation of the role of World Trade Organization in increasing free trade. It also gives you the relevant references.