Tariffs and Duties: These are taxes or fees imposed on imported or exported goods. Tariffs can be used to protect domestic industries, generate revenue, or influence trade balances.
Quotas: Quotas set limits on the quantity of specific goods that can be imported or exported during a given period. They are designed to control the volume of trade in certain products.
Trade Agreements: Countries may enter into bilateral or multilateral trade agreements to facilitate trade by reducing or eliminating tariffs and other trade barriers. Examples include NAFTA (North American Free Trade Agreement) and the WTO (World Trade Organization) agreements.
Subsidies: Governments may provide financial support to domestic industries to make their products more competitive in the global market. Subsidies can take various forms, such as direct payments or tax incentives.
Trade Facilitation Measures: These involve efforts to streamline and simplify customs procedures, reduce bureaucratic hurdles, and improve logistics to make international trade more efficient.
Intellectual Property Rights: Trade policies often include provisions for protecting intellectual property rights, such as patents, trademarks, and copyrights, to encourage innovation and creativity.
Sanctions: In some cases, countries may impose trade sanctions on others as a form of economic or political pressure. Sanctions can include restrictions on imports, exports, or financial transactions.
Foreign Direct Investment (FDI): Policies related to foreign investment can influence the ease with which businesses from one country can invest in another. Governments may establish rules to encourage or restrict foreign direct investment.
Exchange Rates: Governments may have policies related to the management of their currency exchange rates, which can impact trade competitiveness.
Environmental and Labor Standards: Some trade agreements include provisions related to environmental protection and labor standards to ensure that trade practices are sustainable and ethical.