International Trade Policy And Economic Development

Introduction In today s world economy, international trade policy plays an important role in national economic growth and economic development, it has become an important part of the international trading environment. Based on the historical research, free trade policy and protectionism are the two main catalogues of international trade policy. Free trade is a system in which the trade of goods and services between or within countries flows unhindered by government-imposed restrictions and interventions, which include tariffs, duties and quotas(investopedia, 2016). Besides, Protectionism is used by countries when they think their industries are being damaged by unfair competition from foreign industries. It s a defensive measure, refers to government actions and policies that restrict or restrain international trade, Typical methods of protectionism are quotas, import tariffs, subsidies or direct state intervention and tax cuts to local businesses (investopedia, 2016). Along with the development of global economyï ¼Å'the argument between free trade and protectionist are continue to be actively debated. In fact, international trade policy can be a double-edged sword, whether it is free trade or protectionism, both of the two policies have their own pro and cons. Based on the development history of international trade, the selection of trade policy are always varied in different countries, Countries at different levels of development should be implemented in trade policiesShow MoreRelatedRecent Decades Have Witnessed an Acceleration of Economic Globalisation, in Particular International Trade. Is Trade Openness the Key Strategy to Achieve Economic Development? What Lessons Could You Draw for Policy Making?3265 Words   |  14 Pagesacceleration of economic globalisation, in particular international trade. Is trade openness the key strategy to achieve economic development? What lessons could you draw for policymaking? 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