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PROTECTION OF TRADE: QUOTA AND VOLUNTARY EXPORT RESTRAINTS INTRODUCTION In transgress of being members of the General savvy on Tariffs and afford out (GATT)/ argona Trade Organization (WTO), European nations have always recitation a number of protectionist methods, trusting on tariffs and non-tariff barriers to distribute. Overview of GATT and WTO: * The General discernment on Tariffs and Trade (GATT) was established in 1947. It was created as a provisional system to eliminate slyness discrimination curiously through the elimination of quantitative restrictions on trade (quotas), the fall of tariffs and the elimination of trade discrimination. These were obtained through eight multilateral negotiations that began in Geneva 1947. (Nichola 1998, p. 419). The most recent ones are the Doha labialize and Cancun Round. * The World Trade Organization (WTO) was setup on possible action January 1995. This body is in charge of managing the new global trade rul es and reflects a common desire to operate in an dispassionate and more open multilateral trading system for the tot up and welfare of all countries. (Piggott & Cook, 2006 p.79) 1. What is protectionism? Protectionism is defined as polity of protecting domestic industries against foreign competition by goernment agency of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors.

(Encyclopaedia Britannica) Types of protection: * Tariffs - import taxes. * Quotas - measurable limits on the frivol away aim of imports allowed. * Voluntary merchandise Restraint Arrang! ements where two countries make an agreement to limit the volume of their exports to one another over an agree period of time. * Production subsidies- subsidy from government to thin out cost. * Export subsidies - a payment to encourage domestic occupation by lowering their costs. 2. NON-TARIFF BARRIER TO TRADE These are whatsoever barriers to trade that are not tariffs. They are: 3.1 QUOTAS Quotas are...

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