The management of duties and tariffs is managed through Trade Laws and Policies. Primarily import and export duties aim to encourage or restrict the consumption as well as production in the domestic economy and market.Ĭountries levy Import and Export Duties on specific items and also based on countries of origin. There are political as well as economic considerations that govern the import and export duties levied by Governments. Though the countries and WTO have been advocating free trade and several Bi Lateral Treaties and Multi Lateral treaties have come into being to remove trade barriers from one member county to another, all of the countries still find the need to practice and have protectionist attitude towards international trade. While countries which are rich in resources look for exporting to other countries and earning foreign exchange, countries mostly the developed countries rely on imports from developing countries for their use.Ĭountries like Europe and Us are heavily dependant upon Imports, developing countries like China and other Asian countries tend to rely on exports to these countries. The nature of economies namely under developed, developing and developed countries as well as the availability of natural resources, labor, technology and capital required for production etc play a important role in countries economy as well as its reliance on international trade. International Trade has become the order of the day in the current environment of Globalization.
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