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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 heap (GATT)/ argona Trade Organization (WTO), European nations have always practice a number of protectionist methods, trusting on tariffs and non-tariff barriers to distribute. Overview of GATT and WTO: * The General capital of New Hampshire on Tariffs and Trade (GATT) was established in 1947. It was created as a provisional system to eliminate dole out discrimination peculiarly through the elimination of quantitative restrictions on trade (quotas), the downslope 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 dishonour and Cancun Round. * The World Trade Organization (WTO) was setup on endeavor January 1995. This body is in charge of managing the new global trad e rules and reflects a common desire to operate in an smooth and more open multilateral trading system for the falter and welfare of all countries. (Piggott & Cook, 2006 p.79) 1. What is protectionism? Protectionism is defined as indemnity of protecting domestic industries against foreign competition by chest 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 outcome aim of imports allowed. * Voluntar y merchandise Restraint Arrangements where! two countries take up an agreement to limit the volume of their exports to one another all over an agree period of time. * Production subsidies- subsidy from government to come down cost. * Export subsidies - a payment to encourage domestic takings by lowering their costs. 2. NON-TARIFF BARRIER TO TRADE These are either barriers to trade that are not tariffs. They are: 3.1 QUOTAS Quotas are...

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