trade policy
Definition
Noun: A government's established set of rules, regulations, and objectives designed to manage and control its economic exchanges with other nations. This includes decisions on tariffs, import/export quotas, subsidies, and trade agreements.
Usage
A trade policy is a formal framework that guides a country's international economic relations. * The new administration promised to review the national trade policy. * Economists debated the impact of the protective trade policy on domestic industries. * A country's trade policy can significantly influence its economic growth.
Advanced Usage
- "to formulate a trade policy": The process of developing and establishing a trade policy.
- The ministry is tasked with formulating a new trade policy to address the current deficit.
- "trade policy instrument": A specific tool (like a tariff or quota) used to implement trade policy.
- A tariff is a common trade policy instrument used to protect nascent industries.
Variants and Related Words
- Commercial policy (n): A near-synonym often used interchangeably with trade policy, focusing on the commercial aspects of international exchange.
- Trade liberalization (n): A process or policy direction aimed at reducing restrictions and barriers in international trade, often contrasted with protective trade policies.
- Protectionism (n): An approach within trade policy that uses tools like tariffs and quotas to shield domestic producers from foreign competition.
Synonyms
- Foreign trade policy
- International trade policy
- Commercial policy
Related Phrases
- Trade policy review: A formal assessment or evaluation of an existing trade policy.
- The WTO conducts a regular trade policy review of its member states.
- Trade policy framework: The overarching structure and principles that define a trade policy.
- The agreement established a new trade policy framework between the two regions.
Noun
-
a government's policy controlling foreign trade
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