Abstract:
Trade agreement means “bilateral or multilateral treaty or other enforceable compact committing two or more nations to specified terms of commerce, usually involving mutually beneficial concessions” (GIA trading group/foreign international trade)Trade Barriers are “Government laws, regulations, policies, or practices that either protect domestic products from foreign competition or artificially stimulate exports of particular domestic products” (GIA trading group/ foreign international trade).
Trade barriers imposed by different countries or governments to facilitate its domestic producers from the international competitors and manufacturers. As in theory, free trade involves the removal of all such barriers, except perhaps those considered necessary for health or national security. In practice, however, even those countries promoting free trade heavily subsidize certain industries, such as agriculture and steel. Trade barriers are usually protectionist; that is, they are erected to protect domestic producers who would not be able to compete successfully with foreign producers in a free market or in free trade.
