Phase IFoundation
Background
Overview
UPSC frequently examines India's trade policy, its challenges in global trade, the impact of protectionism, and the role of international trade agreements. Understanding NTBs is crucial for analyzing India's economic relations and competitiveness.
International trade policy encompasses the rules, regulations, and agreements governing the exchange of goods and services between countries. While tariffs are direct taxes on imports, non-tariff barriers (NTBs) are non-monetary restrictions that limit trade, often disguised as health, safety, environmental, or labor standards, or as measures against 'dumping' or 'subsidies'.