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| - | ====== Commercial policy ====== | ||
| - | Commercial policy is the part of the [[economic policy]] of a country, that is related with the [[international trade]] of a country. The instruments of the commercial policy are mainly: | ||
| - | - [[imports]] and [[exports]] [[tariffs]] | ||
| - | - [[quantitative restrictions]] | ||
| - | - [[subsidies]] | ||
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| - | International trade has an influence in | ||
| - | - [[employment]] and [[GDP]] | ||
| - | - availability of goods and services | ||
| - | - [[exchange rate]] and [[international reserves]] | ||
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| - | Commercial Agreements | ||
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| - | - **[[Bilateral agreements]]**: an agreement between 2 countries, to reduce or eliminate some tariffs. Example: the bilateral agreement between United States and Chile eliminated 90% of tariffs on US exports to Chile and 95% of Chilean exports to the U.S. | ||
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| - | - **[[Free trade agreements]] between 3 or more countries**: Example, United States, Mexico and Canada signed an agreement to create the North American Free Trade Agreement ([[NAFTA]]). The agreement eliminated more than 50% of tariffs of exports from Mexico to the US and more than 33% of tariffs of exports from the US to Mexico. All tariffs between Canada and Mexico where eliminated, with the exception of some agricultural goods (http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/nafta-alena/tariff-accel.aspx?lang=en). | ||
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| - | - **[[Custom unions]]**: commercial barriers are eliminated and external tariffs are unified. An example of a custom union is the Southern Common Market ([[MERCOSUR]]). The Mercosur is a custom union between Brazil, Argentina, Venezuela, Uruguay and Paraguay. Some tariffs bewteen the members of the mercosur where eliminated and external tariffs where unified. | ||
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| - | - **[[Free economic areas]]**: a custom union, plus the liberalization of [[production factors]] and coordination of [[monetary policy]]. Example: [[European Union]] is an economic union of 28 European countries. There is a free movement of goods, capital, services and people between the European Union. The EU has a common [[currency]], the Euro, and a common [[monetary policy]], managed by the EU [[central bank]]. | ||